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.
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Why one should Take Insurance | Life Insurance | Car Insurance | Health Insurance
1. Why one should Take Insurance
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.
2. Paying a Little for Insurance now may
Save you a lot in the Long Run.
• Life turns on a dime. One can never predict
when insurance will be needed. Many people
only purchase insurance when it’s required, like
when they’re buying a new home or car. Paying
for insurance now – even if it isn’t required by
your state or lender – can be an important
safety net if the unexpected happens. Here are
some situations when insurance could protect
you from a financial loss:
3. An unexpected illness
• Even if you’re in good health, an unexpected
illness or injury could require you to pay out-of-
pocket if you don’t have health insurance. If
you’re uninsured and unexpectedly require
surgery or other emergency care, your expense
will be for the full amount of the services, which
could be thousands of dollars. While you may
save money every week by opting out of an
employer-based or individual health insurance
plan, the costs of being uninsured could be much
greater in the long run.
4. Natural disaster or home invasion
• Homeowners and renters face the risk of their
property being damaged by a natural disaster
or a home robbery. If you are not insured, it
may be costly to replace all of your
belongings. You may not think your belongings
are worth the insurance premiums, but
replacing electronics alone could cost
thousands of dollars, depending on what you
own. If you are insured, your coverage can
help you replace these items.
5. Loss of a loved one
• It can be tough to think about, but being prepared for
the loss of an income earner is the best way to protect
your family. A life insurance policy may help loved ones
start with a clean slate by helping to pay off the
mortgage, credit card bills, outstanding loans,
household bills, child care expenses, tuition, and final
expenses, like funeral costs and taxes.
• The real benefit of insurance is to reduce the financial
risk and give you the support you need when the
unexpected happens. Live life knowing you’ve helped
protect your loved ones financially.
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