Do I really need insurance products?

To some people, buying insurance products is not really necessary. Living your lives without insurance plans can be very dangerous. As a matter of fact, it is a very smart move to insure your assets and even buy a life assurance plan.

Let us refresh our brains. Insurance is an agreement in which a company or organization undertakes to pay compensation in the event of loss, damage, death or illness. The company or organization will accept premium in return for the guarantee to pay compensation.

Imagine, a young husband and father of 35 years who suddenly passed away, if he has no life assurance plan, his kids may have to stop going to school

Types of insurance products you can buy

Vehicle Insurance

This is a type of insurance in which the insured pays a premium and the insurer compensates the insured in the case of loss or damage to his vehicle. Some insurers pay compensation in the event of death as a result of an accident caused by the vehicle insured.

It is a great way to mitigate some of the risks associated with owning a vehicle.

Do I really need insurance products?

Life Assurance

In a life assurance policy, the insurer will pay compensation in the event of death or incapacitation of the insured to the named beneficiary in the life assurance agreement.

It can be a good way to secure the lives of your loved ones in case of death.

There are a lot of children who had to stop their education because their fathers or breadwinners died without a solid plan for their kids’ future. A life assurance policy will give your family members some sort of relief in case of death or incapacitation of their bread winners.

Health Insurance

With health insurance, you do not need to worry how you will sort out your hospital bills. The insurer will pay your hospital bills if you are ill. However, you need to pay your premiums promptly. Some people buy health insurance plans for all the members of their family.

A company can also buy a health insurance plan for all its employees.

Do I really need insurance products?

Travel Insurance

Some risks are associated with travelling. Your belongings can be stolen, you can get sick and you can even die. A good travel insurance plan will cover all these risks.

Most insurance companies have travel insurance products.

Equipment Insurance

If you run a business, you can insure your equipment against loss or damage. Manufacturers insure their plants and machinery against loss, fire and any damage.

Please note that insurance companies will not compensate you in the event of willful damage.

Gadgets insurance

Your tablet, smart phones, laptops, televisions and other gadgets can be insured against damage and loss. You just need to buy an insurance plan that covers this kind of risk.

Some gadgets’ retailers offer insurance plan at the point of sale.

Agricultural Insurance

Agribusiness especially farming can be risky. Natural disasters like flood can have negative implications for your crops and other farm products. Not too worry; there are insurance plans that cover these types of risks.

Never go into commercial agriculture without buying an insurance product to mitigate some of the risks associated with farming.

Do I really need insurance products?

Savings Products

Some insurance companies offer savings products. You can save towards retirement. You can save towards the payment of your children’s school fees.

Some insurance companies may even offer to manage your investment or funds and pay you interests at the end of a specified period.

What insurance products do you currently subscribe to? It will be nice if you can share the details of the products with us in the comments section.

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