All of us wish to achieve financial freedom at some point in our life, and when it comes to doing that, we tend to believe that savings are enough to be financially stable. But, if you look at life from a practical perspective, you would understand that savings alone are not enough to achieve financial freedom; insuring your assets with general insurance policies is equally important.
However, some people believe that they do not require general insurance policies as they can save enough money to replace their assets should anything happen to them. But, consider a situation when you have to wipe off all that you’ve saved all your life, just to pay for your medical bills or a car that is damaged beyond repair.
General insurance, by definition, is the group of non-life insurance policies that provide insurance cover for motor vehicles, houses, health, and travel. These policies have to be renewed according to the tenure prescribed in their respective policy documents, and these have a particular sum insured which is reimbursed depending on the loss from a particular financial event. Typically, it is defined as any insurance type that is does not come under life insurance.
Buying insurance is important as it ensures that you are financially secure to face any type of problem in life, and this is why insurance is a very important part of financial planning. A general insurance company offers insurance policies to secure health, travel, motor vehicle, and home. The convenient part of it is that you can purchase all these insurance policies online nowadays.
Here are the Main Reasons Why Having Insurance is Necessary: -
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**
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