Necessity of Insurance and the Amount of Cover to be Availed
Insurance is perpetually a hot topic subjected to debates and discussions amongst both the financial circles and amongst the general public.
Failure to have sufficient health insurance policy coverage is the quickest and easiest route to accrue mass debt. Due to lack of adequate insurance coverage, an individualís assets viz. business, property, car, house, family, or self are more vulnerable or susceptible to financial strain. However, at the same time, it must be borne in mind that coughing up too much for insurance, can be a financial strain in itself, especially if the particular insurance cover does not satisfy or fulfill an individualís customized requirements. Paying for insurance that is not needed or irrelevant in nature for the concerned individual is like pouring the money down the drain.
If purchasing of both - Non-Life (General) and Life insurance is approached in a proper perspective, it can be beneficial not only for the concerned individual, but for his/her entire family including family dependants. There are many instances when most individuals do not want to think or discuss about insurance or think about availing an insurance cover only after they have had a brush with death or a life-threatening condition or faced with uncertainties in life or unsecured life or when insurance professional broaches upon the subject. Sometimes the individualís wait until it is too late to tackle life related critical matters effectively and judiciously. As a result, the benefits of insurance cannot be enjoyed by the individual to its fullest extent. Subsequently, this leads to financial stress, unexpected financial drain and an uncertain future accompanied with pall of gloom and darkness.
Amount of Insurance Cover to be availed
For majority of the individuals with dependents and many availing the debt loan in order to satisfy their materialistic requirements, the reason behind purchasing insurance cover is that their dependents can maintain their lifestyle and lead a partially secured life free-from-stress in the event of unexpected life-events or death of the bread-winner in the family. In brief, most of the individuals or policyholders look to maintain a standard of living and financial security for their dependents in the event of unexpected events in an individualís life. This explanation answers an individualís requirements regarding his/her needs for purchasing an appropriate, customized policy cover and directly leads to the answer as to the amount of insurance products and services needed by the concerned individual. As a thumb rule, while availing insurance coverage for an individual, it should be about 10 to 15 times of an individualís income.
Latest Publications and Research on Insurance Agent - Your Friend and Your GuideHealth-Care Reform: Too Much of a Good Thing? - Published by PubMed
Implementing a Whole Health Model in a Community Mental Health Center: Impact on Service Utilization and Expenditures. - Published by PubMed
[Sexuality and STD/AIDS prevention in mental health care: the views and practices of mental health professionals in the city of Rio de Janeiro, Brazil]. - Published by PubMed
Job satisfaction and career intentions of registered nurses in primary health care: an integrative review. - Published by PubMed
Health Care Reform and the Catholic Perspective: The Catholic Medical Association Position. - Published by PubMed