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The Advantages of Having Insurance Insurance means the indemnity against a future occurrence of an uncertain events. Insurance is made up of different types. The different types of insurance are general insurance, health insurance, vehicle and life insurance. The wide categories of insurance cover small other different policies. There are some form of insurance that is compulsory in most countries. This mostly applies to the vehicle insurance. Insurance cover has a number of advantages. These benefits are the main agenda in this article. Each of the insurance cover mentioned above have unique advantages. Some advantages are shared among most of the types of insurance. The first and most important advantage of insurance is the risk cover ability of insurance. There are unforeseen future events that may happen to anyone. These events are uncertain of the day or time that they might happen. This is the main idea behind all the insurance policies. An occurrence of an insured event push the insurance companies to compensate the policy holder. Losses will, therefore, be avoided. The second benefit of insurance is the protection from rising health expenses. The prevalence of many diseases is increasing day by day. This shows that the chances of anyone getting sick are also increasing. Additionally, the management of some of these diseases is expensive. To avoid the financial struggles in case one gets sick, one should take a good health insurance cover. Any expenses during such a hard time will be catered by the insurance company. In some countries all citizens are covered by a well-coordinated health insurance scheme.
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The other advantage of insurance is that it enables a policy holder to plan for the future. Also insurance act as some form of a long term investment. This investment will help some people to meet their set goals in life. The insurance can cover the education of one’s children, building a home and also it enables someone to enjoy a relaxed retired life. The desire of everyone is to have a comfortable life. There are certain insurance policies that will allow this to happen.
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Annuities as sources of income is the final benefit of having an insurance cover. Annuities are the amount of money given to the policy holder or the beneficiaries over a given set of time. This advantage is more common with the life insurance policies. The beneficiaries of such a scheme can live a comfortable life even after the policy holder is dead. One need to choose the insurance company to be a part of with great caution. The chances of accruing the above advantages increase the reliability of an insurance company. The current world we are living in is full of uncertainties. One way to secure yourself is by protecting yourself using an insurance cover that suits you the most.