We buy insurance to protect ourselves and our assets from unexpected financial losses. Insurance provides a safety net, helping to cover expenses in the event of accidents, illnesses, property damage, or other unforeseen circumstances. By paying regular premiums, policyholders transfer risk to insurance companies, which can provide peace of mind and financial security. Insurance can also be a legal or contractual requirement in certain situations, such as auto insurance for drivers. Ultimately, insurance helps individuals and businesses mitigate the financial impact of unexpected events, ensuring they can recover and rebuild when faced with adversity.
Motor insurance typically covers bodily injury, property damage, theft, and collision for vehicles. Additional features may include roadside assistance, no-claims bonus, and optional coverage for medical expenses.
Life insurance features include death benefit payouts, premium payments, policy terms, cash value accumulation, and beneficiary designations, offering financial protection and security for policyholders and their loved ones.
Property insurance provides coverage for damage or loss of physical assets such as buildings, equipment, and personal belongings due to perils like fire, theft, or natural disasters, offering financial protection.
Health insurance features include coverage for medical expenses, preventive care, hospitalization, prescription drugs, and access to a network of healthcare providers, offering financial protection and healthcare access.