Pros And Cons Of Buying A New Car On Finance Protect Yourself With This 5 Insurance Policies

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Protect Yourself With This 5 Insurance Policies

Insurance is a necessity. These days, most of our major financial decisions involve buying or getting insurance. Before you can drive, you need to get car insurance. Before you can buy a new home, you need to get home insurance. Even when you buy your Apple gadget, you can opt for Apple Care Insurance.

We are at risk every day. To manage or minimize those risks, we need insurance. It is the only way to protect yourself against unexpected events in the future.

For many of us, insurance topics can be very technical. There are several things you need to know about each insurance policy. There are hundreds of them and different types of insurance available in the market. Choosing the best for ourselves can sometimes be really difficult.

To help you in your decision, here are 5 insurance policies you should have.

1. Medical insurance

It is the most important insurance policy that we need to avail for ourselves and our family. This protects us against hospitalization costs. Depending on where you are, medical costs can be a huge burden if left unprotected. Some rich nations offer it for free to their citizens. But for many countries, it is necessary to buy it for their own security. There are various types of health insurance available in the market. Make sure to choose the best one that suits your needs.

2. Critical illness insurance

Having medical insurance is not enough. In the event of a serious illness, you may find yourself unemployed or on indefinite leave. If you have a critical illness plan, you may receive a lump sum payment to help during the recovery period. Although medical insurance pays your hospital bills, it will not provide you with any allowances throughout the hospital. A critical illness policy is essential on top of your medical insurance. Choose a policy that offers comprehensive critical illnesses on their list. Make sure it covers all stages of the diseases as well.

3. Accident insurance

This policy protects us against accidents. Apart from medical coverage due to accident, it also provides lump sum payment in case of accidental death or accidental dismemberment. Accidents happen and having an accident plan helps reduce those risks. Some medical policies do not cover outpatient treatment due to an accident. Having a separate accident plan is an advantage.

4. Death/Disability Insurance

If you have a family dependent on you, you need to have this policy. This is a legacy you can leave them in the event of an untimely death. When you get this policy, it usually covers both death and total disability. It gives a lump sum payment in either of the two events. Death coverage usually covers any cause such as accident or illness. On the other hand, total disability cover is subjective depending on which insurance you get the policy from. They may have different interpretations or coverage in this section. Make sure you read your policy agreement for more details.

5. Investment/retirement insurance

Finally, if you still have funds, get an investment or retirement policy. Once you have all other insurance policies in place to protect your risks, it’s time to plan for your future. Invest to grow your money and plan for your retirement. There are several investment policies offered by most insurance companies. Check their past performance to help you decide which investment fund can give you the best return for your money. Although past performance is not a guarantee of future returns, it will certainly help in your decision making.

Buying insurance is a long-term commitment. Do your own due diligence and do not rely solely on information provided by your agent. Understand the fine print and make sure you are aware of the pros and cons and the types of health insurance you need to get. Set up an appointment with more than one insurance agent so you can compare before you decide which one to choose.

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