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Lets Talk Insurance

Posted on 2016-07-01

It is the duty of insurance to financially mitigate the effects of perils i.e losses. Insurance can also be used as means of diversifying investments.

Having insurance is like having an army or police force. Having these shows that you are ready for your enemies should they decide to attack. The enemies may never attack but you must always have your defences ready and prepared. Ask yourself, "what if they attacked and you werent prepared?"

When you know exactly what you want in the next few days, months or years to come, it makes sense to plan and save prudently.

Identify a good medical cover plan to reduce the outlets from your wallet. Protect your loved ones plus yourself. Talk to those who have been or nursed their loved ones in a hospital bed; you’ll understand and feel the hustle. You’ll never fund raise enough for hospital bills.

If you own a motor vehicle, always ensure that you consider buying comprehensive motor cover since it has enhanced features unless the vehicle is below the stipulated minimum value. This will save you alot of trouble with the law hence keeping your wallet full at all times.

Be it a one bedroom or a bungalow, how well have you protected your belongings? Domestic package insurance comes in handy, the unexpected happens when you least expect. What if thugs broke into your house and stole everything? How prepared are you? Save/ have a short term saving plan that will help you cover for six months’ or more expenses in the event you change your job or loose the current.

The future belongs to the educated, the learned and the wise. Education is expensive, if not well planed for, it can leave you with horrible sunset days. Insurance education plans are the solutions to this. Pick up a policy at the right time (When your child is still as young as 1 day)  This will help you reduce the cost of premiums you pay on monthly basis. Besides, it's an assuring way to secure the future of your child.

Ask yourself, "Will i have enough funds to educate my children in the best schools, colleges and universities?"

When done with planning for education, go for midterm and long term  investments. Money market is the way to go. This gives you time for your employment since your funds are managed by professionals. This kind of plan increases your financial net worth. You will be able to live a good life and not survive.

Finally,  pick it upon yourself to have a pension plan for yourself. Ask yourself...'' How much is my employer contributing to my pension? How much is my own contributions? Is it enough?

We all believe that we shall grow old and not die young. It is important to remember that we may live longer in retirement than the entire working life. Consider a life insurance plan that can be converted to an annuity when it matures.

Remember you can have more than one pension plan. The second will be self/private contributions. A new car will not visit a mechanic as often as the old car would do. You need the life you are living or you lived while young when you get old and retired.

A Pension plan is also a long term investment. Dont let people refer to you as "TROM" - That Retired Old Man.

How far are you on this?

An experienced financial advisor will take you through the rough roads,talk to us.....................

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