26 Nov, 2012

What types of insurance policies you must have?

What life could bring to the fore, no one knows. Though some circumstances are totally out of control but that doesn’t mean you can’t do anything about it. One can always opt for a protection cover in the form of insurance. This arrangement at-least assures us a financial protection if nothing else in an ill-fated event. All insurance advisors suggest having these insurance policies well in advance. But the question here is which policy you should choose among the plethora of options available? Getting the right insurance policy largely depends upon many factors like employment, lifestyle, and health concerns etc.


But four types of insurances are must for all us. These are-

  • Life insurance

  • Health insurance

  • Auto insurance

  • Long-term disability

All these insurance policies play major role in one’s life and cover risks in specific areas. Let us discuss in detail:


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Life Insurance

Life insurance is a must for one and all. In the event of death of a person, this policy insures financial stability to the people who are left behind. Life insurance becomes all the way more crucial for the persons who have a family dependent on them. Because in the event of death of a bread-winner, the insurance amount will provide a financial cushion to cover various expenses of the family. While you are planning to buy a life-insurance, make sure the amount should cover all the expenses like any of your mortgage payments, education cost for your children, loan or taxes due etc. The life insurance encompasses two types of insurance policies i.e. whole life and term insurance. The former signifies insurance until one dies and term insurance is for a certain period of time. One can take up the policy as per one’s needs and budget. All the factors like occupation, age, lifestyle, income are to be taken into account before finalizing the apt option.


Health Insurance

Today we are exposed to lifestyle imbalances which might lead to some serious illnesses. This calls for a pressing need to have a health insurance. Health insurance acts as a shield against medical expenses and hospitalization charges incurred due to health concerns. Having a health insurance policy saves you from the sudden expense of arising out of medical reasons.


Auto Insurance

This insurance policy is important from the point of replacement of a costly vehicle getting damaged in the event of an accident. If your car gets damaged in an accident and you don’t have auto insurance, then the entire financial burden of replacing the same lies on you. And generally we don’t have such large savings to support the same. Also, this policy safeguards you against auto theft or any natural calamity destroying your vehicle completely.


Long-Term Disability Coverage

This type of insurance policy is required to get a financial aid during an unfortunate event of disability. God forbid you get injured and take a long off from your work; in that case will you have enough savings to manage your daily expenses? Generally, we do not foresee such bad events but then life is not a bed of roses. So, long-term disability coverage is crucial to save oneself from a devastating injury or prolonged illness.


All in all, above-mentioned insurance policy is must for one and all. It might strain your financial budget but it saves you big time from the crisis. So, approach a good insurance advisor in India to get yourself an insurance cover. To know more about the benefits of insurance, browse through www.ifmglobal.in

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