Why do we need Insurance?
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2 Answers
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We need insurance because life is unpredictable, and unexpected events can create heavy financial burdens. Whether it's a medical emergency, an accident, property damage, or the loss of a family member, the costs that follow can be overwhelming. Insurance acts as a financial safety net—by paying a small premium, you receive protection against major expenses when you need it the most.
Health insurance shields your savings from rising medical costs, while life insurance ensures your family remains financially secure even in your absence. Motor, home, and travel insurance protect valuable assets and reduce out-of-pocket expenses during e
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Insurance has numerous benefits for the policy holder. Some of the major benefits of insurance include the following:
- Financial Security During Medical Emergencies: Although an individual may have enough savings, medical treatments for his/her family may go beyond the available financial assets. Medical bills for surgeries, heart attacks, and cancer are extremely expensive and can put a major dent in the bank statements. Insurance helps in covering such losses and prepares the insured financially for the future.
- Secures Businesses: Business owners need coverage for liability claims and property damage. Otherwise, their companies ma
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