Insurance can be of many types. To meet unexpected happenings in life, to protect us from disaster, and to meet financial expenses, insurance is most useful. Choosing the right insurance is hence necessary. There are various factors that have to be considered while planning the insurance portfolio. However, there are some basic insurance plans that one can acquire, to protect him from emergency situations.
Life insurance is most important when your family depends on your salary. In case of unexpected death, your family will get the insurance amount in full, to help them tide over your sudden loss and to meet immediate expenses till they are able to get financial alternatives. Life insurance should be able to meet immediate expenses, loans, and living expenses. It should also cover school and college fees.
Good health is the most important requirement for a family. With medical costs escalating, even one serious illness will lead to heavy medical expenses, which may erode one’s entire savings. With health insurance, expenses can be met and the pressure to pay for health expenses can be avoided.
With increasing traffic and vehicles, traffic accidents are on the increase. Accidents may cause personal injury or injury to vehicles or death. It is found that the younger generation is prone to meeting accidents under the age of 35. Accidents may cause fractures, disabling injuries and death. Financial expenses soar when accidents occur. Car insurance with various coverages, safeguards a person and helps to meet emergency expenses and remove financial strain.
Taking important decisions immediately by insuring yourself against such emergencies through various insurance schemes helps a family. Insurance helps to overcome anxiety and promotes well-being. Financial shortages on property and life can be overcome through insurance schemes. Apart from insurance, investment in fixed deposits and the fixed asset can also help.