Three Must-Have Insurance Covers
Nowadays, people are more aware of the need for insurance coverage than they were a decade back. But there are many people who think “nothing will happen to me” until they are hit by a tragedy. Therefore, in order to protect your family, there are certain insurance plans that one should have.
Let’s have a look at Insurance Covers:
Personal Accident Insurance: Accident Insurance is a must for young and fresh people who are into their new jobs because at a young age, there are chances of accidents than other illnesses. There are many people who claim that there is no need for any insurance cover since their parents are working.
But there are chances that one gets permanent disability, and then one has to depend on parents. In such a critical situation, an accident insurance plan can at least provide you with some compensation. It will provide monetary support to meet various expenses.
It is suggested that people who travel long distances to workplaces should opt for personal insurance cover.
There can be a situation when hospital charges are more than the cover provided by your company. Also, in case you lose the job, then you are without any insurance cover. Therefore, if you have a health plan from your company, then you should also apply for a separate plan.
Life Insurance: There are people who opt for many insurance policies, but the total cover is very less. In case of the unexpected death of the bread earner of the family, the family gets adversely affected. The best way for buying the term insurance plan is opting for the cover which is 10 times the annual income.
Today, there are many companies that are offering term insurance products at much lower rates. You just need to do a market survey and apply for the best plan. Check and compare the various plans as it will help you in getting the right insurance cover. The earlier you apply, the cheaper it will be. With the increase in age, the premium will also rise.
Once you have taken care of the above, there are other areas where you can consider taking insurance cover like vehicle insurance, home insurance, etc. Remember that every day we face difficulties and therefore it’s better to make a quick assessment of where you stand and buy enough insurance covers rather than wait for some tragedy to take place.