Insurance is an economic device wherein an individual contributes a small definite cost (the premium) to protect oneself from a large uncertain financial loss (the risk) in the occurrence of an unexpected event.
Life is unpredictable; and so are the events that we encounter in the journey of life. Hence, risk management against unexpected events is not just ‘Good-to-Have’, but is a need in today’s times of ever increasing inflation.
Now a days, insurances are available in almost all walks of life. A few questions to always remember, to understand why insurance is necessary:
|Life insurance||I have enough money, but, if I die unexpectedly, my family and dependents will need financial support in the initial days after I pass away. Should they spend all the savings OR should I pay a small amount today so that they get at least INR 1 crore extra to manage themselves without exhausting the hard earned savings?|
|Health insurance||I am pretty healthy, but, I am not accident proof and fall sick at times! Should I pay the super expensive hospital and doctor bills using my savings OR should I pay a small fixed amount only and let the insurance company pay the hefty bills?|
|Vehicle insurance (2 wheeler, 4 wheeler and commercial vehicle)||I am a safe driver, but what if a careless person damages my car? Should I pay a hefty amount out of my pockets for someone else’s carelessness Should I need to get my car insured to save my money and stay stress free?|
|Travel insurance||It is time to go on a vacation, but, what if due to an emergency I am unable to go (or I lose my belongings)! Should I forget about a large chunk of my money OR should I pay a very small amount to secure myself against bad circumstances?|
At WealthOK, we can offer various insurance plans to protect you and your wealth from adverse situations in life.
To discuss the best insurance protections suited for your needs, get in touch with us today!