Insurance policies are contracts between the insurer and the insured to determines the claims which the insurer is legally required to pay. The insurance policies includes all forms associated with the agreement between the insured and insurer. In some cases, a supplementary writings such as letters sent after the final agreement can make the insurance policy a non-integrated contract

The insurance principal objective is to protect what’s most important to the insured, life, health, home, properties, workplace, etc. Insurance is a must in many cases but a lot of people choose to do without it and this is a huge mistake for everyone that owns an asset of any kind.

However, insurance policies guarantee the safety of the insured properties. Though, insurance requirements are vary from people to people, but we have 5 must have insurance policies you must have

Life Insurance Policies

It is true that many people do not have believe in life insurance. Those people believe since it won’t bring them back when they are gone so what is the purpose of life insurance. But the truth is, life insurance isn’t there to protect us; it’s there to help our loved ones transition when we’re gone.

Insurance Policies

Think about your loved ones and your children, you wouldn’t want to leave them stranded with almost nothing when the inevitable happens however late. No one is wishing to be gone so soon, but the point is, if you have any dependents, you should have life insurance. Even if you don’t have any dependents, life insurance can still give you peace of mind when you get older.

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Disability Insurance

Not everyone is familiar with this insurance policy, but it’s also important. We all understand the importance of life insurance yet many of us overlook disability insurance. The disability insurance is to protect people in the event they are unable to work for an extended amount of time. It’s a must have insurance since it protects our greatest asset, which is our ability to earn an income.

Travel Medical Insurance

Many people totally ignore the travel medical insurance in Nigeria. We forget that anything can happen when we travel out of the country. We could decide to try out a new recipe without knowing if the ingredient is completely safe for us, we could fall under the weather no matter how favourable it is.

The point it anything can happen when we are not in our home country and you would not want to spend your money on medical bills outside your home country. This is not because the health care is not good enough, but it’s usually very expensive and I’m quite certain you did not plan to spend your shopping money on medical bills. Therefore, if you would be traveling, then you should have a travel medical insurance in place.

Automobile Insurance Policies

This is one of the insurance policies that is most common but a lot of people still ignore it. Automobile insurance is not just important in cases of car accidents only. You don’t need to be involved in an accident before getting a car insurance. Other scenarios like car theft, heavy flood that could lead to the damage of your car, among other reasons are why you should get an automobile insurance.

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You need a car insurance not just for you but for other people in case you get into an accident and you damage someone’s property, or cause personal injury. You could face huge bills or a lawsuit if you have no insurance to pay for the damages. Now imagine you got a loan to buy your car and you ‘forget’ to insure it before a bad incident happens.

Another simple reason why automobile insurance is a must have insurance is that it’s illegal to drive without it. Therefore, protect yourself and your wallet from the pain of owning a car without an insurance.

Home Insurance Policies

The odds are you won’t ever need to claim insurance for damage to your home but imagine the costs if you did? You never know when fire or flood could strike so don’t skip out the house insurance.

In the event of theft, your home insurance will cover your contents which will give you peace of mind. The cool thing about home insurance is that it carries over when you’re travelling. If you bring your laptop and camera on a trip and it gets stolen, you’ll still be covered. The factor in the deductible and figure out if it’s really worth making a claim.

Technically speaking all of these insurance policies are optional but you’re taking a huge risk by not having them in place. You need to think about it this way, if the properties can be destroyed, then you need insurance.

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