Perhaps with the oncoming avalanche of new insurance schemes, you are a bit bedazzled. You might catch asking yourself, why do I need a insurance policy when I am healthy, wise and strong. The answer to this depends on what exact position you are in and what kind of liabilities you have. Overall insurance is a important part of your financial management plan
First there are insurances required by law like your vehicle insurance, and insurances required by mortgage brokers for them to lend you money. For this reason, sometimes we do not really have any option than buying a insurance.
Insurance protects you from damaging incidents that you cannot control or expect. Freak accidents, natural catastrophes, or incurable diseases, illnesses can strike anyone without warning at any time. The hospital bills, repair bills, and other unforeseen expenses caused by these unprecedented events can bankrupt you completely within no time. Take an example,if a earthquake were to hit your town and you do not have a building insurance, you will have to pay for the renovation all by yourself, from your own wallet. This can be very tough considering many people, not only have this kind of huge money needed for renovation, but also many people are in many previous debts.
Health insurance is another common insurance type which many people choose to ignore, particularly the ones who have a very healthy lifestyle. Health insurance is not so cheap as you think it is, but again if you end up with HIV/AIDS or other crippling life threatening illnesses like kidney failure etc, you will not be able to pay for the hospital, treatment bills and buy medicines without a insurance. Cancer failure for instance can cost a couple of thousand bucks for each dialysis session. Without insurance, you might end up not getting treatment, which can potentially save your life.
Life insurance is another cover which is again not looked as important. But however in case of your demise, your loved ones will have to shell out thousands of dollars for your funeral costs and other expenses.So if you do not want your loved ones in financial trouble when you die, you can buy a affordable policy for a small premium, as life insurances are not that expensive. So analyzing the current trends and events, insurance can be a very important part of your money management game plan. And life without insurance can be a dangerous risk for you and your loved ones.
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