This month we bring to you a bonus episode! Samyuktha & Jayalakshmi take up where they left off in our previous podcast ‘Can Insurance Build Wealth?’.
In today’s episode we touch on two most important questions – What kind of insurance is best for you? and How much insurance do you actually need?
Though it may seem simple to answer these questions, it is not that easy. So, let’s dive a little deeper to understand this. To address the first question, there is no fixed amount for any person in terms of insurance. Choosing the right insurance policy for any individual depends on many factors like lifestyle, income level, expenditure, loans, etc. The best way to go about it is to understand what’s available in the market, look at the features and choose the one closest to your needs. Having a partner/advisor on this would prove to be helpful.
One key thing to keep in mind, is to take insurance as early as possible. Why? The earlier you take up the policy, the lesser your premium would be. Nobody knows what’s going to happen the next minute. Money earnt month on month could satisfy daily expenses and help sustain a particular lifestyle, but such an idea seldom helps in times of uncertainty.
True financial freedom comes from knowing that you have something to fall back on, and that your family can bounce back from unfavourable circumstances. Being insured ensure that when uncertainties hit, the impact is softened. For more details about Insurance listen to this podcast it will definitely be an informative one.