Types Of General Insurance For Family Protection

Risks are everywhere. You cannot avoid them, but you can always prepare for them. Your approach makes the difference in tiding through. When it comes to individual needs, you might get laidback. However, for family protection, you must take proactive measures. Thankfully, there are various General Insurance Plans to help you with this.

They assist you in fulfilling financial obligations under unprecedented circumstances. There are different types available to help you with additional needs. Hence, you have the scope to select for your family. For this, you must study them thoroughly. Unlike Life Insurance, Non-Life Insurance Policies have different characteristics. Among the different types, here are the ones suitable for family protection:

Family Medical Insurance

Medical expenses are on the rise. The advanced equipment, procedures, and treatments are the reason for this. Besides, health complications occur at any age. Hence, Medical Insurance is the only means to get protected. With varying age groups in the family, you get to secure them under a single premium with Family Health Insurance Plans. They take care of the entire family’s medical emergencies.

Motor Insurance

When you have a family, owning a vehicle for commutation makes sense. This way, you need not worry about public transport availability while going out. Be it a bike, car, or minivan; you get convenience. But these vehicles need to get secured with Motor Insurance. This is a mandatory regulation by the Motor Vehicles Act. It protects you from financial liabilities arising out of accidents, theft, damage, fire, etc.

Loan Insurance

We take Loans for various purposes at some point in our lives. The reasons range from buying homes, owning an automobile, running a business, medical emergencies, higher education, etc. What starts as an individual responsibility affects your family if not paid timely. When things get out of hand, Loan Insurance comes to the rescue. It covers debt payments if you cannot repay them due to unemployment, disability, illness, etc.

Group Travel Insurance

As families travel in a group, there are a lot of considerations to make. You must make sure everything is looked after carefully. But this is not always possible. Unexpected situations like trip cancellations, passport or baggage loss, theft, medical emergencies, accidents may occur. During these times, Group Travel Insurance comes in handy. It covers the entire family under one premium plan.

Critical Illness Policy

Medical ailments are a common occurrence owing to an unhealthy lifestyle and bad diet. But some of them become critical, which also end up becoming life-threatening. You need additional protection for such big medical emergencies. The standard Health Insurance is not sufficient.  This is because the cost of treating them is not coverable under a basic plan. Insurers provide Critical Illness Insurance for the same.

 If you have one or two people suffering from such diseases, this insurance plan is apt for a Comprehensive Plan. You only need to switch to a Family Floater Plan instead of an Individual Policy.

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