Finding the right insurance options for your needs is very important. Insurance, by the way, is important! It seems we place very little value on ourselves, our loved ones and our belongings, when it comes to insurance. But should something go wrong and happen to them, what do we do?
Here’s a brief breakdown of the 6 main insurance areas we can potentially be insured for.
Auto: If you own a vehicle, you should definitely consider insuring it. Should you be involved in an accident, your mode of transport stolen or if someone broke into your vehicle and stole your belongings, it would give you great piece of mind to know you were covered. There are various kinds of auto insurance, so make sure that you choose the package that suits your lifestyle and your pocket.
Home: Your clothes, electronic devices, and anything else that you can remove from your house which has the potential of burning up in a fire or being stolen by a thug needs insuring. Household insurance is not expensive, most can afford it. The key is to ensure that you are covered correctly. If the total value of all your possessions in your house totals $10 000 and you’re only covered for half that amount, you will be very sorry should a calamity befall you and you lose everything.
Health: This kind of insurance provides for the payments of benefits as a result of sickness or injury. This includes insurance for losses from accidents, medical expenses, disability or accidental death and dismemberment. This differs from medial aid, the two should not be confused.
Accident: If you’re a tradesman or work with your hands; or perhaps you work in a factory, then you should definitely consider this kind of insurance which covers bodily injury or death because of accident.
Casualty: This kind of insurance is often equated to liability insurance. It’s not directly concerned with life insurance, health insurance or property insurance. It’s mainly liability coverage of an individual or organization for negligent acts or omissions.
Life: If you were to pass away, your loved one would obviously not receive your monthly salary anymore to contribute towards the living expenses. Life insurance pays out an amount which would assist the named beneficiary (usually a wife or husband) in paying off the car or the house, usually large amounts which take a large chunk of money out of your monthly income.
Here is an info-graphic to put it all into perspective:
There are many insurance options out there, and so many companies to choose from. Do your research, obtain many quotes (don’t be afraid to barter), and make sure you’re covered for the correct amount.