Insurance

I have bought several insurance policies along the way and many people have laughed at the thought of it and most did not realise the usefulness of it until the need arises. From my point of view, insurance is essential to ensure the needs of your family are met in the case of your death. (Worst scenario) The money your beneficiaries receive which is known as the death benefit is income tax free and will help to pay for your final estate settlement costs, medical bills and etc. Additionally, your family will also need these funds to help maintain the lifestyle you have worked hard to build and it goes a long way in relieving your love ones from their burdens such as your children's education fees or housing loan.There are many insurance schemes available due to the rapid innovation resulting from the increasing competition from the many insurance companies.

Out of all the insurance schemes, i personally think that the more useful insurance schemes available are home insurance, life insurance, travel insurance and car insurance. Of course, the car insurance policy is now made compulsory by many countries, which will ensure that the vehicle damage cost and any personal/passenger injury cost will be properly taken care of.So, do take some time out to consider taking an insurance of your need as you may find it beneficial in the future.