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Health Insurance
Life Insurance
Life insurance is not a contract of indemnity. This means life insurance cannot help you bring back to the state you were in before the loss. Life insurance cannot bring you back to life but it can compensate you. It covers the expenses of the funeral and also gives/compensates for the death of the assurer that is left behind for you leave behind. These daily expenses may also include loans, taxes, money for education, future living, educational costs, rental costs, etc. Before considering life insurance, one must also account for the occupation, age, income, and if other people depend on them.
Individual Health Insurance
In this type of insurance, they purchase an individual insurance policy, that covers that individual only. It can also be done for the spouse or parent or their children. This type of insurance usually covers all kinds of medical expenses, including hospital room rent, bills for medicines, hospitalization, surgical procedures, and many more. In this, each member has a fixed insured amount.
Senior Citizen Health Insurance
specifically made for the senior citizen, this insurance considers the medical needs and requirements of the seniors. Seniors are more likely to have medical issues and this insurance should be a must for seniors. All the check-ups and medical expenses are very costly and this covers all of them and is very beneficial for the seniors.
Group Health Insurance
As the name suggests, this insurance covers a group of individuals. For example, a manager may buy this insurance for all of his/her employees. These are more affordable than individual policies and usually cover basic health issues.
Long Term Disability Insurance
This type of insurance covers a person when he/she is unable to work due to a future disability. It covers your financial needs if you meet any accident and are now disabled and are unable to work further. It also covers medical bills that may incur as a result of therapy.
Long-term disability insurance often covers very serious and tragic illnesses and injuries that could make someone lose their job/employment. For example some heart disease, mental illness, cancer, etc.
Motor Insurance
Motor insurance is mandatory if you are an Indian citizen. It helps you cover the bills of your automobile in case of an accident. It also covers you if your vehicle is stolen.
Travel Insurance
Travel insurance is a kind of insurance that covers the risk of accidents while travelling. It covers the risk of being injured while travelling as it is uncertain when an accident can occur due to some casualty. These insurance are seen when booking train tickets, bus tickets, or air tickets to provide a sense of security to the traveller and have a peaceful journey. The travel companies take a minimum charge for the insurance and by taking that the journey of the consumer is insured though there are many terms and conditions applied to these types of insurance.
Home Insurance
It covers the loss and damage incurred to your home due to any kind of accident or a natural phenomenon/ calamity like lightning, floods, earthquakes, etc.
Conclusion
Having insurance whether it is insurance for life, insurance for health, or a type of insurance that covers the liability of an individual is a critical component of financial planning. It can spare you from financial difficulty in the event of an unanticipated event. However, the choice to get insurance should be guided by three factors: the need, the advantages of the coverage, and your capacity to pay the cost.it is always advised to tale an insurance policy as it is Said to be beneficial for the family of an individual and it is also very important to look for all the important decisions before taking a choice of insurance policy as there a lot of policies that are now available in the market.
