subject: Financial Life Planning [print this page] Today, it is very important for a person to secure his future financially as they are exposed to fatal health disorders. While, there are several fiscal advisers who might recommend you a few insurance policies which offer health cover or medical cover so ensuring you financial protection. You are offered great financial help by the right life insurance policy. Hence, it provides security to you as well as your family because you receive economic assistance when you are in pain. Financial planning is a pre-requisite for very person which helps him to invest in the right kind of insurance policy to secure his future.
The business of insurance is connected with the protection of the financial resources. Every asset has a value. Also, a human being is income producing asset. Every person has unique skills like manual, entrepreneurial, professional, problem solving and many more, this skill helps him to generate income . Yet these assets are lost because of unpredictable early death or by illness or immobility occurred by mishaps. Accidents may or may not happen.
Death will happen, but the time is indefinite. Any person makes arrangement for alternative source of income so that his family survives comfortably if he dies when he is almost retired. But if the death is earlier, the alternative supply of returns may not be prepared, this can cause a massive economic deficit to the person and the dependants. Those dependants on the income are helped to overcome difficulties, by insurance. Thus, it is important that a person purchases life insurance policy to help the dependants fiscally.
However, a person who may have made arrangements for his requirements after his retirement also would need insurance. This is because the preparations would have been done according to a few expectations like, likely to live for an extra 15 years, or that children will be capable to care for the aged parents. If any of these expectations do not become true, the original arrangement would become inadequate and there could be difficulties. Being alive for a lengthy period might be more difficult as passing away too young. Both these risks should be considered and manged with insurance.
The financial planner is a person who is respected for his duty as it is his prestigious position to help the people. A financial planner has the unique opportunity to be worthy of the gratefulness of people, as no other profession holds. If the financial planner understands his clients, he will get a lot to learn from all the policies that he sell and all the claims he settles. The economical schemer's purpose is to understand the necessities of their buyers and plead him to acquire a policy of life insurance that suits his interests best. He should be capable to complete the formalities like paper work, medical examination. He must call his client if there are modifications in conditions that influence premium payments, nominations and important alterations. He should help to settle the claims quickly. He must be honest with both, the prospect and the assured. Thus, the financial planner's main function is to solicit and procure life insurance business for the insurer who has appointed him for that purpose.
by: David Martin.
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