Possessing insurances is a lot like carrying umbrella with you at all times. It is obvious that most of the time it feels burdensome, but you will surely be glad to have it when it rains all of a sudden even without prior indication.
The right insurance policies are right key to a healthy financial life. Here is a brief guide for you indicating the most important insurance policies to have before you turn 30. This is to be borne in mind that insurance policies are to a large extent personal. Every individual’s situation and needs are different and as your life changes (say, you get a new job or have a baby) so should be your coverage accordingly.
One of the best ways to get the best coverage for your needs is to educate yourself. It would be wise if you opt to get multiple quotes, read your policy closely before singing on and do not hesitate to put up questions when you do not understand one or multiple clauses of the policy documents.
Insurance Policies to have before 30
- Health Insurance– Health insurance is undoubtedly the need of the hour for every individual these days due to the ever increasing cost of medical treatments of deadly diseases. It would be wise to opt for a health insurance when you are young and in your 20s. There are certain benefits which are being offered by the General Insurance companies if you opt for a health insurance at an early age before you turn 30. Also the premium that you pay at an early age is nominal and thus do not dig a hole in your pocket.
- Auto Insurance– Road accidents have become a very common phenomenon on the Indian roads these days. Due to the tremendous rise in the number of vehicles with passing time, the roads have become congested with increasing chances of accidents taking place more often. So, in order to protect yourself and your vehicle, it is very crucial to own an auto insurance if you possess a vehicle. It also offers you peace of mind as the insurance company pays a compensation amount in case of theft of the vehicle.
- International Travel Insurance– If you are traveling abroad for work or for pleasure, you should surely make it a point to opt for international travel insurance. It provides utmost protection against unseen non-medical and medical emergencies. Additionally, any traveler below 85 years of age need not undergo any medical checkup to opt for international travel insurance.
- Disability insurance (when you get a job) – If you are relying on your income to live, you should necessarily opt for a disability insurance. Most people who are traditionally employed should be able to secure a policy through the employer, while people who are self-employed will have to take out an individual policy. Some people may prefer increased coverage provided by purchasing private policies to supplement those from their employers. This is even more crucial if you have dependents relying on your income.
Note – Pictures are taken from Google Images.