Day 14: Don’t Just Build Wealth โ Protect It ๐ก๏ธ
We often talk about investments, market trends, and wealth creation.
But thereโs a silent hero in financial planning thatโs equally important โ insurance.
๐ก True financial planning is not just about growing wealth, but safeguarding it.
Why Insurance Matters
Life is unpredictable.
One medical emergency or unfortunate event can undo years of disciplined savings and investments.
Insurance is your financial safety net โ a way to transfer the risk of a major financial shock to an insurer for a small premium.
Think of it like this:
- Investments = the engine of your journey ๐
- Insurance = the airbag you hope you never need, but can save you in a crash.
The Two Non-Negotiables in India
1๏ธโฃ Term Life Insurance
- Most cost-effective way to protect your familyโs future.
- If you have dependents, aim for a sum assured of 10โ15x your annual income.
2๏ธโฃ Health Insurance
- Medical bills can drain savings fast.
- Donโt rely solely on corporate cover โ it may be insufficient and ends when you leave the job.
Your Action Step Today
- Get a quote for a term life plan OR
- Compare independent health policies.
๐ Donโt wait for a crisis to realize its importance โ protect your wealth before you need it.
๐ฌ Whatโs your take on insurance? Do you have an independent health policy apart from your corporate cover?
Share your thoughts ๐
#PersonalFinance #Insurance #TermLifeInsurance #HealthInsurance #MoneyMatters #FinancialPlanning #India #FinancialLiteracy #WealthProtection
