INSURANCE PLANNING
“Insurance is not for the person who passes away, it is for those who survive,”
Exemplar consider insurance planning, a very important component of a comprehensive financial plan
At Exemplar, We assess our client’s insurance needs depending on the life stage at which he/she is, along with current liabilities, expectation of future liabilities, number of dependents, financial goals, life style etc.
We advise them, how he/she can have an adequate cover against the risk on their lives which will affect their future financial goals, that is the replacement of the income that they contribute to the run their household, the risks of medical contingencies (since they have the capability of depleting their wealth considerably) and risks to assets (since the replacement of these can have tremendous financial implications) and then we proceed to address other aspects of financial planning.
There are many complex calculations as well as simple rules of thumb to estimate the amount of insurance needed for an individual. A simplistic way is to calculate life insurance as about 20 times of the individual’s annual income.