Family is the basic unit of the society. It is an unavoidable unit for every community, society or nation. Normally family consists of Father, Mother and children. Some families also have grant parents and other immediate relatives. Family needs income to survive. Without money nobody can survive. For all requirements you need money. We can classify families with high income, low-income and middle-income on the basis of annual income of the family. There is one or more bread earning members in each family. With the income of these bread earning members the family meet all their monetary requirements.
But today’s world is a risky world. We cannot predict what type of risk we may face every time. Some of these risks may steal the life or working ability of the bread earners of the family. Some other type of risks brings monetary loss to the family. Whatever is the risk we have to cover those for the smooth running of the family? We cannot prevent or control most of these risks. Only thing we can do is to compensate the monetary loss of these risks. Proper insurance policies help you to cover all these risks up to a certain level. Here we can see what type of policies needed for a family to cover their risk.
We must completely be aware about possible risks and which policies cover what type of risks, how much premium we have to pay for each type of risk cover and how can we make claim for each type of risk etc. We have to select policies as per our income and financial needs. Normally those who have high income have high financial requirements and those who have low-income have comparatively low financial needs. So insurance policies also chosen as per the financial needs and income of the family.
Normally following insurance policies required for a family
Life insurance policy: Life insurance covers the life of the insured person. The life of the bread earning member of the family can cover with this life insurance policy. The life cover or sum assured will get to the nominee or dependents or the insured person, if the insured person dies or getting disabled. An adequate insurance cover will solve the monetary loss which happened through the death or disability of the bread earning member of the family.
Accidental insurance policy: An accidental insurance can secure the financial future of the family even after the death or disability of the bread earner through an unexpected accident. This is done with the life insurance with a small additionalpremium.
Medical Insurance policy: One of the costly financial needs of a family is the medical treatment of any of the family member. A good medical insurance or mediclaim policy can secure the monetary loss through an unexpected illness of any of the family member. This medical insurance policy not only compensates the treatment expenses but also ensure good medical treatment for each family member. An adequate medical insurance is necessary for each family.
Auto insurance or car insurance policy: Auto insurance secures the financial loss due to vehicle accident. This insurance covers the repair cost due to accident and at the same time it covers the financial loss of the third-party who has a financial loss due to the accident of your vehicle. So auto insurance compensates the repair charges and compensation of the party who met with accident. But you must be care and should keep all the traffic rules even after getting an adequate vehicle insurance policy.
Home insurance: A good home insurance policy protect you from the financial loss due to theft, fire or any natural calamities. The insurance company compensates you for the financial loss due to any of these unfortunate events happened to your assets.
Pension or retirement policy: A good retirement policy keeps you from the financial inadequacy due to your retirement. If you have an adequate retirement policy you can meet all you financial requirements yourself even after your retirement. You need not depend on others for your monetary needs even after your retirement.
The abovementioned insurance policies secure the financial future of your family even after any unfortunate events happened to you or your family. Always be careful for adequate insurance cover and you must keep away from all type of risks even after getting adequate insurance. You might be heard that “prevention is better than cure”. But we must be away from all type of infections even after proper vaccination. Likewise you must take all care to be away from all risk possibilities even after taking adequate insurance policy. A monetary compensation could not give the love and care to your loved ones. But take adequate insurance to cover any unforeseen risks.
Sunday, 13 May 2012
How many insurance policies required for a family
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