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In
simple terms, INSURANCE
allows someone who
suffers a loss or
accident to be
compensated for the
effects of their
misfortune. It lets you
protect yourself against
everyday risks to your
health, home and
financial situation. |
Buying Insurance cannot
be compared with any
other form of
investment. Insurance
gives you a life long
benefit and the returns
will definitely come but
only when you need it
the most i.e at the
right time.
Insurance is not about
how much more it can
offer you when the stock
market is at its peak.
It may not be an
attractive investment
option. But weigh the
pros and cons and
consider how much more
it offers at a small
price.
Most
important of all it
provides you with that
unique sense of security
that no other form of
investment provides. It
gives you a sense of
financial support
especially during that
time of crisis
irrespective of the
fluctuations in the
stock market.
An
accident or a disability
may be devastating but
an insurance policy can
be of utmost support for
the family during such
times too. Besides it
provides for additional
benefits such as
bonuses. You need not
worry about your
retirement years. The
rising prices, taxes,
and your lifestyle will
be taken care of easily.
And you can relax and
spend your old age in
comfort and peace.
Types of INSURANCE
LIFE INSURANCE: A
means of providing for
your dependents should
you die early, but also
a way to save cash
through endowment
policies or similar.
MEDICAL INSURANCE:
This covers the costs of
private medical
treatment for curable
short-term illness or
injury. It means that
should you become ill
you could be treated
immediately privately.
CRITICAL ILLNESS:
This allows you to
insure your income /
health where you to
become too ill to work
later on in life, and
protects any dependents
/ loved ones from the
financial consequences
of such unexpected
events.
HOUSEHOLD CONTENT AND
BUILDING INSURANCE:
Contents insurance
covers the contents of a
home such as furniture,
carpets, clothes,
television,
refrigerators, jewellery
and so on. In other
words, what you would
take with you if you
moved. Buildings
insurance protects
against damage to the
actual structure of the
home and to its fixtures
and fittings. Contents
and buildings policies
can be bought separately
or together in one
package.
CAR INSURANCE: Most
people know something
about motor insurance.
This is because any
vehicle driven on public
roads must have a
certain level of
insurance. The Road
Traffic Act ensures that
drivers must meet
liabilities they incur
should they injure other
people or cause damage
in an accident.
TRAVEL: Holidays can
be dangerous occasions -
especially abroad. If
someone falls ill it is
much more difficult than
it would be at home to
cope with the situation.
Medical treatment is
expensive.
MORTGAGE PAYMENT
PROTECTION INSURANCE: Many lost their homes
because they could no
longer afford to pay
their mortgage payments
through an accident,
sickness or
unemployment." If you
are planning on buying a
house it may be sensible
to think about getting
some mortgage payment
protection insurance.
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