Risk management is done through insurance. When you purchase insurance, you give the insurance company the financial burden of a potential loss in exchange for a payment known as the premium. Insurance firms safely invest the money so it can grow and be used to pay claims.
Own a property :
Bbecause mortgage lenders require proof that your residence is secure. It pays for all replacement costs and repairs for any damage that is covered by your insurance. It offers defense against theft, damage from calamities like fire and flood, and financial obligation that can arise from an unintentional injury to a visitor or guest on your property.
Drive vehicles:
because few people could afford the repairs, health care costs and legal expenses associated with collisions and injuries without coverage. Auto insurance is also a legal requirement.
Maintain your current standard of living:
if you become disabled or have a critical illness. It covers your day-to-day costs and larger expenses like your mortgage while you focus on your health and recovery..
Cover health care costs:
like prescription drugs, dental care, vision care and other health-related items.
Provide for your family :
in the event of a death. There are life insurance options for short and long-term needs that protect your family’s home, mortgage, lifestyle and the cost of post-secondary education for children.
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