What is Insurance?
Insurance is considered a promise of a compensation or repayment for a certain potential losses in the future in return for the periodic payment of the insured. It protects the individual’s financial or monetary well-being, company or other establishment in case of unanticipated loss. There are insurances which are required by law while some can be optional. Several terms and conditions are agreed between the insurer and the insured, which then serves as a contract. Upon the agreement or contract, the insured pays for the premium, in which if ever he had encountered an incident that cause the loss of his insured property, the insurer will be paying for money that they had agreed.
Types of insurance
Here are list of insurance which you might need:
If ever you own a house, your bank will probably require you to buy homeowners insurance. It is a type of insurance that protects your home averse to damages or destruction to your house. It also provides accountability or liability coverage for accidents in your home. Whatever damages on your home either caused by natural calamities or fabricated the insurer will be responsible of paying the compensation.
Car owners must have this type of insurance. The fact that the law prohibits an individual to drive a car without any coverage; therefore it is must-have insurance. In some countries, if an officer caught you driving without insurance, they might get your licensed, suspend you, and give you charges.
Individuals aging 25 years or below does not need to get this type of insurance since you are still covered by the insurance of your parents. Otherwise, you have to buy yourself one. If ever you do not have one, you will be paying for the calculated amount of your hospital bills no matter how high the bill is. However, if you are covered with health insurance, your health insurer will shoulder all the necessary expenses.
Those married couples with children and single parents buy this type of insurance wherein they have a responsibility of taking care of their children. Getting a life insurance will remove their worries in life if ever unwanted incidents occur. In case of their loss or death, leaving their loved ones should not leave too much agony and sorrow to them. If you had insured your life, continuous financial support for the people that you had left behind will bee provided by your insurer. All costs and expenses of your death will be the responsibility of the insurance company.
Why do need to buy insurance?
Somehow, getting insurance is necessary. There several reasons why an individual must buy insurance. The fact that it protects you against an unexpected loss of property; it can also provide you a convenient life in the future. Whatever insurance you opt to buy, just be sure that the policies of the insurance company are the best that could fit your lifestyle. Be able to pick the best insurance company that will give you more benefits than others will.