Who Needs Insurance

who needs insurance

Who needs Insurance?

In developing and under-developed nations the concept of insurance is still not clear. So answering the question is impossible for them. People think of it as wastage of hard earned money. In these countries, the problem is not the people. The problem is their lack of knowledge. In order to understand how important insurance is for all, the state needs to take an active interest in educating its nationals. Once you are armed with sufficient knowledge you will realize how successful insurance is in safeguarding your assets and the future of your family from any financial loss.

Who Is Eligible for Insurance?

The crucial question that comes to mind when one thinks of insurance is, “who all are eligible for it”? Well, the answer is “EVERYONE”. Each and everyone is qualified and entitled to get insurance.

Who Needs Insurance?

Now that you know that there are no eligibility criteria for getting Insurance, your next question would be, “Who needs Insurance”? Again the answer is EVERYONE. The point is it does not really matter if you are rich or poor, young or old anyone can suffer a fatality or a calamity. To protect yourself and your near and dear ones from any eventuality in the future insurance is a must-have.

Every Individual Needs Insurance

  • Young and single individuals – usually think that since they have no one dependent on them financially there is no need for a life insurance. What they fail to understand is the fact that probably their parents are able and can take care of themselves and their wants today. But tomorrow that will not be the case. When they grow old and have additional needs then the insurance will come handy. Similarly, the insurance can also come to use in paying off any loan that you have taken during your lifetime.
  • Married Men and Women with Or Without Kids – married men need insurance because they are major contributors to their family’s total income. Any setback to their health will impact their family’s financial position. Similarly, you might be a housewife or a stay at home parent, yet your contribution in the smooth running of the household is unparallel. As a result, even your life is worth insuring. If the need arises then this money can be used to meet future expenses. These expenses could be school fees, college fees, rent, medical expenses etc.
  • Children and Young Adults – insurance helps in planning the future of your children. Today such insurance policies are in place which on maturity gives financial independence to your children. This will allow them to continue their studies and apply for good colleges and institutions. No matter what the future holds in store for you yet that of your children are safe and secure.
  • Retired People – even those people who have retired from active service require insurance. This is because your pension might not be sufficient to meet all your financial needs and any additional source of income like insurance will go a long way in making life easy.

Every Home And Property Owner Needs Insurance

As homeowners, you know buying, renting or building a house is an extremely expensive affair. So is buying or leasing land. You have to protect your house or property against damage from elements like water, fire, theft etc. Insurance of the property gives you this piece of mind. In the case of any occurrence, the insurance company will bear a major part of the expenses and hereby lend a helping hand. This will prevent you from suffering any major financial setbacks.

Every Vehicle Owner Needs Insurance

If you own any motorized vehicle, you know how important it is to get a comprehensive insurance. In the case of an accident, such insurance will not only cover the expenses of recovering the vehicle but also putting it back into shape. Additionally, it will also cover any medical expenses incurred on yourself. Similarly, third-party insurance will help you pay the cost of any damage suffered by the vehicle of a third person as well as medical bills borne by them due to the accident. Imagine if you have no insurance and you have to bear all these expenses alone. That is a very daunting thought. Thanks to insurance you can breathe easily. The insurance company will bear a portion of the expenses and reduce your financial burden.

Every Person Living In a Calamity Prone Area Needs Insurance

If you stay in an area which is prone to natural calamities like earthquakes, hurricanes, typhoons, forest fires etc., then you are well aware of how often your life and as a result, your financial standing gets affected. On top of that, any loss of life or damage to property just adds to your financial woes. Insurance can help you overcome such difficulties.

Every Business Owner Needs Insurance

As an entrepreneur, you need to protect your premises as well as assets. The assets could be both human and machine. Similarly, you need to safeguard yourself against any financial loss due to strikes, natural calamities, bankruptcy etc., to ensure business continuity. This can be achieved through insurance.

Every Person with Major Illness Needs Insurance

Illness can strike anyone anywhere. Those of us who are most unfortunate might suffer from a major illness.  Such illness can have a lasting effect on your finances. For such people, medical insurance is gods send as it helps them to cope with their hospitalization and medical bills.

One thing is crystal clear and that is – every person needs to get insurance for themselves and their families. In addition, insurance of their assets and properties is also beneficial. The unpredictable nature of future becomes easy to bear if financially you are secure. Taking steps to safeguard against any eventuality is, therefore, a wise move.

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