I need a mentor who can guide me on the differences of insurance or policy available? - Seedly
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Anonymous

Asked 2w ago

I need a mentor who can guide me on the differences of insurance or policy available?

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Hey there!

Ultimately, you'll want someone who can offer objectivity and a holistic form of financial planning. There are different comparisons of plans online but ultimately, the product is only as good as the agent advising you as well. Feel free to reach out if you need.

Financial planning is an integral part of life. You can reach me here to find out more.

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The basic information on such policies are online, e.g. on MoneySense, finance blogs. These information should give you a basic idea on the insurance policies and why you may need them. Additionally, I will suggest you to either do further research on your own or to speak to a qualified consultant if you have further question. This is to ensure that you are getting the right information to that end.

I share quality content on estate planning and financial planning here.

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Hi Anon, I wouldn't think a mentor that isn't in this industry would be qualified to give you answer. You can spend some time working with an Independent Financial Advisor, and most of us don't charge an hourly fee, but some do.

Also, you can read books on insurance and financial planning. I have one written by my mentor, if you'd like a copy, reach out to me. It'll cover pretty much all you need to know about market available plans and the basics of financial planning, written by Dr. Sanjay Tolani.

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Hi there,

There is quite a few resources on the web regarding the differences between the different types of insurance policies. In a nutshell, there are 3 types of insurance available in the market.

  1. Whole Life Insurance

  2. Term Insurance

  3. Investment-Linked Insurance

Whole life insurance covers for the length of your life, or up to 99 years old, depending on your insurance provider. Whole life policies, always have a cash value ascribed to it as you pay your premiums.

Term insurance has an adjustable policy period as well as premium period. It expires at the end of the policy term. There is no cash value for this policy. This is a common option for people who want temporary coverage for themselves.

Investment-linked policies, have a term insurance structure, where costs of insurance is low at the start, but scales exponentially towards the back end, usually after the age of 55. However, the premiums for this policies are used to invest in funds. There will be a cash value assigned to this policy, however it will be based on the current market value of the invested funds.

That is the gist of it, if there is anything else you would like to know, do write it out here!

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