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Posted on 2016-06-14

The problem that many people face when seeking to buy insurance is deciding which policy{s} to buy now! Below are some tips that may help you select the right insurance product that meets your needs:

Motor Vehicle Insurance

If you own a motor vehicle or you are an employer, always ensure that you buy the compulsory motor vehicle third party insurance and workers injury benefit insurance. You may also consider buying comprehensive motor insurance for your vehicle since it has enhanced features.

Life Policy

Plan to have a life policy which will pay some money to your dependants in the event of your untimely death. This can go a long way in assistng the family in settling down as they cope with the reality of the loss. This will also caution your taxes; you attract a relief of 15% on the amount you contribute as insurance premium.

Treasured Possessions

Take insurance for your treasured possessions such as business, home, crops or livestoock because their loss will cause you financial loss that may be quite difficult to cope with, at times even changing completely the lifestyle of your family.

Health Insurance

It is advisable to arrange for health insurance for yourself and family because sickness comes suddenly when money is not available. You may not even have time for raising the money.

Education Policy

Education is increasingly becoming more expensive. However the future belongs to the educated and everybody would like their children to have the best education. It is not always possible to have enough money to pay school fees as well meet other competing needs of life. An education policy can take care of this by allowing you to pay small regular amounts from the time the children are born or when still young.

Life policies, Investment plans, Pension plans, Annuities

We are all growing old day by day. People are also more likely to live longer after retirement thanks to medical advancement. That time you will not be able to work due to old age yet you still have needs to meet. It is therefore advisable to arrange for income to rely on during these times. Life policies, investment plans, pension plans, annuities and deposit administration schemes are best suited to meet old age needs.

Medical Policies

Illness is a risk we live with right from birth to death. It is important to plan for illness in order not to be caught unawares should it strike. Illness can at times be critical e.g stroke or heart attack. Medical policies take care of hospital expenses incurred as a result of illness.

Personal Accident

We are always exposed to accidents either falling off, getting mugged or hit by a vehicle or any object. Personal accident policies pay a given sum of money to the policy holder or his/her beneficiaries following an accident that often results in injury, disability or death.

In order to buy a valid insurance, always ensure that the insurance agents you are dealing with are licensed by the regulatory authority and are fully autthorised to transact insurance business. Makesure you disclose all material facts at the point of applying for your insurance policy. You need to compare prices from different insurance companies before going ahead to buy.

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