In life, unplanned expenses are a bitter truth. Even when you think that you are financially secure, a sudden or unforeseen expenditure can significantly hamper this security. Depending on the extent of the emergency, such instances may also leave you debt-ridden.
While you cannot plan ahead for contingencies arising from such incidents, insurance policies offer a semblance of support to minimise financial liability from unforeseen occurrences.
There is a wide range of insurance policies, each aimed at safeguarding certain aspects of your health or assets.
Broadly, there are 8 types of insurance, namely:
- Life Insurance
- Motor insurance
- Health insurance
- Travel insurance
- Property insurance
- Mobile insurance
- Cycle insurance
- Bite-size insurance
Simply knowing the various insurance policies does not help. Instead, you must know how each of these plans work.
Without adequate knowledge about each of them, you may not be able to protect your finances, as well as the financial well-being of your family members. Read on to learn all you need to know about the various insurance policies.