Insurance is basically a way to protect yourself against all kind of risks. People spend billions on insurance all around the world because they understand the importance of insurance.

According to a survey, 90% people agree that insurance can be a lifesaver. The truth is that the future is unpredictable. Anything might happen tomorrow, and the only way to stay away from dangers and risks is to get insured.

There are several types of insurances out there, let’s have a look at the five most common insurances.

Income Insurance

Income insurance is sadly not very common, but you definitely need it for obvious reasons. Income protection insurance is very common in Australia and some European countries, but it hasn’t been welcomed globally yet. However, more and more people now are waking up the importance of this type of insurance and it is growing in demand.

Income protection basically secures your insurance. It is a way to make sure you do not go into financial trouble if there is a loss of income due to sickness or other such issues. When you have such insurance, a portion of your income is paid by the insurance company in case you miss work and lose your income due to sickness or other reasons that are covered by your insurance provider.

Life Insurance

This type of insurance is there to protect your loved ones financially in case of your death. It doesn’t matter how much we avoid it, we all have to die, and quite often in an unexpected manner.

In such a scenario, life insurance will provide your loved ones or nominees with money to cover not just the funeral expenses but other needs as well. This is one of the most famous types of insurance out there.

Medical Insurance

This insurance protects you in case of illness. Medical bills can run into thousands and not everyone can afford to pay skyrocketing, often outrageous costs. Medical insurance not only covers the doctor’s bills but other relevant charges as well, including medicines etc.

Vehicle Insurance

Accidents are pretty common. In fact, they cause a loss of millions to the economy by not only causing the loss to vehicle, but the loss of lives as well.

When you have vehicle insurance, you are basically protected. Your insurance company will pay you to cover the expenses when you get into an accident.

In many countries it is mandatory to get insurance when you drive a vehicle, and not having a valid insurance can even get you into legal trouble.

Travel Insurance

This insurance is important if you travel a lot. In fact, many countries require that you have travel insurance before you apply for a visa. Travel insurance guards you against many hazards involved in traveling, including cancellations and illnesses.

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