Why Insurance? • An uncomfortable topic for some, insurance is often ignored because it is associated with mortality. People would rather do laundry than talk insurance! But with new milestones in life, it becomes imperative to review one’s financial standing. • What to buy? • There are endless kinds of insurance policies in the world today. But here are 4 basic kinds of insurance for individuals. • Life insurance – The most widely used, life insurance provides coverage against a person’s death. The nominee of the policy holder is paid the sum assured either in whole or in installments.
Vehicle insurance – Covers damage to the vehicle and its passengers, third parties who’ve been harmed from the said vehicle and related expenditure. • Property insurance – This insurance covers property against fire, theft or damage from natural causes. Whether you have a loan against your property. • Health insurance / Medical cover – From preventive care to hospitalization related expenses, you can get coverage in time of crisis. • Certain insurance companies cover out-patient care as well as dental.
When to buy? • The best time to buy insurance is before you will need it! Most financial advisors recommend that you buy life insurance when you reach 30 and medical insurance while you are in your 20’s. • How much insurance do I need? • Each individual’s insurance needs are based on various factors – income, debt, lifestyle, health, dependents and risk profile. • So what next? • Educate yourself: Before buying a policy, compare several options. Speak to other people who’ve bought similar policies. • Read the fine print – Don’t be put off by the long winding legalese document. • [Source:http://moneyview.in/blog/2015/06/insurance-101-why-when-how/]
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