Life is usually full of surprises and will occasionally throw you a curveball. It is hard and nearly impossible to prevent the unexpected from happening, so it is vital to always be prepared. Tragedies like fire, sickness, accidents, and even the unpredicted death of a loved one might befall you.
Insurance comes in handy to help you in such cases. It buffers you from these unplanned eventualities like medical expenses or in cases of fire. Different insurance like active shooter insurance and insurance companies offer different policies depending on the risk or tragedy that befalls you.
So, what types of insurance policies should you take? When selecting insurance, it is vital to select the amount of payment based on your specifications like lifestyle, age, children, and employment benefits.
These basic insurance policies fit you best.
- Life Insurance
Life insurance is an agreement of payment between an individual and an insurance company. It provides financial compensation in cases of disability or death of the insurance holder. Life insurance, therefore, helps your family acquire financial security even after your death.
When buying an insurance policy, payments for these policies are in a lump sum. Alternatively, you can pay the insurer in bits [known as premiums. In the eventuality of death or disability, the insurance policy pays the beneficiaries an amount as agreed in the policy.
Having life insurance has several benefits. It will help your family cater for funeral bills, pay your mortgage, hospital bills, and even school fees for your children after you are gone.
- Health Insurance
Health insurance is an agreement between an insurance company and an individual. The individual [insured] agrees to pay a monthly amount to the company, which pays their healthcare costs. This agreement usually takes one year.
This type of insurance covers medical care, both expected and unexpected medical expenses. It caters to emergencies, routine visits, medication, hospitalization, and treatment of terminal illnesses.
Another benefit of health insurance is covering your maternity expenses. Upon agreement with the insurer, you can opt for this plan. It ensures all your childbirth-related costs are paid, including postal natal care, pre-delivery check-ups, and hospitalization.
- Motor Insurance
This insurance policy covers vehicles from damage caused by accidents and financial losses. In cases of theft, motor insurance comes in handy to help. It also offers third parties protection where it caters to any damage caused by the vehicle.
Before driving any vehicle in any public place, one must have motor insurance. It offers protection to motorists and the vehicle during an accident. Motor insurance is paid in monthly or annual installments. The insurer, in return, pays for any damages caused to the vehicle or motorists.
Wrap Up
How you leave your people after you are gone is necessary when all is said and done. It is essential to take caution. As you go about your life, make sure you are covered. Consult different experts on what companies to choose for your insurance needs. You will have different polices like active shooter insurance and options from insurance companies; choose wisely.
