Most people are well-acquainted with the fact that insurance is a prime component of an individual’s life given that there are various risks associated with living and earning. Insurance is a form of risk management essentially used to hedge risks. Fundamentally, insurance is the mode to financially compensate for losses that life throws at people in unexpected ways. It is a form of risk transfer – an individual transfers his or her risk to an insurance company and in case of any uncertain mishap the company provides funds to the insured individual. Insurance can be used as a tool to financially shield an individual against certain potential risks like travel accidents, death, property destruction, diseases or emergency admission in hospital, fire mishaps, etc.
By identifying the risk and estimating the value of loss due to such instances, an individual buys insurance to obtain protection against the loss. Insurance companies cover various types of risks and therefore they offer various types of policies. An individual should cover himself sufficiently and appropriately in order to avoid any financial stress in case of a sudden unfortunate event. Every individual must have at least these five essential insurance policies: life insurance, health insurance, motor vehicle insurance, personal accident insurance and home owners insurance. Coverage under ‘must have’ insurance plans is the ticket to safeguarding a healthy and secure financial future. Let’s look at these insurance policies in detail:
1 Life Insurance Policy
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