fe is full of uncertainty and risk. Nothing is 100% certain except getting old and eventually dying. The element of uncertainty in risk makes the possibility of being critically ill, be in an accident or passing away to befall anyone, anytime, and anywhere.
Certainly there will be a financial risk or financial loss factor with a life risk. The unpreparedness of someone to face life risk can potentially cause debts to accumulate, the sale of assets that have been accumulated for years and even lead to bankruptcy.
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent ,uncertain loss and to minimize potential loss.
The transfer of risk is carried out by payment of premiums by the customer and payment of claims provided by the insurance party to the insured party who receives a loss from an insured event or condition.
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What can insurance do for you (and your loved ones)?
– Cover your mortgage
– Pay off your business debt/taxes
– Supplement your retirement
– Pay for your funeral
– Leave an inheritance for your family
– Take care of your children
– Replace your earned income
The head of the family or breadwinner is seriously ill / passed away thus causing the family loses a source of income. But the monthly household bills still needs to be paid every month. Without insurance, the family may have to borrow from relatives and friends, sell their hard earned assets and their children may even have to drop out of school. With insurance, the money received by your family can replace your income and helps to cover essential expenses, such as paying a mortgage, college tuition for your children and it can also be used to pay off debt.
Insurance does not mean you are immuned from accidents, critical illness or death. But with insurance you can be assured to provide financial security for your loved ones.