Insurance is a basic form of risk management which provides protection against the loss of the economic benefits that can be enjoyed from assets. These assets may be physical assets, or they may be human assets.
Assets are subject to the risk that their ability to generate benefits could be lost or reduced due to unforeseen or unexpected events.
There is a financial or economic consequence to the risk, and insurance indemnifies or protects against these consequences.
Insurance enables risk transfer from the beneficiary (insured) to the insurance company (insurer), which undertakes to indemnify the insured for the financial loss suffered.
In the absence of insurance, the loss arising out of the event has to be borne by the person who would have otherwise enjoyed the benefit from the asset.
Role of Insurance in Personal Finance
Insurance removes the risks to the income of a household from situations such as loss of income, reduction in income or an unplanned and unexpected charge on income which will upset the personal financial situation of the household.
Just like financial planning, insurance planning is also specific to the individual and their situation.
We at Financial Gainers counsels and guide on step by step process of Insurance Planning.
- Identify insurance need
- Estimate the amount of insurance required
- Evaluate the type of policies available for their costs and features
- Evaluate insurance needs periodically since needs keep changing
Our Team is Expertise will helps Clients in providing Long Term Solutions o Life Insurance & Non Life Insurance Products.