Insurance and investment have become an essential element of one's life in today's world. While it's a wise decision to set aside a portion of your current earnings to save for your and your family's future, many people confuse insurance and investment as the same thing, while it’s not. Here you will get to know the advantages and disadvantages of insurance policy. Insurance Vs Investment? Insurance is a service that one purchases with the intention of guarding a person or family against some form of loss. This loss can be in the form of loss of life, property, or health. However, In case of Investment, it is the amount of money or assets that you give to a third party in exchange for the return of that money or assets along with profit at an agreed point in the future. We are majorly going to discuss insurance policies and its advantages and disadvantages. Knowing both the aspects will give you a clear idea about how you can use insurance policies to your benefit. Advantages of Insurance policies Below are some advantages of insurance policies -
Disadvantages of Insurance Policies
While every financial instrument will have both advantages and disadvantages, it is recommended to choose wisely based on your need and purpose. You can benefit from an insurance policy provided if the goals are clearly realised
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