Insurance is a word that is often heard when talked about investment. It can be best explained as a safety net or a blessing at the time of crises. A majority of people consider insurance just from the point of view of a tax-saving instrument and mostly buy life insurance. However, there are many types of insurance covers that are quite essential for a person to have. While life insurance can provide a safe future for the family of the deceased if he/she was the sole breadwinner, other types of covers like health insurance or vehicle insurance will help in the event of a medical emergency or an accident.
Insurance is often considered to be unnecessary, especially by young people in their 20s. They usually think of it as a waste of money and rather prefer spending on high-risk high-return investments like stocks, futures, and options, etc. However, according to a majority of experts, 20s are the best time to get an insurance cover as the cover value can be high and the premiums for them will be quite low. Moreover, these plans do not require an agent to be the middleman between the insurer and the person insured anymore as they can easily be bought online depending on a person’s needs.
Here are the top 5 insurance covers that are essential for a person to have in today’s day and age. (more…)