DIFFERENT INSURANCE POLICIES THAT EVERYONE SHOULD TAKE
Insurance policy is an essential factor to consider in this century and it is due to the increase in the risk factors associated with everyone's life. We cannot confirm our security without taking the needed insurance policies. There are various kinds of policies available for securing our life, home, and surroundings, business, and belongings. For taking the right insurance policy, one should be aware of the types of insurances and coverage available in society. Let us have a detailed discussion about the types of policies and their importance in our life.
1. Life insurance policy and its importance
Life insurance is an agreement signed by an individual to secure his/her family from the financial impact due to the death of the individual. You can ensure the security of your beneficiaries or family if you agree to the life insurance policy. This will make a stress-free life for you and your family. This is one of the best ways to protect the future of your dependents. There are two main categories of life insurance. These are term life insurance, and whole life insurance, also known as permanent life insurance. The younger you are at the time of buying a life insurance policy, the cheaper the premium.
Factors depending on life insurance:
Your policy type
Your age
Your smoking status
Your health status
Driving record & hobbies
2. Home insurance policy and its benefits
Owning a home is a great achievement and a future asset for you and your family. But the homeowner is responsible for whatever happened in the home. So you should consider the possibility of risk factors associated with building a home as something more important. For safety and to reduce the financial crisis due to any unexpected accidents or losses, you must take the right home insurance policy. It is a written agreement between the house owner and the authorized company against the huge money loss. Building/Structure Insurance and Home Contents Insurance are the two main categories of a home insurance policy.
Coverage should be included in the Home insurance policy:
Coverage Against Natural/Man-Made Destruction
Compensation for Temporary Living Expenses
Compensation for Damage/Loss of Assets
Third-party liability protection
Factors that determine your insurance premium:
Several factors depend on the premium cost of your home insurance policy. They are:
Your home location
Plumbing, heating, and electrical systems of your house.
Your home security system
Your roofing system
You should check all these mandatory factors before choosing the plan.
3. Auto insurance policy and its importance
Many people are afraid to buy their dream car due to the high risk of road accidents. A severe accident will destroy your vehicle and even cause severe irreversible injuries to you. Therefore every car owner is advised to take an insurance policy to avoid future risks. The right auto insurance policy acts as a shield for you and your vehicle. Your age, previous driving history, your location, your car model, etc are the important factors that depend on your insurance premium amount.
Coverage should be included in the Auto insurance policy:
Collision Coverage - will save you from huge money loss due to any accidents or misfortune that happened while driving.
Personal Injury Protection- cover all medical expenses after an accident that happened to you and your co-passengers.
Property Damage- helps to fix any damage to your or other's property from your car.
Liability Insurance- this is important coverage that helps you to cover the property damage and personal injuries sustained by third parties
4. Health insurance policy and the major coverage
We cannot make a future prediction of our health according to the present health condition. We all are at health risk due to the rise of various diseases. Sudden death or any health problem will put you in an unwanted money loss if you are an uninsured person. Therefore everyone is recommended to ensure their health by taking a health insurance policy to avoid future health risks. Some important coverage associated with a health insurance policy that will help you in the future are:
During any medical emergency, your room rents, surgeon's fee, medicine bills, and all your medical expenses are covered in your Health insurance policy.
All your pre and post-diagnosis charges are covered in your policy.
Annual checkups
You can receive free ambulance charges with your health insurance.
Some treatments that are excluded from your health insurance are:
Self-inflicted injury
Health damage due to consumption of alcohol
Pregnancy checkups
Infertility treatments
Cosmetic treatments
Transmitted diseases
You can lead a stress-free life if you are covered by the right insurance policies. There are also other insurance policies available according to your needs. Commercial insurance, Trailer insurance, Tenant insurance, Travel insurance, etc are some of them. You can purchase these insurance policies when needed in the future. Before purchasing the policy, you must check and try to get maximum information from your insurance provider about the available coverage and the factors that help to reduce the premium amount.
