Back
Asking for opinions on getting an insurance policy.
Share I am a 25 y/o healthy male. I do plan on living a long full life, but you never know what will happen! I love adventure sports and I can bear a good amount of risk in life. I have around 60k invested, 40k stocks/20k crypto. I don't have much to my name and don't plan on working my whole life to accumulate wealth! I am asking for opinions on getting an insurance policy as a way of creating wealth for a future generation.
0 Comments
Reply
Hi Fleming
I believe you are referring to creating corpus or estate for the next generation.
Equity is one of the best asset class to accumulate wealth over long run. However, in case of untimely death the wealth accumulation can be hampered. Thus, it is advisable to have an adequate term insurance cover.
Hope I have addressed your concern
Beshak TruMatch is one useful solution which can be helpful in deciding the term cover you would require just in case anything goes wrong in this wealth creation journey.
0 Comments ReplyDear Fleming
Do not mix insurance amd investment .
Buy a term insurance with rider of accident and critical illness for protection of family finsncial security .
Start SIP with mutual funds to build wealth as desired by you .
Hope this helps
Shailesh@insurancesamadhan.com
0 Comments Reply
Hi Fleming,
If you are looking for an option to create wealth then your understanding is wrong. Insurance is a protection tool. It protects your current & future savings from darining.
Think of it if one meets with an accident and looses a limb or two there is likelihood that there will be job loss or income loss. But what if the person had an Personal Accident Policy... it would have given him a sizeable amount to plan his future life.....
For your knowledge there are personal accident plans that do cover adventure sports (not as a professional).
I hope I have beena able to put my point across.
Thanks
Rohit Dhingra