Last Updated on Mar 30, 2020 by James W
Life is unexpected and sometimes takes such accidental turns that we cannot even think of happening. Also, to manage such situations become extra difficult as it does not give you time to get ready. However, having a comfortable financial cushion at your back can reduce the severity of the situation. Yes, we are talking about life insurance plans. We know that getting yourself insured is always a tricky business. As the procedure involves multiple options and takes almost a whole life to be completed. Not only this but choosing yourself the right insurance plan is also another big hurdle on this path. As the variety is huge and life insurance companies are great in number. Banks offer you life insurance plans but with the tricky and confusing conditions. And for instance, if you tend to ignore them then they can become a lifelong headache for yourself instead of a life-saving pill.
There are several insurance plans that are available to provide you with a safe life. But choosing the right type of plan depends heavily on your lifestyle and prevailing situation. It is up to you to decide better and pick the right option for yourself or your family. For example, the most important things that are needed to be insured are apparently house, assets, health, and security. Because you need to secure your lifestyle for your family and for that you need insurance plans that can cover such factors most efficiently. Additionally, the conditions and amenities varied from place to place and banks to banks. For example, if you take health insurance plans in GA you are required to buy it at $490 and this is the cheapest health insurance plan. On the other hand, in South Africa, the most basic healthcare service is insured and free of cost.
According to financial experts, each one of us needs to ensure the most basic facets of our lifestyle and that includes our life, health, vehicles, and long-term disability to light with both accidental and non-accidental diseases and deficiencies. Following are the reasons that will convince you in buying insurance policy for yourself:
LIFE INSURANCE IS NEEDED FOR YOU AND YOUR FAMILY TO SURVIVE:
Why do you need life insurance? Simply, because it can save your life savings, dreams and family most importantly. According to LIMRA, the Life Insurance Marketing and Research Association stated that if the earner dies , on which the whole family depends on, the rest of the family happens to drop down under survival mode and become unable to even look after themselves. Therefore, a primary wage earner is required to make his or her life insured for the betterment of their family members.
However, it depends on you what kind of life insurance plan you wanted to buy. As there are two kinds of plans, lifelong insurance, and term life plans. In simple words, lifelong insurance is the most traditional insurance plan it requires you to pay until you take your last breath. On the other hand, term life demands you to pay fees for a particular amount of time.
Most importantly, before taking a life insurance plan you need to consider your expenses, monthly budget, health condition, credit card bills, monthly income, the value of assets (if any), a number of family members, mortgage and even the funeral expenses are required to factor in.
HEALTH INSURANCE IS REQUIRED IF YOU WANT TO LIVE TENSION FREE LIFE:
Harvard did a study of the 2007 financial crisis and came up with the fact that health problems were one of the main factors behind that. 62% of the bankruptcies started due to health problems. However, 78% of Americans have taken medical insurance just at the beginning of their illness.
There are various options when it comes to health insurance especially. But the best option is to get the employer+sponsored health insurance program. However, this benefit is not given in some small firms, businesses, and startups and without this taking a health insurance plan is very tricky and difficult. However, considering the regular medical check-up fees having small health insurance can facilitate yourself in big ways. Therefore, health insurance is highly recommended as even a one-day hospital visit can cost you $1000-$2000.
COVERAGE FOR LONG TERM DISABILITY IS IMPORTANT ONE TO CONSIDER:
Why do we need to take this insurance? As most if we think we will never have to face any disability in our lifetime if we are feeling healthy right now. However, according to social security administration, every 3 in 10 workers lose their health before they turn to 50 or reach their retirement age. Also, most of the disabilities are not due to work but because of some personal health problems.
Additionally, in America, almost 12% of the population is currently disabled in one way if another and 50% of the population is likely to get some disability during their working years.
The figures are terrifying, however, in the normal scenario if you get injured and unable to attend your office for one to two months then having such insurance can pay your bills without giving any tension.
VEHICLES ARE NEEDED TO BE INSURED MOST ESPECIALLY:
Vehicles are an asset and not an easily buyable thing. It takes a huge investment and a lot of work to finally get yourself a private car. However, there are over nine to ten million reported cases of traffic accidents in 2009 only in America. The figures have cleared the image and have answered the question: why is auto insurance important to take?
According to FARS (Fatality Analysis Reporting System) shares the data and tells that almost 33000 people died in 2009 in traffic accidents. The situation is deteriorating and only one thing can save you this loss immediately and that is an auto insurance policy.
To take this insurance you need to prove your driving skills, required to clear your fines immediately and prove your innocence at the time of the accident.
FINAL SUGGESTION:
Insurance policy is the best decision that you can buy for your security. No matter what kind of job you have and how much fees you can afford because there are a number of plans and options available in the market that are ready to cover your expenses at the time of the need. No doubt, insurance coverage is mandatory and will act as a friend in need is a friend indeed.
