All you need to know about Personal Insurance Cover
Just as it is important to insure your car, house or any other of your assets, getting a personal insurance that can include income protection insurance and life insurance is equally important. Risk management and particularly the personal insurance cover is one of the most important financial investment. It is advisable to always include personal insurance when planning for your finances because your life is the most valuable asset. You might have imagined the emotional turmoil and devastation that can befall your family in case you are incapacitated, become seriously ill that you cannot work and keep earning the money that you are currently making. Personal insurance is designed to compensate you or your family members in case of death, personal injury or serious illness. There are many types of medical insurance and the main ones include life insurance, trauma insurance, income protection, and total and permanent disablement insurance. Be sure to click here to learn more!
Life insurance is about entering into an agreement with the Green shield health insurance company where you agree to pay a certain amount of premium every month and the insurance company agrees to pay a certain amount of money to you as the policy owner or your dependents you die or when the term of the policy expires. The amount in premiums to be paid depends on the age of the insured, his or her health status, the nature of the job they do and the environment in which they work. Your current income, lifestyle, debts, and mortgage are some of the other factors that are taken into consideration when calculating the premium that the insured should pay. How much life insurance that you need to take is a factor of so many things and depends on your unique circumstances and therefore you need the services of a professional financial advisor so that you buy the most suitable life insurance policy.
Income protection insurance is another type of personal insurance. Income protection insurance is also referred to as salary continuance and when you take this type of insurance, the insurance company will compensate you in case you lose income following a serious illness or incapacitation that makes you unable to keep doing what you normally do for a living. This form of insurance is important because you and your family can continue with the same quality of life and be able to meet your regular financial needs. Income protection insurance is particularly suitable for people who are self-employed and salary earners who have limited provisions for sick leaves under their employment contract. For more information about insurance you can check this website https://www.youtube.com/watch?v=C7y53MHR4gA.