Are you Insured, should I be insured? That is what some would answer when posed with the question. When one understands the meaning of having a insurance then a definitive answer can be arrived at. Being insured means that one has an insurance policy, which is a contract form, that determines the how legally your claims will be addressed. Both the insured and the insurer will agree on an amount of payment that will be used to reduce the effects of an event or incident to the insured by the insurer. As a result we can understand that we do not have the power to stop unfortunate events from happening and but can reduce the after effects. In this regard it is possible to see that different insurance policies are present for different purposes. The type of insurance that one needs to acquire may be dependent on ones age, if one has dependents or whether one gets benefits from their employer. Despite this, industry experts agree on the consensus that there are four main insurances that matter most.
The life insurance is regard as being important as it covers your dependents. In the event of death, the expenses that your salary used to cater for such as mortgages and utility bills become uncovered. Due to your absence, your dependents become faced with financial hardships. Through acquiring a life insurance cover, this is prevented from happening. Through the insurance policy one committed to, the financial burden to one’s family becomes greatly reduced. The two polices that one can select from is a whole life policy or a term life policy. The first option is where by one has to make payments until they die and the second one, one has to make payments for a set time frame. In order to decided on which policy to undertake, it is advised that one gets advice from an experienced financial advisor.
The second in order in insurance after life insurance is health insurance. Health issues are the causes of most personal bankruptcies. This is because the cost of medical care is considerably high especially with chronic and terminal illnesses. Such findings demonstrate how vital a health policy is. One should ascertain the types of health policies that they take as whether they are adequate enough. Since most of us require mobility for our day to day life engages, an auto insurance policy is recommended. In the event that your assest car becomes involved in an accident, then the costs of repairs are covered by the car policy. Liabilities that you could have covered for due to damages or injuries caused by your car are mitigated by the insurance. Mitigation of liabilities that one would have incurred as a result of damages and or injuries are taken care off by the car insurance policy.