Retirement is meant to be the most relaxingdays ofyour life. You’re fascinated with the thought of doing things that you couldn’t do when you worked hard to earn money. You want to travel, build a farmhouse, start a restaurant,etc. However, these wishes can be fulfilled if you have a certain corpus at the time of retirement. Therefore, financial experts suggest investing money in an investment plan to generate a source of income in your old days. However, most people get worried on setting aside the money for retirement plan as they feel their regular income source will get interrupted.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedgeagainst the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraisingand controlling risk, has evolved as a discrete field of study and practice.