Misfortune such as injury or permanent disability, illness, and death are all unfortunate situations that can cause you and your loved ones so much stress emotionally and even financially.
Going through life, looking for someone to live forever, and having a family to raise, there are essential things to consider to live peacefully. One of these things is to look out for the importance of getting insurance.
What is the Most Priority Insurance You Must Need?
Any form of insurance provides you with a financial safety net, especially when you need it the most. This content solely explains the most priority insurance you must need in your life.
Below are the lists of the most priority insurance you must need;
1. Life Insurance
Ensuring your car and your home is necessary, but nothing is more relevant and essential than insuring your life to make a better living. Remember that your life is your greatest asset, so it should come first and be your top priority.
One of the superior benefits of life insurance is to provide your funeral expenses at the time of your death. Getting this kind of insurance is very important, especially if you have a family dependent on your earnings to pay your expenses. This insurance provides the financial aid to pay whatever they need for your funeral. That way, you will not leave them behind thinking about what they will do in time for your demise.
On the other hand, there are two basic types of life insurance. The first type is the traditional whole life insurance. This type explained that it could be an insurance instrument and an income tool. It provides contract holders insurance coverage for their entire life. Paying for its monthly premiums will cover your whole life until you die, and this policy never runs out. If the contract holder dies, its qualified beneficiaries can claim the payout.
Another type of life insurance plan is term life insurance. It is a policy that covers the contract holder only at a specified age limit. This life insurance policy only guarantees payment of a stated death benefit but features no savings component, unlike the whole life insurance policy.
2. Health Insurance
While no one wants to be lying on a hospital bed, getting sick may strike anyone, and preparing for health uncertainties is essential. Coronavirus is still emerging around the globe, and this situation brought financial struggle not only because some were infected but because some lost their jobs.
Today, health insurance plays an essential role in our health, protecting us financially. It somehow provides security for us, thinking that we have ensured our medical expenses whatever happens.
Although, unlike life insurance, which gives income substitution to beneficiaries of the deceased person, health insurance lightens the high cost of your medical services and expenses.
There is a government-run insurance provider in the Philippines known as the PhilHealth or the Philippine Health Insurance Corporation. The agency offers coverage and medical benefit, including in and outpatient services, surgeries, catastrophic services, and maternity benefits.
3. Educational Insurance
Child Education Insurance for your children is critical if something unnecessary happens to you. Every parent in the world wants only nothing but the best for their children, most specifically in terms of education. Preparing your child’s future through child education insurance is one way to ensure a better forthcoming to them. We entirely believe that education is the key to success, and so does it opens the door to brighter opportunities. That is why every parent wants to give the best possible education to their children. Getting the proper education also helps build a strong foundation for our children. But how can you provide a good education for them if its cost rises every year and becomes a challenging concern for every parent? Acquiring education insurance for your children can help you achieve your dream because this provides financial assistance in funding your children’s dreams for their future.
4. Auto Insurance
Applicable to car owners, auto insurance is another essential thing you need to consider.
Driving without auto insurance and running into a car accident, you will probably face a heavy financial burden paying fines and possible repairs for your vehicle. Car insurance lets you drive at ease because it protects you and your truck financially whenever you experience an unforeseen road incident. Coverage will determine by the type of policy you have chosen, so make sure you get the best one for you and your car.
Though getting an auto insurance plan is required by the law in most countries, most drivers here in the Philippines do not easily consider this critical. By getting this kind of insurance plan, it is also a way to protect yourself even your loved ones from the possibly devastating costs of a significant accident claim. Always think that a car accident can ultimately be pricey, even if you’re not at fault.
The Bottom Line
People cannot avoid circumstances like being involved in an accident or the like. Somehow, these insurances can get us some protection and safeguard us financially if certain things occur. Getting the right insurance for you can be a little way too hard, considering many things. But in one way or another, you should know what you need and what is best for you.
Always do fact-checking via friends or families and even through the internet. Technically, most information, if not all, is already searchable and readable in any search engine like Google. Most experts recommend the type of insurances listed above that we should prioritize.
We all know how costly purchasing insurance is, but not getting any of it could be far more expensive if uncertain things occur. As we move on through our life’s journey, whether you choose to raise a family, regularly work on a company, or start your own business, the utmost importance of insurance increases.
We should stop our traditional mindset that views insurance plans as a liability. Instead, we should view this as an asset and a source of funds for contingencies
