5 Tips for choosing a Protection Plan
Protection plans are low-cost insurance plans that provide full protection and financial stability to your family in case of any unforeseen events. Before choosing any insurance plan, you need to carefully assess your needs and requirements. Here are 5 simple steps will help you take the right decision.
Step 1: Identify goals
The first thing you need to do is identify your goals for buying an insurance plan; are you buying insurance only for life cover or are you also looking for an investment option? For example, if you are looking for risk coverage plus stable returns, then an endowment plan is what you can avail. Another factor you need to consider is time. Short term financial goals like saving for a car, down payment for a home, or minor home improvements differ from long term goals like saving for child’s higher education or retirement. So depending on your goals, you can choose the plan best suited for you.
Step 2: Get the right advice
Getting the right advice and guidance at the right time is very important. Once you have chalked down your financial goals, engage with an insurance advisor or investment professional to know the best options available for you. Talk with an advisor who can understand your personal needs and guide you towards the right plans.