those who surviveí is a popular saying which explains the importance of insurance planning. It is extremely important that every person, especially the breadwinner, covers the risks to his life, so that his familyís quality of life does not undergo any drastic change in case of an unfortunate eventuality. Insurance planning is concerned with ensuring adequate coverage against insurable risks. Proper insurance planning can help you to look at the possibility of getting a wider coverage for the same amount of premium or the same level of coverage for the same amount of premium or the same level of coverage for a reduced premium. Insurance planning takes into account the risks and then provides an adequate coverage against those risks. There is no risk not worth insuring yourself against, and insurance should first and foremost be looked as a step to guard against risks.
To conclude, it is essential on the part of every individual investors to assess whether they have properly structured retirement, pension, education, estate and insurance planning.
The writer is an associate professor in finance and accounting in IIM Shillong