A financial advisor helps identify the right investment products, according to suitability and risk profile. A financial planner organizes your finances, keeping you well-informed on the decisions made, so that you are able to identify and reach financial goals easily.
It’s wise to pick up a financial advisor to do financial planning. So, if you are planning to hire a good financial planner, you must know what to expect from him. A financial advisor helps avail the best term insurance plan which suits requirements. He can also help pick up the best investments, which match risk profile.
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See Also: What is a Term Insurance Plan?
A good financial advisor can help you with the following:
See Also: What is a Term Life Insurance Policy?
A financial advisor focuses on gathering your personal and financial data, before imparting financial advice. The collection of data includes evaluating life-stage; when you need the money and how much, what you will use the money for and chalking out a detailed plan to invest the money stepwise to reach financial goals.
This data is then used to show how and when you would achieve financial goals. These projections are determined keeping in mind inflation, your ability to save and return on investment.
Generally, people in India lack the expertise and the understanding, necessary for investing in particular financial products. Most people don’t avail term insurance as there are no survival benefits.
You can find only a handful of people who can actually understand and make investment decisions to reach financial goals. Term insurance is availed for risk protection. It’s the plan which offers maximum cover at minimum premium.
A majority of people don’t realize the importance of term insurance. If you have dependents, you must avail term life insurance. A financial advisor helps understand basic factors like at which age you must avail term insurance, term insurance premiums to be paid or how much sum assured you need to cover your family on an untimely demise.
An insurance agent sells you insurance plans. He pushes endowment plans to enjoy a high commission. He may sell term insurance plans, but he gets very less commission, as there are no survival benefits.
The insurance agent doesn’t care about your financial goals. He recommends endowment plans which fetch high commissions. You need a term life insurance plan which is pure risk protection. The financial advisor knows this and recommends term life insurance. This plan offers high mortality cover at low premiums. This plan helps your family enjoy current lifestyle, while getting rid of any liabilities like home loans.
See Also: Term Insurance For Indians
The financial advisor cares for your financial goals and not the insurance agent.
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