Insurance in other words is nothing, but a method of risk management used to finance or cope against a sudden loss. Insurance comes in the form of policies from financial institutions that they offer financial protection in the form of reimbursement against possible future losses. This is achieved by transferring the loss to a stable financial unit in exchange of monthly or annual premiums from the insured.
There are various insurances available in the market that covers nearly all aspects of our lives. In the hustle bustle of our everyday lives we seldom think of what would happen to our families if something unfortunate was to happen to us. Has this question ever crossed your mind? Stop and think and make plans for your family right away. The loss of a family member is indeed heart wrenching but we also need to make sure we don’t leave behind a financial crisis for our beloved ones. It is hence highly imperative that everyone invests in a life insurance that will protect you and your family in times of despair.
Life Insurance: Life insurance is a plan that offers financial coverage in case of catastrophe. The insured has to pay monthly premiums for a set term to the insurance company to reap benefits of the insurance. In case of sudden death or disability, the family will not have a financial hardship or crisis.
Motor Insurance: A motor insurance primarily covers the insured person against financial loss in event of an accident. This insurance covers any damage of not just the insured person’s vehicle but also a third party vehicle that may be part of the accident. In some countries such a policy may include not just third party coverage but also property, liability and medical coverage.
Health Insurance: A health insurance is of paramount importance as it helps you be prepared for any sudden ailment or sickness. By paying small premiums you will be able to treat your family of a sudden sickness. In most developed countries the government pays for the citizen’s medical necessities. NHS is a good example for comprehensive health care provided by the government of UK. In other countries like US it is mandatory to opt for a good medical insurance as the government does not fund for health care.
Travel Insurance: This covers all losses for a person while travelling abroad. This includes delayed flights, loss of baggage, medical costs incurred during the trip. Property Insurance: This type of insurance is taken on homes, valuables like gold, etc, This insurance covers against natural calamities like floods, landslides and also accidents like fire and intentional thefts.
Disability Insurance: Disability insurance is mainly for workers in large factories and warehouses as they are exposed to occupational hazards. This insurance pays for utility bills, mortgages etc of policy holders who may be forced to stop working due to injuries caused at work until he may be fit to rejoin work.
Permanent Disability Insurance: A .worker is covered by this insurance when he is disabled and unable to rejoin work due to injury at workplace. It is rightly said that “A stitch in time saves nine.” Why wait for a disaster to strike? Why not be prepared and protect yourself and your family. Act now and insure your family.