What is insurance?
The true concept of insurance is simple and practical. You pay a monthly or yearly fee to the insurance company to insure your life, health, vehicle, property, etc for a certain period. In return, the insurer pays for the financial damages in case there is any harm or damage caused to your life, health, vehicle, property, etc under the agreed number of years. Here at Biz Assurance, we have taken our time to explain some basic things one must know before going in for insurance.
Assess Your Current Financial Situation
You need a true picture of your financial health before you can figure out what type of insurance you need and how much.
Consider what you have in place to support loved ones who depend on you financially. This would include an emergency fund, retirement savings and any life insurance coverage through work. You might find that you’re not as prepared for the unexpected as you thought.
Compare Insurance Companies for the Best Rate
Many insurers offer free inquiries online, which makes it easier to compare insurance quotes. Because rates can vary, you should get quotes from several companies to help you decide which company to apply to for coverage. You also could work with an independent insurance agent who works with several insurance companies and can help you find the best coverage at the best price.
Life Insurance
Life insurance financially protects your family in case you die an early death. Here is how it works. You pay a regular premium to the insurance company for a specific number of years. In return the insurance company pays a sum assured to your family if you die during the policy tenure.
Liability Insurance
Such insurance is availed to insure properties, cars, businesses, etc. On buying liability insurance -like car insurance, home insurance, business insurance, in case of any damage to the insured object or property during the policy tenure, the insurance company will financially compensate the owner of the policyholder.
Health Insurance
Health insurance is a contract that requires an insurer to pay some or all of a person’s healthcare costs in exchange for a premium.1 More specifically, health insurance typically pays for a medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.