Types of Insurance and their Benefits

Insurance is a counter measure, you as an individual can take to protect your family from unforeseen circumstances. Different circumstances can affect your family’s future and hence insurance providers have come up with different policies to enable you to secure your family, come what may. Here are the different types of insurance policies you can opt for and the benefits each offers

• To begin with, life insurance offers you certainty for your financial goal. Once you have decided on a goal and allotted a value to it, the best way to fund it is through an insurance policy. Tis ensures that even in the unfortunate event of death or critical illness, the future goal of the policyholder will be assured. 

•  Most life insurance policies are tax free. A life insurance also provides you with the flexibility of asset allocation to suit your needs and requirements. This gives more options to tailor your policy according to your needs. 

• They also offer you liquidity after the maturity period; this takes care of your funds perchance an emergency should arise. 

• A life insurance policy also encourages utilizing funds for a specific goal. 

• Health Insurance plays a vital role in maintaining your peace of mind.  Given the unhealthy and stressful life all of us lead combined with the rising prices, health expenses have become a major concern today.

• Health Insurance provides you with health facilities right up to your old age, provided you renew your policy every year.

• Health Insurance also gives you the convenience of cashless treatments at the hospital; you are not always required to carry your money around.

• Family is the centre of everybody’s universe. A healthy family is the key for a happy life. Insuring your family positively impacts turn your health by destressing you about the future of your loved ones.

• A family health insurance plan is affordable and provides you with easy allocation of funds whenever required. It allows your family members to get the best medical treatment by taking care of the expenses.

• A family health insurance also gives you many combined benefits which you can enjoy as a family.

• In case of an unfortunate event of death of a family member covered by the policy; the benefits can be still enjoyed by the other members of the family. 

• Having a Commercial Insurance can be as crucial as staying in business or going bankrupt in case of a fire breakout or any other disaster.

•  Depending on the terms of the policy, it can act as a shield against a lawsuit, restoration of damaged or destroyed property and also retrieve lost money or income.

• A commercial credit risk can also reduce the risk involved in doing business as it takes into account the uncertainty and the fluctuations involved in the process.

• Commercial Insurance also covers you against customer’s bankruptcy, refusal of delivery or non-payment.