While we wish for everyone that the journey of life goes on happily, but all of us know that the fact is that life is packed with few twists and turns for which one should always be prepared.

Being insured is the best way to protect yourself from any future uncertainty.

Each one of us should ensure that we amass the capability to take care of any kind of uncertainty in life as and when it arises.

Most of us take Insurance as a kind of expense that adds on our yearly budget or as a financial burden without thinking of consequences that one has to face in its absence.

In short, Insurance is repayment that you get for misfortunes from an insurance agency against a subscription fee called insurance premium paid by you monthly, quarterly or yearly.

Let’s go through the top ten benefits of having an Insurance, whether its health, life, property, auto or any kind of insurance and how it eases the problematic patches of our life and helps to bring it back to track.

Advantages and Merits of Insurance

  1. Protecting your Family

While you are the bread earner of the family, your absence can make things very unfortunate for your near and dear ones. Life insurance is the most potent tool that not only leaves an inheritance for your beloved ones but also protects and supports your loved ones in your absence.

  1. Money when need it the most

Certain life insurance policies provide you the beneficial option of taking a loan in case you are in desperate need of financial help.

  1. Improve Credit Score

Insurance policies and good payment track record associated with them can act as an asset and may increase your overall credit score, which in return can be lucrative and beneficial if you apply for a personal or business loan.

  1. Health is Wealth

Research has shown, Health Insurance policies always act as a friend in need which protects you and your family from the extra financial burden that you may face in case of ill-health of any member in the family.

It’s a promising tool for protecting your hard-earned money and future savings and also against any financial need that may arise during chronic illness or an accident without affecting your current standard of living.

Being insured can let you and your dependents get treatment from the best hospitals without worrying about the financial burden. The premium paid for a health insurance policy generally covers treatment and medication costs.

  1. Tax Saver

All major Insurance policies mostly health and life help a person to get tax wavier and reduce tax liability. The amount invested in insurance instruments is eligible for tax rebate through deduction of the premium paid from gross taxable income in many countries around the world.

  1. Savings Habit

Investing in policies encourages saving habits of an individual due to the premium paid by him at regular intervals chosen by the investor or insurer. Money-back policies can prove to be quite lucrative, providing you a handsome lump sum amount at maturity.

  1. Compensation

Auto Insurance can help you in reducing your financial liability or even legal trial by providing compensation to the victim in case of an accident, causality or death.

Having an Auto Insurance cover may also compensate for damages to your car during an accident, natural calamities or earthquakes. They also cover third-party damage liability, saving you from paying directly to other vehicle owners in case of an accident in which the charges are against you for damaging other’s vehicles.

  1. Assets Protector

If you opt for a home or property Insurance it can protect your valuable assets against Loss from uncertainties like fire, burglary or any natural calamity.

  1. Education Insurance

The child education insurance policy can be a great way to provide you with a lump sum amount of money when your child is eligible for higher education and can then be used to pay his or her education expenses.

You can take education policy estimating the amount of money that will go into funding when your child peruses higher education.

  1. Secure your Business

Insurance policies are also designed to take care of your business. If you run a business, such kind of policy can protect you against certain uncertainties related to it.

The Takeaway

Uncertain situations are unavoidable in life. In the face of tragedy, the least you can do for yourself and your family is to secure them financially. Any kind of policy you owe can prove to be your best asset and investment in difficult times.

An insurance policy is governed by certain terms and conditions that are laid by the insurance company by which it is bound to pay the insured person or the nominees a legible amount against the premium paid by the insurer.

Ideally, all insurance policies should be purchased at a young age when you are free of illnesses to get premium benefits.

Buying insurance at some point in your life is an absolute necessity. It is the best protection tool for you and your family that must be acquired by you without any thought.

Be it life insurance, health insurance, auto insurance or any kind of general insurance, nowadays you can buy an insurance policy offline as well as online without any hassles.

Insurance agents, as well as certain websites, facilitates the buying process with value-added services and offers. Ensure that you have gone through the policy terms and conditions before investing in it.