What Are the Benefits of Insurance?

Source: StockMonkeys

Insurance serves many purposes and has many benefits for both individuals and businesses. Policies are purchased to provide protection against the potential of unexpected future losses and can help make sure assets, income, property and lifestyle are kept whole.

Peace of Mind

When consumers buy an insurance policy, they can achieve peace of mind. There is a comfort in knowing there is a certain measure of protection from unforeseen tragedies and losses.

Asset Protection

Certain types of insurance policies are designed to protect assets such as homes, cars, boats and other valuable tangible items. The policies will repair or replace these things if they are lost or destroyed.

Physical Protection

Some insurance policies are structured to protect the body. In the event that a person is injured, disabled or otherwise physically harmed, these products will compensate for those damages.

Income Protection

There are insurance policies available that will protect the ability to earn a living. If, for some reason, a worker is no longer able to continue with gainful employment, these policies can be structured to replace a majority of lost income.

Lifestyle Protection

A certain type of insurance is designed to ensure that the lifestyle to which a family has become accustomed will continue for a certain period if a tragedy occurs and the major wage earner in the household is no longer able to produce an income.

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This article is a Twisted Nonsense Exclusive! (10/10/2009)