Insurance is designed to protect you and your family financially should something unexpected happen in life. Purchasing insurance is always a personal decision, determined by your current life situation – for example, age, family, lifestyle or existing employment benefits. When working out which insurance is best for you, it helps to discuss this with a agency advisor but here are some basic summaries to help you.
Health Insurance
Health insurance can protect you and your family against medical costs. If you do not have health coverage from your employer, then a private plan is advisable. Given the continuous rise in medical costs, you can’t afford to ignore the need to prepare for the medical costs. Most health insurance products offer a variety of plans ranging from basic coverage to more extensive benefits. Always check what is covered by the plan, as well as any limits on reimbursements.
Home Insurance
Homeowners insurance (also known as home insurance) protects your home, other property structures, and personal possessions against natural disasters, unexpected damage, theft, and vandalism. Homeowner insurance won't cover floods or earthquakes, which you'll have to protect against separately. Policy providers usually offer riders to increase coverage for specific properties or events and provisions that can help reduce deductible amounts. These adders will come at an additional premium amount.
Life Insurance
Life insurance is a type of insurance that can help your loved ones deal with the financial impact of the unexpected. It can provide your family huge financial relief with a lump-sum of money – called a “death benefit” to help them deal with the financial impact of your loss. (Super “Death benefit” appears on screen beside the talent). Let’s face it: Death really doesn’t make for an uplifting conversation - and it can be somewhat uncomfortable to talk about it – but if you have anyone relying on you for financial support like a spouse or kids, having life insurance is one of the best things you can do to make sure they’re cared for if you were to pass away unexpectedly.
Business Insurance
Business insurance, also known as commercial insurance, helps protect business owners from unexpected losses. With the right types of insurance, you won’t have to pay out-of-pocket for costly damages or legal claims against your business. Business insurance helps protect your business’ financial assets against risks and unexpected accidents that can occur during normal business operations. Typically, businesses get multiple types of coverages to ensure they’re fully prepared for unexpected losses.
How to choose the right plan
Choosing the right plan depends on what you can afford and the areas where you feel you need to be most protected and so is always a personal decision. However, there are some general steps to take when going through the process of buying insurance:
- Know what you need – understand what you’d like to get coverage for and how much you can or would like to spend for insurance
- Check the options available – compare the benefits offered, as well as what is not covered.
- Pick the right plan - select the plan you feel best fits your requirements.
- Pay the premium – start paying the premium and don’t stop or you won’t be protected.
What's next?
It is recommended that you sit down with your New Diamond agents before making your choice. They can help you decide which product is the right one for your needs and best fits your budget.
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