When we got married ,both me and hubby were doing our PG training in Delhi.Life was busy, but good.
A friendly hospital employee ,who moonlighted as an insurance advisor sold me a life insurance plan.Luckily it was a good one.
Why did I say luckily?
Because at that time despite my ignorance ,my instinct for trusting the right people paid off.I told you I read blogs and faces too!
Check online at policy bazaar and you don’t have to trust anybody except yourself. You learn about all the different policies available with their helpful chat assistance .
Online insurance calculator helps you find the right amount of insurance for your family needs.Calculate this keeping in mind your yearly income ,loans, savings ,travel plans and more responsibilities.
Their online premium calculator helps you plan your budget before committing.
This help is important. Because some of our insurance fiasco’s, make for thrilling action packed story.
My hubby at that time was managing some money issues at home.Money being tight didn’t want a to spend on insurance
At that time I knew little about insurance .But I had a save money brain setup from the very first .Then another ” family friend” insurance agent, sold us a “card castle”.I strictly blame ignorance at reading fine print.But I don’t forget his deception.Taught us a valuable lesson
3 Lessons I learned from being duped
8 years and 1 baby later .My hubby turned super active and has a traditional life insurance and a good life time insurance too.
We bought our home in 2014. That’s when we went for a pure life insurance.That’s what a life time insurance is.In this your premium is lower .But there’s a catch.
This money is not an investment .But it’s there to support your family in the unfortunate event (heaven forbid),of the main breadwinner being no more.It’s also important when you have home loans or any other loans .
He has also invested for child’s education insurance which promises returns when baby is 18 years old .This is to have an extra nest egg for educational opportunities.
Both of us have studied in Government medical colleges .It was a basic yearly fee of Rupees 250 only.Now that same course costs twenty-five thousand rupees per year.
So 15 years down the line, what things will cost is anyone’s guess.It’s always better to have different plans for different purposes.
Insuring your life and your child’s educational needs is an important part of the financial plan for a family.
That’s a great help.
Insuring yourself and your loved ones future helps you free yourself from unnecessary stress.
The best part of buying insurance is ,there are online premium tracker,managing claims all available with a click. When the running around the insurance agent is cut down,you decrease stress.
Enjoy life more freely.Even when money is a problem If you plan something for your children, you have time on your side.
The earlier you do it.The less you can pay .Cumulative interest is a great thing.
3 Types of Insurance we invested in
1) Life time insurance : Most important
2)Insurance to support your education if child needs it Prepare her to win scholarships, but no harm in having a plan B.
3)Health insurance :Exercise cut, down on addictions and be fit.That’s best.The healthier you are the lower premium you pay.
It also helps you accumulate bonus points .If you have an option of increasing the insurance value ,take that instead of the premium discount.
Remember insurance is not an investment but a necessity.
Have you made it a part of your financial plan?
Comment below to let me know.
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Disclaimer :
I am not a financial advisor .I share my personal experience about various types of insurance I use. Your best plan can be devised by yourself and your financial adviser .Any advice I have given is for educational purpose.