Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Insurance companies invest the funds securely, so it can grow, and pay out when there’s a claim.
Insurance helps you:
Own a home, because mortgage lenders need to know your home is protected. It covers you for repairs and replacement of any damage that’s covered in your policy. It provides protection against theft, damage from perils like fire and water, and financial responsibility that could result from a visitor or guest being accidentally injured on your property.
Drive vehicles, because few people could afford the repairs, health care costs and legal expenses associated with collisions and injuries without coverage. Auto insurance is also a legal requirement.
Maintain your current standard of living if you become disabled or have a critical illness. It covers your day-to-day costs and larger expenses like your mortgage while you focus on your health and recovery.
Cover health care costs like prescription drugs, dental care, vision care and other health-related items.
Provide for your family in the event of a death. There are life insurance options for short and long-term needs that protect your family’s home, mortgage, lifestyle and the cost of post-secondary education for children.
Run a small business or family farm by managing the risks of ownership. Get owner, business and employee coverage, and provide group benefits and retirement plans for employees.
Take vacations without worrying about flight cancellations or emergency medical expenses abroad.
Everyone is exposed to various health hazards. If you don’t have Health Insurance, you end up paying hefty medical bills in the event of hospitalization out of illness or injury from your own pockets. Effectively, this means that your savings would become nil. Or in case your do not have enough money for treatment; you may have to borrow and incur a debt for medical treatment.
In such circumstances, health insurance comes to your rescue. It is a means to shield you against unforeseen financial medical urgency due to illness of injury.
Health insurance covers the cost of private medical treatment for illness and injury that is curable.
Health insurance is necessary owing to increasing medical costs these days & uncertain environment.Therefore, insuring your family against Health Insurance is a must & should surely be a part of your regular financial planning.
Life is about experiencing every good bit of it throughout one’s lifetime; be it a walk in the park with your parents or building memories of playing with your little one. We understand that these experiences can be truly rejoiced when one lives a healthy life without having to worry about any unforeseen medical issues.