It is essential to take up the insurance is to cover for any emergencies that may occur in our daily lives. If the insured risk occurs, you or your beneficiaries receive monetary compensation for the loss or injury. You should take your time to learn how different insurance policies can help you protect you, your family or property.
If you are the breadwinner, you can take this cover to ensure that in case of their demise, the family is not left crippled by debt. In case of death, the family is compensated and funeral expenses paid. However, it is crucial to note that suicide, fraud, death caused civil unrest or war may cause one to lose their benefits.
If a beneficiary is under the age of 18, a next of kin is appointed. If the compensation amount is a one-time payment, then the benefits go into a trust until the beneficiary attains the legal age or the age stated by the policyholder.
Most families are just one medical emergency away from bankruptcy. Medical insurance, though not inexpensive, has proved to be one of the most vital policies in this era. The insured is eligible to get different types of services covered in a health insurance policy if they get sick or injured.
Employers are more willing to contribute to health insurance for their staff. Some policies cover the immediate family and others that include all dependents. These policies usually spread the risk by covering whole units rather than a person to person cover. That is why it is more expensive to protect individuals rather than to a group. Although it is quite costly to have health insurance, the advantages are better than not having it.
Every car owner should have at least the minimum liability auto insurance. It covers expenses incurred in either an accident or theft and others involved in the crash. The liability coverage, referred to as third party insurance, helps in setting off expenses for body injuries and property damage.
Comprehensive insurance pays for damage to your car or theft of accessories or parts of the vehicle. It covers a replacement in case the vehicle is too damaged to be repaired. The policyholder may be required to submit a deductible out of pocket amount which may be reimbursed.
Disability insurance may alleviate the expenses incurred when one is unable to work or when their income is affected. Again, the benefits may vary significantly depending on the premiums. One may be covered according to their earnings, or pay dividends that include only a percentage of the total income.
You can get this insurance privately, but most employers offer this option as part of the employment package in case of injuries at work that result in disability. This option allows the beneficiary to continue to earn a living even with a disability
It is essential to have insurance today than ever before. Even though governments are going a long way to subsidize medical treatment, it is a good idea to be prepared. Having a “nest egg” so to speak helps to avoid getting into debt due to insurable risks.