Must Have Insurance

Insurance is protection. In today’s world where life is fast paced and accidents happen even to the most cautious; this kind of protection should be given the highest priority. There are many international insurance companies on the market, offering several types of covers such as life insurance, health insurance, car insurance, travel insurance, home insurance, and so on. It is recommended that consumers plan out their insurance portfolio according to their earnings and age rather than simply going in for the most aggressively marketed policy. This being said, one needs to have adequate knowledge about the insurance industry to successfully do this, which means you need to take time and do some research before going out and buying insurance policies. The drawbacks of not doing so can be substantial. There are cases where the cover given is not sufficient and consumers have to pay out of their pocket.

Let’s take a look at some of the popular and imperative insurance covers you must have to live a tension-free life.

Life insurance

This is one of the cheapest and most basic insurance that should be on your priority list, not just for yourself but also your family members. This insurance pays out a sum of money either on the death of the insured person or after a set period. Buying this type of cover can ensure that your family and loved ones are taken care of even in an event where you are no more. The premium and amount of life insurance is pre-decided by an understanding and written contract between the insurer and the insured. Important things to keep in mind while buying this type of insurance cover are to make sure that you have the highest possible term, the maturity age is also as long as possible, you have chosen a plan that has the lowest premium as per your parameters, and so on. It is important that you undergo certain required medical tests, ensure that the premiums are paid every year, and have talked to at least 4 to 5 insurers to get the best premium rates. Also, keep the nominees informed about the policy and cover.

Auto insurance

In most countries car insurance is mandatory. This means that you need insurance to legally drive on the roads. In most cases, this insurance is offered by the dealer that sells you the car, in case of brand new as well as second hand cars. This is so because most car dealers have tie-ups with certain insurance companies. But if you are buying a car directly from an individual, this may not be the case. Here you will have to do the needful yourself by getting in touch with an insurance provider and asking for a quote. Just as with life insurance or insurance of any other kind, shopping around for good rates and proper coverage is a must. Many companies have online websites, where you can get instant quotes and compare services as well as prices. This is the one insurance cover where you negotiation skills are put to the test. You can bid one insurance company against the other to get the best possible deal. Also, opt for co-payment or deductible to lower premium outgo. You can even get an added discount in case you have a ‘no claims’ certificate.

Travel insurance

These days international travel has become a norm with everybody from students to professionals. If it isn’t for tourism and exploring different cultures and places, it is for exploring business opportunities. In such a scenario buying travel insurance is a must. For avid travelers many insurance companies offer annual cover which covers the individual for a term of a year. You need to buy this type of insurance from the place where you commence the travel. For example, if you are a resident of Dubai, buy international travel insurance in Dubai for anywhere in the world.