Protect Self and Family - Dig into the Chances of Insurance

Article written by Sherin Dev; Follow me in Twitter or Facebook . To get latest news and articles Subscribe for free!

insurance protection“Safety is something that happens between your ears, not something you hold in your hands” ~ Jeff Cooper

It is the time to take a close look into one of the the very serious part in life and family, Protection. At the end of this part, you will be familiar with identification and selection of right insurance products and be able to protect self and family to a great extend.

Before entering to the core, ask these questions self:

1. Am I the lone bread winner in my family and what will they do in my absence?
2. How does my family pay-off huge loan if I am not available?
3. How protect family from unexpected money requirements?
4. How do I protect my assets?

No one wants to see their family begging to survive. No one likes to see their kids crying for food. Who likes to see their family on the road by losing own home? We can’t even imagine such. So prepare to take fail proof safety measurements through most required insurance covers.

Protect Self and Family - Dig into the Chances of Insurance

Assessment of insurance planning requirements should start from self. It then expand to family and finally, assets.

Before a start, one should understand his present status by answering to the following questions.

- Is any member than you in your family have sufficient income?
- Do you have sufficient savings for your family and kids in case of something bad happening to your life?
- Do your family able to survive in your absence?

If your answer is ‘No’ to any of the above questions, seriously work for right insurance to protect everything that important to you.

Term Insurance Plan or Pure Risk Cover for you to secure your family future:

To protect your family, insure self using ‘Pure Risk Cover’ or ‘Term Insurance Plan’. This policy ensures their safety at your absence. Term insurance generally comes with features of huge insurance cover for fewer premiums. Any person with huge family liabilities must consider protecting self with a Term Insurance Plan, with adequate sum assured. This would be sufficient to the survival of his/her family. Through insuring yourself wish such plan, you are ensuring your family will receive insured amount immediately after your death by any reasons.

A person who plans for a Term Insurance cover need to identify how much insurance cover he or she required, term years and how to pay the premiums. One can follow the best practices of having a term insurance cover equal to 6 to 10 times of his annual salary. By using common sense, it is best to have maximum term available and pay the premium half yearly or yearly.

How to Secure Self and Family from the Burden of Repaying Home Loans?

Next, but optional for those who have home loans, think about methods of protecting your family in case you have a home loan pending. Whether you are alive or dead, mortgage firm requires their money back. If you are not available to pay back, your family members liable to pay the loan back. Or they should face possible bankruptcy.

Prepare well to avoid such panic situations. Your best friend to tackle similar situation is “term policy against home loan”. Apply for one. Premium for such plan generally very few but offers very good features. Through subscribing a term policy against your home loan, you can easily protect your family from repayment burden in case your death.

Meet any Unexpected Hospital Expenses at the Time of Recession

Hospitalization can happen at any time. It is so dangerous in the sense of immediate money requirements. Taking enough precaution can avoid frequent medical requirements but no one can prevent it forever. We can’t predict when this will happen and what will be the severity or impact. We should always take necessary measurements to shield our self from any sudden money requirements. Give ultimate importance to it.

A best option to deal with such situation can be done through subscribing perfect ‘Medical Insurance Plan”. Which famously known as "Health Insurance" or "Health Cover Policy". Employers generally providing this policy to their employees but, it have several limitations. Generally such policy will be discontinued immediate when an employee leaves the company. Having our own health policy to cover self and entire family ensures sufficient insurance cover all the time.

When buying health insurance, one should consider covering entire family with adequate sum under one policy. Well known as ‘Family Floater Health Insurance Plan’, this policy covers the subscriber and his/her family to ensure all time protection from unexpected hospitalization expenses. To shield from economic recessions, get your family protected such a way with adequate medical insurance.

Protecting Your Assets and Valuables

We are now to the final part of this discussion. We have already covered important topics like protecting a family from money requirements, mortgage burden and from hospitalization expenses. This part covers the requirement of protecting our valuables and assets. Our automobiles, home, valuables all required to be protected from incidents, calamities, burglaries etc…

To know the assets what we need to protect using a ‘General Insurance Policy’, a person required to identify the items first. Always insure your vehicles with Third Party Insurance features and secure your home, electronics items, ornaments, furniture, collectibles etc. but this list is not limited.

Some of you might have vehicles and other may not have one. Some of you have house with lots of items inside but others may have rented house with few required items. Prepare a list of items required to be protected by right policies. Here are some must consider item lists for your information:

- Home
- Furniture
- Electronics equipments
- Collectibles like art items
- Machinery if any
- Jewelries
- Vehicles

How to Select a Better Insurance Policy

Whether it is a term insurance plan, health plan, loan protect, general insurance or auto insurance, you should work best as your own to find right insurers. You can do such by contacting available insurers and comparing features of their insurance products. You can even get the help of right insurance advisers, online insurance advisers etc. Before selecting any policy for any purpose, confirm you have understood all its features and it is the best in the market among its kind.

Picture: Hamed Saber

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