- Date : 24/08/2019
- Read: 2 mins
You may think you don't need insurance but you do! Read on to find out why
You may think you are invincible and don't need insurance, but you really do! Let’s learn a few insurance basics, and understand why it is imperative for every individual to get an insurance cover.
When life proceeds smoothly with no bumps along the road, we tend to get a bit complacent about financial security. While it is important to make progress in terms of investments and acquisitions, we should ensure that we are securing ourselves and our assets as we proceed. The process of insurance has evolved to safeguard the interests of people from uncertainty by providing certainty of payment at a given contingency. There are various types of insurance that cover motor accidents to health problems to property damage and even loss of life. Here are a few reasons why you must insure yourself and your loved ones:
The absence of an earning member in the family can make things very rough. Having a life insurance would at least make sure that your family is financially supported in case of some unforeseen incident.
Insurance not only protects against risks and uncertainties but also provides a secure investment channel as well. The payment of premiums regularly enables systematic savings. The insured gets a lump sum amount at the time of the maturity of the contract.
Medical insurance policies are ones that cater to expenses incurred from the treatment of various health conditions. Since anyone can be a victim to unforeseen illnesses and because the cost of health care is rising, a health insurance policy is considered to be essential for every individual.
4.Transfer of risk:
Insurance functions on the principle of the transfer of financial risk from the insured to the insurer. An insured individual’s expenses are compensated by the insurer. Getting a general insurance reduces the financial burden of paying for vehicle repairs, health expenses, etc.
The issue with insurance, however, is that customers are spoiled for choice. There are so many options to choose from, so many different policies to explore that it can get confusing to choose the right one. That was before we prepared the Lazy Investor’s Guide to Insurance, an e-book that compiles and simplifies everything you need to know in an easy-to-read manner. It covers insurance basics, tells you the types of insurance that are available, what does general insurance cover, how to insure yourself, and more. You no longer have to spend time in researching what is apt for you – it’s all available for you in one place.