Why insurance is a matter of necessity rather than choice

[IndiaInsurance]

Life insurance is a basic need. It's the first step in financial planning. However, life insurance is not just for financial protection in the event of untimely death of the breadwinner. It can also be a comprehensive wealth accumulation solution. Whether you are young or old, rich or poor, employed or a business person — you can get a plan tailor-made for you. In a way, all investments are insurance against financial risk and all insurance is investment for a better tomorrow . Many Life insurance plans have savings component that earn returns just like in any other investments (e.g., fixed deposits, bonds or mutual funds). But the main difference is that Life Insurance really is a long term investment .

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