Four Insurance Policies Everyone Should Have

The basic purpose of insurance is to protect your most important assets be it your home, Insurance Policies shop, life, or health. Ensuring your future earnings through insurance is one of the most important financial steps towards building a healthy financial future. The insurance market is full of insurance products with a variety of coverage and sizes boasting different features in the lowest premium. In such a situation, the insurance buyers often get confused about choosing products that they really need. Most of us take insurance as a tool for saving income tax. But this is the worst thing we do so far financial planning is concerned. The best way to get rid of this situation is to educate yourself; using different websites available or can seek help from your financial planner or agents.

As insurance need is completely personal, and vary from person to person, you first determine your insurance needs. And in this regard, your financial planner will play an important role. Like other things, buying unnecessary insurance products is a wastage of your hard-earned money only. Suppose you don’t have any financial dependents, and you choose to buy a term insurance policy. Is it the right purchase? Unquestionably it’s not an informed decision because no one will get benefits out of it.

Keeping buyers’ needs and confusion in purchasing insurance products in mind, I’m listing some important insurance policies everyone should have.

1. Term Insurance Policy

If you have financial liabilities, such as financial dependents, loans, etc. you must take a term insurance policy of adequate sum insured; because you’ll never want your loved ones to pay your debts when you’re gone. The purpose of a term insurance policy is not to provide a financial cushion to you but to protect the financial future of your family if you’re not around. Have you ever thought about what will happen to your children if something unfortunate happens to you? Will they be able to continue their education? A term insurance policy assures their good financial health. You must take a term insurance policy also because it provides the simplest cover.

There comes a time in life when you think about your future and become very possessive about your family. See, we always try to make life according to us but we don’t count untoward in our story, and sometimes this untoward hai brings a different twist in our story. As the owner of a family, you think about every wrong and right for the family, may it never happen, due to some accident, you hang in the middle of life, then things can become difficult for your family. In such a situation, the best option for you is a term policy, its benefit will prove to be helpful for your family somewhere.

2. Health Insurance Policy

Considering the rising cost of health care, a health insurance policy is another handy financial product to buy. Even one minor accident or illness may result in a huge financial crisis. For most of us, getting quality health care without having a health insurance policy is not affordable. Illness that requires surgery can quickly rack up a huge amount leaving you in miserable financial health.

So it’s strongly advisable to take health insurance cover at your early age when you are in better health shape. The premium rate is also less when you are younger and in good health.

It is a common thing to be sick in today’s era, as we move towards old age, our body becomes weak and at such a time the chances of getting diseases to increase. There is no doubt that in India, about 70% of 100% of old people die due to disease, mostly old people died in the first stage of Covid-19. Since the advent of Covid-19, health policy has become a common necessity for people. Apart from this, the cost of rising medical expenses is also tending you towards buying a health policy. In such a situation, the best option for you is a health policy, its benefits will prove to be helpful for your family somewhere.

3. Motor Insurance Policy

As per the India Motor Vehicles Act 1988, it is mandatory to have ‘third-party liability cover to all vehicles plying on public roads in India; while ‘comprehensive cover’ is made optional. However, buying ‘Comprehensive Cover’ for your vehicle gives up complete peace of mind. A ‘Comprehensive Cover’ insurance policy along with providing protection against financial losses to you also covers liabilities for injuries, damages to others caused by your car.

The motor policy is one of those policies that are necessary for almost everyone to have, everyone likes to drive a car and according to the Indian constitution, if you have a car, then it is necessary that it should be insured and always be insured. We and you don’t know anything about our tomorrow but we always try that we are always sorted, news of the accident on Indian roads is a common thing but if your vehicle gets accident then insurance of your car Be responsible for the quality of life and all expenses related to your vehicle.

4. Personal Accident Insurance

This is one of the products that most people do not think useful, and therefore, seldom go for it. But the reality is that accidents can happen anytime and anywhere. a Personal Accident Policy is meant to provide financial assistance should you be disabled and unable to work meeting after an accident. The unique feature of the Personal Accident policy is that it replaces your income when you become disabled, a maximum of 2 years. Besides, like a term insurance policy, it also pays out death benefits to your family if something unfortunate should happen to you.

Conclusion 

These are some basic policies that everyone should opt for themselves and for their family, in recent times the way we fight with some extraordinary virus and with polluted air. We need service of policies, a wrong step is enough to put on the pressure of life and in this situation policy is the only way to help you to live peacefully and stress-free life. Arguably, an insurance policy is helpful to live the best life and this is the way insurance policy serves people.