5 Best Insurance Plans Necessary For Everyone

Primary, Insurance is an important package meant to safeguard you, at least financially, should certain things happen you, your loved ones or your source of livelihood.

There are quite a number of insurance options available, but in this detailed post, Style Hub Naija has narrowed down to the Five Best Insurance Plans Necessary For Everyone. Having these five will ensure you and yours are free from the challenges that come with life's surprises.

Here are the 5 Best Insurance Necessary For Everyone

#1 Health Insurance
#2 Disability Insurance
#3 Life Insurance
#4 Auto Insurance
#5 Business and/or Home Insurance

Let's make sense of these necessary plans.

Health Insurance

This is the most important type of Insurance for anyone who take their wellbeing seriously. With the reality of today's volatile economy, most individuals and families are one serious illness away from poverty in the absence of a proper Health Insurance. 

According to a study by the American Journal of Public Health in 2019, of the many who filed for personal bankruptcy between 2013 and 2016, medical problems — from bills, income loss due to illness, or both — accounts for two out of three bankruptcies.

I believe these numbers should incentivize you to obtain Health Insurance or review and possibly make it comprehensive, if you already have one. No need to play games with your health and those of your loved ones.

Disability Insurance

Before you get this plan, ensure you read the papers fr your Insurance provider thoroughly to avoid omitting important coverage. You will also do yourself good to know the specifics of each coverage.

That said, Disability Insurance, just like Life (Death Benefits) Insurance is something a lot of folks don't like considering due to certain beliefs. But reality happens all the time. So it's better you're prepared than be taken by surprise, to avoid unnecessary struggles. 

Life Insurance

Multiple findings have shown that one third of families often struggle to keep up with their daily expenses within a short time after the death of the breadwinner. This will be avoided with a proper Life Insurance in place.

One of the nice benefits of Life Insurance include the ability to cover your funeral expenses and provide for those you leave behind. This is especially important if you have a family that is dependent on you for major family expenses.

Auto Insurance

There a millions and millions of car crashes every year, with tens of thousands of casualties based on official statistics. 

In the US for example, the number one cause of death between the ages of five and 24 was auto accidents, according to 2018 CDC data. The case is not much different in other countries.

The risks associated with driving without auto insurance are too many. Have a proper one on the other hand makes things pretty easy. If you, a passenger, or the other driver is injured in the event of an accident, Auto Insurance will cover the expenses and protect you against any litigation that might result from the accident. 

A comprehensive Auto Insurance also protects your vehicle against theft, vandalism or a natural disaster, such as a hurricane or other weather-related incidents.

Business and/or Home Insurance

Business Insurance will save you some serious heart ache in the event of an unexpected loss, damage or theft with capacity to cripple your business. 

These days a lot more people are taking the path of entrepreneurship, but not much is being done to protect their small, media or big enterprises. Little wonder many businesses end up grounded these days at the slightest upset. Getting the right Plan to cover your business is a wise decision.

Home Insurance is necessary, especially for those living in their own house. No one wishes for negative occurences but they do happen. Either you're an employee or business owner, if you have your own house, ensure you get the right Plan to cover your Building.

In conclusion

The easiest way to go through life without apprehension is to do the right by ensuring that you and your loved ones are covered in case anything happens to you or your possessions.

There are too many stories of people who were comfortable in time past but living in pains currently due to circumstances beyond their control. Don't allow yourself become part of the statistics. As soon as you have the means, do the needful with regards to these Five Necessary Insurance Plans.