Insurance is a big part of today’s life. Why? The risk on your life, health and property are on a rise. Now, you never know when you may be involved in an accident. Or some heart ailment may just strike you. We are not trying to scare you here. However, rising temperaments, pollution levels and stressful lives that we lead will have an impact on us. This is the reason why buying insurance is advisable. Insurance affords peace of mind to you, whether it be covering you, your loved ones or your vehicle. So, here are the three types of insurance you should buy at the earliest for your peace of mind.
Three Types of Insurance You Should Buy Right Now
#1: Life Insurance
Life insurance is more important for you to buy today than ever. Stress levels are on a rise and so is pollution too. Due to all this, your health and life expectancy face a grave risk. Normally, we would argue that you should go for health insurance. However, term insurance policy is something even better to consider. Why? It provides a bigger cover than health insurance. Also, it covers risks to life as well as those to health, which means it makes more sense to go for a term life insurance.
Also Read: How To Avoid Job-Loss Insurance trap
#2: Motor Vehicle Insurance
Most of us living in a city have at least one vehicle for our daily commute. It may be a scooter, motorcycle or a car. Indian laws require you to get a third-party insurance cover done for your vehicle. With this, you will be able to cover the damage done to any third-party, in case of an accident. However, we are here to tell you that going for a comprehensive insurance, zero depreciation even, is more beneficial. Firstly, you will have to pay the least amount in case of damage to your vehicle in an accident. Secondly, it will cover damage to you and your vehicle primarily and will have a third-party component too. A win-win for all, don’t you think?
Also Read: Why Term Insurance Plans Are Good For You
#3: Travel Insurance
Don’t take this list to be based on which insurance type is most important. All three are equally important. Speaking of three insurance types, travel insurance is something you should go for. After all, few of us are in a job that does not require us to travel. Even if that is the case, we do travel to different areas for vacations. Just because you are not travelling by your own vehicle to another place does not mean that risk of losing your items will reduce too. In fact, it will only increase as there are few people in other places you can rely upon. Having travel insurance means that even if you lose your items, you can at least recover the cost invested in them.
You may think about not being careless at all while travelling. At least, that way, you may not lose your belongings. However, travel insurance, just like other types of insurance here is a precautionary measure. There is never a guarantee that your stuff will not be at risk. This is to ensure that risk comes with as low a financial burden as possible.