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Buying insurance is a tricky game. Not all policies are the same, and not all companies offer the same benefits. Hence, you have to compare many parameters and negotiate on several terms with the provider. Then, choose the best option to bag the best policy at the best premium.
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Life is unpredictable, and so is everything that comes with it. While you cannot tell the future for sure, you might be able to plan for the worst. Good amount of hard work goes into the acquisition of everything worthwhile in life. We are talking about assets, businesses, health, and life itself. It’s of the essence to rest easy, knowing that no unpreventable circumstances can wipe out your valuables. This is where Insurance policies come in. They are financial products you pay premiums to help protect and mitigate you from the effects of unfortunate events. Notice that, these are long term investment that only pays when bad stuff happens.
Importance of Insurance
- It protects you and your family. Having a life insurance or health insurance policy ensures that the people who depend on you are safe. It also promises a continuation of decent standards of living regardless of the negativity the future might hold. For example, funeral insurance ensures that the eventuality of the death of a family member does not disrupt your finances. It also allows you to give them a decent sendoff no matter the time of their departure.
- Creates a sense of financial security. Knowing that no event is going to surprise you financially is probably one of the best mental positions to be.
- It’s a key national economic driver. The premiums you pay are many times less than what you would ideally claim. This is made possible by compounding investments made by insurance companies from the money you pay. The majority is usually in the form of government bonds, which is plowed back into the economy. A lot of people benefit from such vehicles in terms of jobs and general livelihood.
- It creates a savings culture. Life Insurance, for instance, help you create a savings routine you might have otherwise ignored. This translates to direct financial security.
- It helps streamline and ease conflict. Motor insurance, for example, helps resolve incidences of accidents caused by human error. Its universal knowledge that car repairs can be expensive, especially when it’s abrupt.
This is an insurance policy meant to fill the financial responsibility and capacity of a deceased breadwinner. For instance, a life partner, a child of dependent parents, employers, employees and any other people who are depended upon. It’s important to note that these policies require fixed premiums over an agreed number of years. On this note, there are two basic types. One that expires after the agreed period without any payout with the second type offering channels for savings. The rates are usually quite expensive. However, there would be better investment vehicles if you are looking for a savings plan.
This is a type of life insurance that provides a lump sum payout to your family when you die. Death often comes unannounced and with a hefty price. Having some money on standby just for that is going to be a huge relief for your family. There is a verity of such options from various companies with various variations in premium payment options. You generally pay for it like any other insurance coverage, with most plans promising to decrease the amount over time. However, payouts due to accident-based deaths are usually limited in the first year. Some insurance plans have provisions of including your family.
First off, this is usually a requirement in most parts of the world. This usually meant to cover you or someone using yours from damage or injury. This also covers other people’s cars involved. They require premiums as well, with most plans rarely demanding monthly payments. As with cars, there are several covers offered by different vendors. Therefore, it’s important to understand the value proposition based on your payments. In general, there are categories of car insurance.
- Comprehensive: This plan covers everything from injury to theft or damage caused to your own or other people’s cars.
- Third-party: This covers only damages caused by both parties involved in an accident. It also covers property you might have damaged during the incident.
- Third-party, fire, and theft: This covers everything the third party does with the addition of incidences office or theft. This means in the event your car is stolen or destroyed by fire, the company is going to replace it.
- Theft and write off: This plan covers damage caused in an attempt of theft or hijacking on your care. It also includes the replacement of your vehicle in the event it gets written off or stolen without recovery.
In some very likely scenarios, you might need to part with some money to get justice. This is where legal covers come in. They are meant to cover you against any expenses that might arise in pursuit of case settlement. For instance, you want to solve an employment dispute. Or, you want to get justice against a negligent driver, this policy got you covered. This also applies to any cases associated with your business, with several options available for the same.
These are covers usually offered b car dealers meant to pay for repairs of certain parts of a vehicle. They are usually time or mileage-restricted. They selectively cover both mechanical and electrical failures. The majority of plans tend to cover engine/Fuel systems, clutch/gearbox, suspension, and brake systems.
This is a cover meant to pay for your health bills. It covers your curative, diagnostic, and preventive health expenses. This allows you to walk into any hospital that accepts your plan and get treatment off the card. It caters tor both disease and injury. Different plans segment the total cover amount into various areas of medical care like dental and optics, cardiology, etc.
Although it differs from company to company, these plans generally cover in-patient bills. This can come up during elevated sickness that requires admissions, giving both or surgery. The most common areas covered include theatre fees, diagnostic tests, accommodation charges, and pharmaceuticals.
With many vendors in the market, it’s easy to get confused when choosing the best plan for your needs. There is no formula for this. We advice you to check the value, terms, and ease of making your claims on the policy. Then compare that with the premium you are paying to make a decision.