Christmas time – the season for gift-giving and bonuses! As we celebrate the season and usher in a new year, this is also the perfect time for us to start reassessing how we can spend our money wisely.
In fact, instead of buying material things for you and your loved ones, wouldn’t it be better to spend on a gift that can keep on giving, even after Christmas? Have you thought about gifting insurance plans this holiday season?
Here are some tips that can help you find the most suitable insurance plan for gift-giving:
- Consider who you’re buying it for.
Whether you’re buying for yourself or for your loved ones, think of what you or they may be needing most, regardless of the life stage that they’re in, to find a plan that’s right. RIs it something that can help with medical emergencies in the future? Perhaps a college fund to see them through school? Are they starting a small family or planning an early retirement?
- Asses your financial situation.
To support your insurance plan, you’ll need to check your finances. Take into consideration all your monthly expenses like bills, food, etc., along with the amount that you put into your savings. Then, review how much you can set aside for insurance.
- Reflect on the kind of plan that you want.
Different kinds of plans offer different advantages, so make sure you’re getting what you need. Are you the type who prefers not to have to actively manage your policy or are you investment-savvy? Would you like a plan that gives you regular payouts to enjoy during your lifetime, or do you just want something that can support your loved ones when you’re no longer around?
- Consider where you’re buying it from.
It helps to know where you’ll be getting your insurance from. Do research on companies and their offerings – compare the costs, evaluate the benefits, and review the coverage. Can they offer exactly what you or your loved ones will be needing?
- Talk to a professional about personalizing your plan.
There is no one-size-fits-all insurance plan. To find the best fit for your needs or your family’s, talk to someone preferably with years of experience with a reputable insurance company. You’ll know you’re talking to the right person when they can answer all your questions and explain your concerns. This means the planner you’re talking to is focused on finding the right plan for you, and not just selling you a product that everyone else is getting.
Insurance isn’t the most conventional gift, especially since it isn’t something that you can enjoy immediately. But it is one of the most thoughtful gifts you can give out there, whether to yourself or to loved ones, because it shows that you care for them beyond the present.
