Every sound financial planning should not leave out the aspect of insurance.   Insurance is meant to protect a person and their loved ones in many ways example in accidents, sickness, death, loss of a job etc. The insurance decision one makes and the kind of policies chosen depends on a number of things.   Some of these factors are age ,family size and one's economic situation.  For instance it is not wise for a young person who is just starting on their first job to get an annuity kind of insurance.


 Insurance companies issue a type of policy called annuity that allows a person to save up money for retirement.   It is possible to do a bulk payment of cash in this type of policy or either pay in small cash amounts.  Your contributions are guaranteed to earn interest over time according to the interest agreed upon.  The good thing about having an annuity is that one is guaranteed a stream of income after a period of time.


 Another group of people who can have an advantage with having annuities are those who have won large cash settlements either in court cases and also those who have won the lottery.   Once agreed upon by the client and the insurance firm, these large sums of money can be disbursed to the owner a s a steady cash flow gradually.


 It is common to hear the terms accumulation and annuitization phase when dealing with this policy.    When one is paying in to the account and no payments are being done, this phase is known as accumulation.  The second phase called annuitization  is when the client finally starts getting some pay-outs.


 Annuities are more appropriate from the elderly and people who are a bit more  financially stable.  The reason for this is that one can be charged with penalties for premature withdrawals and the money is illiquid.   It is therefore not suitable for younger individuals  who constantly need liquid money.


 A young person has many other insurance policy options best suited to their day to day activities.   Apart from insuring their children's education and family health, young individuals can also insure their assets.


Therefore Altamonte Springs Financial Planning is important and cuts across all ages.   Carefully analyzing ones circumstances can help you choose a suitable policy for your financial planning.   To get the best policy for your cost, it is good to goggle the many insurance companies before making that choice.



 When you have a financial plan at for the future, you  give the best present to your family and yourself.