Is Insurance Necessary ?

Viictor

New member
Todays time and situations are unpredictable, so people are scared of future and also they don't want their family to suffer. Today insurance plays an important role in everyone's life.
What's your opinion about it, Is It so necessary?
 

Hiral.s

Par 100 posts (V.I.P)
Re: Is Insurance Necessary?

Future is uncertain.. At his time, Insurance policy comes into handy..

Insurance is an agreement between the insurer (the company) and the insured to pay an amount as compensation if any unexpected event occurs.

Insurance becomes essential at times when the event occurred is extensive and we are not in a position to bear the losses. Say for eg, the only working person in the family meets with an accident, how will the family survive?? In such a case, if that insured person has a policy, the family can claim the amount.

It is neseccary.But, if you have enough money, you can be self-insured too...:thumbsup:
 
Re: Is Insurance Necessary?

yes, ofcourse insurance is necessary.Insurance Benefits encompass the facilities associated with buying of insurances. Insurance is mainly a instrument used by consumers for hedging the future contingent risks related with life, health and non-life general issues. Insurance benefits help the policy holder or beneficiary in combating with the losses or hazards associated with him/her.
 

DilipPurohit

Par 100 posts (V.I.P)
Re: Is Insurance Necessary?

Life Insurance is an agreement that guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the life insured.
Life insurance as
"Investment"
Insurance is an attractive option for investment. While most people recognize the risk hedging and tax saving potential of insurance, many are not aware of its advantages as an investment option as well.
"Risk cover"
First and foremost, insurance is about risk cover and protection - financial protection, to be more precise - to help outlast life's unpredictable losses. Designed to safeguard against losses suffered on account of any unforeseen event, insurance provides you with that unique sense of security that no other form of investment provides. By buying life insurance, you buy peace of mind and are prepared to face any financial demand that would hit the family in case of an untimely demise.
"Tax Planning"
Insurance serves as an excellent tax saving mechanism too. The Government of India has offered tax incentives to life insurance products in order to facilitate the flow of funds into productive assets.
 
Re: Is Insurance Necessary?

The best way in my professional opinion is to create a life policy which has critical illness attached to it, this sort of policy is a bit more expensive but in the long run it is worth it. By adding a critical illness cover you can receive a lump sum payment upon being diagnosed with one of the critical illness that is stated on the policy. Such a policy will help with hospital bills and treatment if you were to be diagnosed with one of the illness.
 
V

vardhanvishnug

Guest
Re: Is Insurance Necessary?

“Insurance” serves to be a payment of some predictable sum of money, called as the premium which is used to safeguard against a huge unforeseen or unpredictable loss or expense. Thus insurance transfers all the risk from the insured to the insurer or the insurance company for a certain amount of fee. Also, no matter what level you are at, there are some problems that are faced every now and then. You need to safeguard your car, family and even home. Insurance, thus serves to be the best way possible that ensures that everything will be easily taken care of. So insurance is necessary
 
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