When it comes to buying Insurance for ourselves or for the family many of us are not able to decide when to buy insurance and which ones are the most important to begin with. Some of us may feel that it's quite early for them to go for any kind of insurance as they are young and healthy while others may think that they work in a very safe environment hence no need to buy insurance.
Some Individuals may also feel that INSURANCE IS A BUSINESS OF FEAR and one may not claim Insurance money in his / her entire lifetime. They may choose investment over insurance thinking of insurance premium is an unnecessary expense. Well, it is true that the percentages of claims raised by insured persons are quite less (may not be even 5%) but in an unfortunate event insurance provides way better financial support to the affected family as compared to any investment.
Insurance provides peace of mind for the entire family. In an unwanted, unfortunate event such as an accident, illness or even death insurance protects a family's investment that is earmarked for important life goals such as Retirement, Child's Education, Child's Marriage, etc.
It is important to buy adequate and right kind of insurance for the entire family and not just some insurance for the sake of having it. There are calculations behind checking one's insurance adequacy and depends on many factors.
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