No matter how good you are with investment management, your plan to seek financial freedom can never be complete if you don’t have the required insurance policies at place. As we all keep juggling between the challenges of leading a satisfying life, we can’t deny the fact that life never stops throwing odd situations at us when we are bound to react. It is difficult to predict what life will toss at you, whether the bigger opportunities or the smaller ones.
In order to safeguard your financial life, it is best to have adequate insurance policies, so that you can stay protected against all odds. While you never know what’s in store, you should stop dreaming big without having things ready in life.
Health insurance for parents and for your own self
When you get health insurance for your parents and for your own self, you can take proper care of your hefty bills in case you land up in the hospital. A 30 year old person should have adequate level of coverage and his annual premium should be of an amount which is perfect for meeting his needs. As the parents grow older, their health issues suddenly spur because their organs start becoming weak due to which they keep developing different diseases. While there are myths which say that it is tough to get health insurance for parents, this is far from being true.
Life insurance and its necessity
The least understood and the one which is most dreaded is the life insurance which assists your family to weather against huge financial loss. The total amount of coverage that you need should function in your income, your expenses and your present and future liabilities. Just as is the case with health insurance policy, the 30 year old should have minimum amount on his life insurance policy so as to save his family members during a sudden bad situation.
Bike and car insurance for the drivers
This is an insurance which is said to be mandatory as per law. It covers legal expenses for the damage which is caused to a third-party company, death, injury, property damage due to an accident caused by the vehicle. Majority of them choose comprehensive coverage which safeguard your bike from all sorts of damages during an accident and this is a must-have.
Personal insurance against accidents
This is that type of insurance which helps you protect your own self from loss of income due to total, permanent and temporary disability during an accident. When there is an accident, a person should get a lump sum amount. You can also get this kind of insurance at a rather cheap rate where you can save your dollars.
Therefore, when you’re wondering about the ways of achieving financial freedom, you should give your first priority to insurance. In case of a sudden emergency, if you don’t have enough money in your bank account, you may have to witness the saddest days of your life.
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