Personal insurance has became more common and favored in people’s lives as it does not only bring benefits to its purchasers but also their family. Join us in finding out the importance of personal insurance and the types of personal insurance you should get for 2019.
1/ What is personal insurance?
Personal insurance is a common name for different types of insurance products that help to cover the financial losses that you cannot afford. These insurance products are used for situations when you experience accidents, illness, death, damage caused to your own property or to a third party.
Personal insurance protects you in the most comprehensive way, from assets you own such as properties or vehicles to activities such as travelling for work and leisure. Personal insurance is an ideal option to help protecting yourself and your loved ones from unexpected risks and problems.
2/ The types of personal insurance you should buy in 2019
If you are planning your New Year’s Resolutions, do not forget to put “getting personal insurance” on the list. Personal insurance includes a range of insurance products with different purposes and benefits, and each of them has an important role to play in our lives.
Life insurance is known as a contract between you and the insurance company signed for the purpose of protecting yourself and your family. When you buy life insurance, you will have to pay periodical charges as agreed with the insurance company and they will be responsible for paying this back to you when certain events occur. Unlike opening a savings account to earn interest, life insurance does not have a saving component but rather helps to overcome risks and problems.
In all the available life insurance plans, lifelong plans are mostly preferred because the insurance period of this plan is not fixed and the amount of insurance will be paid to the beneficiary if the insurance purchaser in the event of death. Sun Life is currently one of the leading insurance companies in Vietnam that offers this lifelong insurance plan.
Health is every human being’s most precious asset, and therefore needs to be taken care of at all times. To fully protect yourself and be financially prepared for unexpected health issues, health insurance is a must.
With the increasing costs of healthcare services, this insurance type helps reduce the burden of medical costs in clinics and hospitals when it comes to risks, illness, pregnancy, etc. Depending on your insurance policy, health insurance can help to cover or reimburse expenses, such as: injuries, illnesses, etc.
Personal accident insurance
Risks are unexpected events that cannot be anticipated beforehand. To give yourself peace of mind and prepare for these unexpected risks, you are advised to get accident insurance even when you already have health insurance.
Personal accident insurance helps to cover for medical expenses and payment costs that you may have to pay for after an accident. These costs include emergency treatment, hospitalization, medical examinations, etc. Accident insurance helps to pay for medical expenses that are not covered by health insurance.
Travel insurance provides financial protection for unexpected events that may affect your trip, such as:
- Overseas and local medical treatment expenses for illnesses and accidental bodily injuries
- Overseas compassionate visit
- Trip cancellation or postponement
- Loss of or damage to baggage or personal effects
- Loss of money or travel documents
The investment in purchasing travel insurance is small, but this can help you save up to millions of VND incurred from risks and unexpected problems that can happen on a trip. However, you should choose a suitable insurance package from a well-known, trustworthy insurance company with attractive insurance benefits. Liberty Insurance is currently one of the most reputable insurance companies in Vietnam.
Unexpected problems can occur at anytime. Therefore, personal insurance is necessary for you to get in order to protect the things that you treasure the most. Study carefully before choosing the suitable insurance package for your needs and personal financial situation.