Individual Insurance
Advantages of Individual Insurance
Family Health Insurance:- A purchase of cost-effective health insurance to protect your family is a must as there are increasing incidents of hospitalizations. These hospitalizations may prove expensive. If you buy insurance soon, then you can complete the waiting time and reap the benefits of the insurance
Term and Keyman:- Buy pure life insurance which will give you a large sum of money in case of sudden or premature death. Term insurance is cost-effective insurance that protects you and your family in case of any bad death incident. This insurance also can be bought as keyman insurance. But in case the premium is paid by the company, then the benefits also go to the company. Keyman insurance is given to the key persons in the company.
Motor: -You must but a mandatory third-party covered insurance for your motor vehicle. Proper motor insurance with extensions will protect financial loss in accidents, for example, damage to any part of the motor. It is possible to get zero depreciation value if any damaged part is replaced in a motor vehicle.
Travel:- Select a value adequate travel insurances that are accepted by visa authorities. Travel insurance depends on the countries you plan to visit and the duration of the stay. If chosen meticulously some insurances additionally cover emergency treatment for pre-existing diseases up to bound limits.
Home:- shield your home from harm and felony. Home insurance pays repair prices if your home is broken by hearth, earthquake, storms, flooding, and riots. Felony and thieving also can be covered in home insurance. The prices paid by the insurance company depend on the type of insurance you have chosen. Hence, make a careful choice of the insurance plan.
Summary of advantages of Individual Insurance
Ease of purchase
The individual insurance policies have less documentation procedure and simple to purchase. Most of the work needed is within the initial choice of insurance. When the decision of purchase is made, then the insurance serves for a long time.
Renewal reminders
You will get renewal reminders from the insurance company as well as from the intermediary. There may not be any scope for renewal rates as a standard rate may be applicable. If there is a gap in renewability, then you may lose continuity benefits.
Comprehensive cover
Many individual insurance plans come with add-ons and riders, which makes your program more inclusive. For instance, a premium waiver is useful in long term plans; vital unwellness riders are useful for health plans.