What exactly does getting insured mean?



There are certain steps in life that one takes to mitigate any risk. Planning your insurance should be the most important one. One should place extra emphasis on the magnitude of properly managing the types of risks in your everyday life, and how to go about picking the right insurance for a specific situation.


A general insurance protects you, your loved ones and your assets from the financial loss in case an unforeseen event takes place.


What is personal insurance?


It is simply a contract between an insurance company and an individual, whereby the company agrees to pay the beneficiary a premium, assigned by the individual, in case the individual unfortunately gets stricken by a critical illness during the term of the life insurance.


What is the purpose of insurance?


In all simplicity, the rationale behind insurance is to transfer certain types of losses from events such as accidents, illnesses or death from one individual to an institution. If you do not currently hold an insurance policy, you are not the only one. As according to Life Insurance Statistics carried out by the industry itself, approximately 43% of the population does not possess one.


What a personal insurance gives to an individual is a feeling of security. It makes no difference how much you earn or how good your health is, but at the back of your mind you will be at peace when you make that personal insurance purchase knowing that if any unanticipated event took place, your family’s future is secure.


All in all, you leave a legacy behind by giving a fortune to your family earned according to the policy plan that you purchased. The benefits of this purchase will help protect your children’s financial security and standard of living.


Will I be financially protected?


If you are the sole bread earner for your family and they rely on your financial support, then you have more of a reason to be protected by insurance.


An important aspect to consider when purchasing personal insurance is that the younger and healthier you are, the cheaper it is going to be no matter how high the coverage is.


How much Insurance should I buy?


There is no definite answer to this as everyone’s financial situation is different. However, to give a rough estimation, you should consider all the expenses such as rental, mortgages, unpaid debts, children’s education, daily expenses, vacations, emergency fund and others and separate this before purchasing to see how much your family requires to live a comfortable life. Our professional experts will do a tailored risk assessment based on individuals to better cater to you and your family's coverage.

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