As far as my knowledge is concerned, insurance is a word that is often ignored by most of the people. Insurance is mandatory for every life, loved ones, or home and valuables. This is because it is not known what is going to happen the next moment. Contingencies like sudden illness or accident may cause immediate hospitalization resulting in spending of a lot of money on treatment. In this case, personal accident or health insurance policy might prove to be very handy. Life insurance policy supports family in the case of death by accident or illness. The insurance company pays family an amount linked to insurance premium and original policy amount. This money helps in supporting family and providing much-needed financial support to them. This enables further significance, it the individual is the only earning member of the family. Home insurance, on the other hand protects home and valuables in it from natural depredation, fire, terrorist attacks, etc., a lot of money and time is take to build a house. Therefore, it is quite sensible to opt for a comprehensive home insurance product. Motor insurance, on the other hand protects vehicle from theft, damage due to accident and offers a personal accident cover to the insured individual. Hence, one can now realize the importance of deciding on for insurance. But going for the insurance alone does not protect a person. For availing insurance benefits, the person has to pay the insurance premium on time to avail the complete benefits of the insurance policy.
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