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HOW TO IDENTIFY A SUITABLE INSURANCE POLICY FOR YOU

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HOW TO IDENTIFY A SUITABLE INSURANCE POLICY FOR YOU

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By Sharone Chebon

Owing to increasingly uncertain times, especially tumultuous financial markets and fragile economies, getting an insurance cover for you and your family has become imperative.

Choosing the right kind of insurance cover not only determines the care that we receive should our health take a wrong turn, but it can be the wild card in your financial plan. There are many benefits of an insurance cover. However, topping the list of benefits is the financial support that a family gets in the event of the untimely death of the income provider. While getting an insurance cover is an important aspect of a sound financial future, choosing the right insurance cover is equally important.

Choosing an insurance policy must be based on your current and projected income, or simply put your current and projected ability to pay the insurance premiums, your medical state, your age, future financial plans, etc.

Secondly, you also need to look at the cost-benefit ratio. The cost of the insurance cover depends upon many reasons on what is covered in the cover or its riders. Thus, you have to keep a close eye on the cost of buying insurance and ensure that it justifies the benefits covered under the policy. At LIB, we strive to strike the right balance between the cost and benefits available.

 

As an insurance broker, we help you identify your risks and needs; categorize and prioritize on them accordingly. Put in mind that not all risks are insurable, and your insurance needs are only precise to you.

Purchasing the right type and amount of insurance is always determined by your specific situation. Factors such as children, age, lifestyle, and employment benefits play a role when you’re building your insurance portfolio.  It is important to note that you should not buy an insurance product simply because your colleague bought a similar product, and it seems like a great idea. Insurance is not a straight fitting jacket!

The writer is the Business Development Officer at Laser Insurance Brokers (LIB)

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