This textbook is available atAmazon.com Logo
Personal Financial Planning 14th Edition

Personal Financial Planning (14th Edition)

Book Edition14th Edition
Author(s)Billingsley, Gitman
ISBN9781305636613
PublisherCengage Learning
SubjectFinance
Section 9-1: THE IMPORTANCE OF HEALTH INSURANCE COVERAGE
Section 9-3: HEALTH INSURANCE DECISIONS
Section 9-4: MEDICAL EXPENSE COVERAGE AND POLICY PROVISIONS
Section 9-5: LONG TERM CARE INSURANCE
Section 9-6: DISABILITY INCOME INSURANCE
End of Chapter
Critical Thinking Questions 1
Critical Thinking Questions 2
Chapter 9, Section 9-1, TEST YOURSELF, Exercise 9-1
Page 343

Why should health insurance planning be included in your personal financial plan?

Explanation

i tried to make this answer as brief clear and understandable as poosible this is the correct answer please do rate this answer as helpful 

 

  thank you

Answer

##. Insurance planning should be included in the personal fianancial planning of a person . 

Most investors treat insurance unfairly, as an afterthought. Insurance can help yus or our  family get back on your feet after an untoward incident. The payment that an insurer gives us upon the happening of an undesired event can help us tide over losses arising out of it.

during any type of natural falamity our family ends up losing our primary source of income, thereby putting them under great financial distress.  An  effective insurance plan can avoid all of this worry. It can keep us and our family protected from such situations by acting as a major source of income during such trying times. so this reason is enough to conclude that insurance plan should be compusorarily included in a person's financial planning.

 insurance plans are  not only designed to offer us protection against losses and other untoward incidents, they can also act as an investment option. one of such example is cash value insurance . Cash value insurance is much more expensive than term, particularly at younger ages, but typically provides insurance throughout lifetime at a level premium. A policyholder normally can receive the benefit of these cash values during lifetime in one of two ways. by taking loan against them or by cashing out the policy.

 

 

         conclusion-- 

from the above given information it may be concluded that insurance is very much a fundamental part of a sound financial plan. And as you age, get married, buy a home, build a family, and plan for retirement, life insurance becomes more important. 

 

Did you like this example?
Subscribe for full access
Page 343