Insurance: A Necessity for Peace of Mind

by Lee Pham


There are many choices for insurance. Insurance is a

policy where you pay in a certain figure, that you do not

usually get back, and pays out in the event of a certain

situation. The details vary according to the type of


Health insurance was invented to help with your medical

care. You will typically pay in a certain amount every month

called premiums and you may have invest a certain


on your presciptions and doctor’s visits but the insurance

is created to help you with the costs. It will also help

you in emergencies such as a broken bone, accident or a

sudden illness. Insurance is there to benefit you if you are

having a baby or any other time you require regular care.

Car insurance is intended for accidents; either your fault

or someone else’s. You pay on your car insurance premium

every month (or quarterly or yearly) and if you are in an

accident, the insurance can cover damages. There are two

basic kinds of car insurance; liability and full-coverage.

Liability will only cover what you are liable for.

Full-coverage will cover anything that happens to your car,

your body or to the other party in an accident.

The main purpose of life insurance is to cover the survivors

of the person who dies. Life insurance can be used to pay

off debt, cover burial expenses or take care of surviving

children. Life insurance can be very important, especially

if you are leaving a spouse that doesn’t work, young

children, or debts. In the event of your death, the life

insurance company would award the amount of the policy to

your beneficiaries.

As the name implies, home insurance is meant to protect


home and property. There is home owner’s insurance and


renter’s insurance. Renter’s insurance will take care of

personal items that are in the home and most often cover

damages to the house itself if there were a robbery or

similar damage to the property. This will keep the renter

from having to pay the owner personally if damage to the

property occurred as a result of a burglary.

The home owner’s insurance will protect the same things;

damage to personal property and also to the premises.

Many insurance plans cover natural events such as

floods or earthquakes. Some plans cover fire and others do

not. Most cover fire only if it was not set by the owner.

There are many other kinds of coverage that are necessary

for business owners, including disability and business

interruption insurance. The only way to assure proper

coverage is to consult with an agent and one that has your

particular situation in mind.


Source by Martin Shiverman

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