Here are the top 5 reasons why you should consider getting insurance
“I’ll let my future self take care of it.”
“I’ll just put the money in savings.”
“I try to stay positive to avoid attracting negative situations.”
These are some common lines from those who are hesitant about getting insured.Spending money on something with no immediate gain or returns, after all, would seem like an unnecessary or impractical expense. Insurance is important in more ways than one. In this article, let’s identify the several advantages of having insurance with comprehensive coverage.
- Insurance provides financial security. In the wake of accidents, illnesses, or losses, the financial impact can be overwhelming. Insurance helps ease the distress by disbursing monetary compensation to cover costs, either fully or partially depending on the scope of an individual’s insurance policy.
Health insurance, for example, provides you with medical care without having to dip into your savings or borrow money. It can cover consultations and outpatient care, hospital confinement, and medications, allowing you to focus on recovering from illness without worrying about debilitating costs.
Property insurance, meanwhile, safeguards your house, car, and other valuable assets from damage, theft, or destruction. When your house is razed by fire or if your car figures in an accident, your policy can help ease the financial brunt of rebuilding and repairing your property.
- Insurance offers peace of mind. The knowledge that you have insurance coverage in place can be a powerful source of peace of mind. It alleviates the anxiety and stress associated with potential risks and uncertainties. Knowing that you have a plan in place to address unforeseen events, whether it's a health issue, an accident, or a property-related incident, can significantly reduce the emotional and psychological impact of these events.
Insurance also brings a sense of control over the uncontrollable. It provides you with confidence that you can handle whatever comes your way — and even wherever you may be.
International healthcare access and travel insurance, in particular, make sure you are covered overseas.Aside from outpatient and in-patient care, AXA Global Health Access includes worldwide emergency assistance (if evacuation or repatriation is needed) and 24/7 global concierge services for travel-related assistance, such as flight and travel arrangements for treatments and hospital transfers.
See AlsoRenting out your propertyComprehensive medical benefits within one or multiple trips can also be availed through AXA Smart Traveller. This type of insurance likewise covers accidents, loss or damage of personal belongings, refunds for aborted plans, and round-the-clock emergency travel assistance.
- Insurance allows you to save and invest. Certain insurance products can serve as a means to invest or save. Endowments serve as an extra income stream, allowing you to accumulate funds for long-term financial goals such as retirement, capital for business, or emergency purposes.
A VUL plan such as AXA MyLifeChoice is an all-around insurance plan that has life, accident, and critical illness coverage with investment opportunities that allows you to cover all you need to be financially protected.
- Insurance mitigates risks. Insurance is a powerful tool for risk management. It allows individuals and businesses to transfer some of the financial risks they face to insurance companies. Instead of carrying the full weight of these risks yourself, you share them with your insurer, reducing the potential impact on your finances.
Commercial insurance, for instance, protects business owners from damages and losses brought by fire, acts of nature, and even robbery and burglary. This helps ensure business security and continuity despite unfavorable situations.
- Insurance helps you leave a legacy. Life insurance is a vital tool for family and estate planning. It provides financial security for your loved ones in the event of your passing. Life insurance policies pay out a death benefit to your beneficiaries, ensuring they have the financial means to cover living expenses, debts, and other financial obligations.
A comprehensive legacy plan such as AXA Asset Master even makes it possible to ensure that your estate will be carried out as you wish and to keep your estate intact by following efficient processes for tax settlement. It allows you to properly manage and grow your assets, and properly allocate them for your family and future generations to enjoy.
While insurance is an investment in your financial well-being, it's important to choose only the right policies that align with your needs and goals. It is equally essential to choose a reliable, established insurance company with which to entrust your hard-earned money.
Research on your own. Having a thorough understanding of the terms and conditions of your policies, and periodic reviews of your coverage can help you make the most of the benefits insurance has to offer.
Know you can game plan your future with the right insurance for you. Contact an AXA financial advisor today to start experiencing the benefits of getting insured.
