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Wealth management is a professional service that involves financial advice, accounting and taxing services, investment advice, and estate planning for a certain amount paid. If your wealth management is in place, financial planning becomes smoother. Financial planning is very much important to achieve your personal and professional goals. 
Even though you are experienced with wealth matters, hiring a knowledgeable wealth manager is advisable.  
With the graph of increasing millionaires in India, wealth management services have also increased, providing you with a wide range of scope. One should keep a few key points in mind while selecting an advisor, as he will be dealing with your hard-earned money. 
Have proper knowledge, check for previous companies and clients he dealt with; online reviews can be very helpful. Don't rely on the information portrayed on the website; check for the qualifications. Have a detailed plan and fees to be paid. 
In the process of financial planning, it is essential to insure yourself and your family. Today a wide choice of insurance policies in the health and life segments is provided, which can help you achieve your goals. Insurance saves you from any unintended consequences. Also, it is an incredible saving opportunity. 
Here are some reasons why financial advisors often recommend Buying an insurance policy  

  • Insurance protects you during precarious situations. It provides financial compensation during financial emergencies. 

  • It saves you from future risks and uncertainties. It will safeguard the policy buyer during accidents or other threats. 

  • It provides coverage during critical illness and medical emergencies. 

  • It secures your family from any economic crisis and safeguards their future. 

  • Protects valuable assets. Some millionaires and billionaires even insure their body parts. 

  • Builds in saving habits as most policies offer good savings with insurance. 

  • Helps income tax deductions with the policy premiums paid for life insurance. 

Let's look into the insurance policies available

  1. Life insurance: life insurance is useful in financial planning. It has a wide range of advantages like safety, saving, family protection, tax savings, etc. Some commonly available ones are an Endowment life insurance policy, Unit linked insurance plan, whole life policy, Joint life policy, Annuity policy, retirement plans, Children's endowment policy, etc. 

  1. General Insurance: General insurances are those insurances that do not come under the scope of life insurance. They include the following. 

    a. Health insurance: helps with medical expenses, cashless hospital bills, and settlement claims. It safeguards you from rising medical expenses. In India, it is available in the form of a mediclaim policy. 

    b. Fire insurance: helps the insured during an accidental fire, wherein the loss due to damages is covered as stated in the policy. 

    c. Marine insurance: this insurance policy safeguards the policyholder from dangers related to the sea. The different kinds of marine policies include voyage policy, ocean cargo insurance, floating policy, time policy, etc. 

    d. Education insurance: it enlightens your child's future with the desired education of her choice, even in your absence. It is one of the best channels to save for your family. 

    e. Vehicle insurance: is mandatory insurance in India, covering losses and damages during accidents. 

    f. Travel insurance: covers flight delay, tour cancellation, baggage robbery, and medical expenses during travelling. It is beneficial to those who are often travelling and those travelling abroad. 

    g. Property insurance: protects and safeguards the property during a fire, natural calamities like earthquakes, floods, and robbery. 

Things to ponder while choosing an insurance policy  

  • Research well about the organization, its reputation, and financial strength. Check the website for details. Check for customer reviews. 

  • Have clarity of the coverage provided by the company. 

  • Analyze your strategy and need for insurance, evaluate your income, and plan accordingly. 

  • Have a deep look into the claim settlement procedure. 

  • Take advice from a financial advisor before selecting the policy. Also, discuss this with your family in detail. 

You have a clear picture of the insurance coverage that can benefit you and your loved ones. Hence select wisely and live peacefully.  

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TheFrames Team

TheFrames Team has versatile authors to write articles on any topic. They are continuously putting their efforts to put various Series on the website. They put 3-4 articles under each series.

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