We all grow as humans, work hard, earn money, always strive to be successful in everything we do throughout our lives to support our families and to fulfill our own dreams. But as we all know that, this life is full of uncertainties and is very unpredictable itself. Sometimes the sudden consequences that we may face due to life’s unplanned paths prove to be unfair to us and people around us, specially our family. Therefore, insurance is a guarantee that sufficient compensations will be provided to you or your family when severe damage is caused to life or any other valuable belonging. Insurance thus, helps you and your family to be prepared to face drastic situations.
Types of Insurances
The need for a specific insurance may vary from individual to individual but the wholesome requirement for everyone will be the common. There are various types of insurance policies and companies that provide these policies available in the market today. These are classified according to the common needs and priorities of people.
A life insurance covers an amount of money to be paid to the family members of the insured person who has suffered death. Life insurance will protect the needs of the family and major expenses can be covered through this so that families do not have to go through much trouble.
Term insurance is a life insurance which provides coverage for the policy term decided between the policy holder and insurer at the onset of the policy. After this policy term expires the term insurance cover is no longer valid. If the insured dies during this term, the death benefit is paid to the nominee. Thus, term insurance is the most basic, inexpensive and non-complicated insurance policy that you can purchase for your family security.
Medical or Health Insurance
Not every person is able to generate immediate cash when there is a sudden medical emergency where the person may be attacked by a severe health issue and requires treatment or surgery. At such emergencies, the medical insurance is of great help. This type of insurance policy will cover all the medical related expenses.
Personal Accident Insurance
Suppose you become the victim of an accident and this causes you a lifetime physical disability, your family may fall prey to endless expenses that relate to this disability or sometimes even death. An accident insurance will cover the expenses that fall under the treatment or any other requirement regarding the accident.
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