A common question that people ask in insurance circles is regarding what constitutes adequate insurance coverage. It is an understandable question, seeing the number of insurance products that the average person shopping for insurance policy is likely to be presented with by the insurance vendors – followed by a pitch meant to make every product look essential. All insurance products, of course, cost money – and many people, in the spirit of financial prudence would naturally rather not spend money on insurance products that they really don’t need. At the same time, while being financially prudent with the money they spend on insurance premiums, many of us are wary of spending too little (and thereby buying up too little coverage), resulting in inadequate benefits on the occurrence of the risky event we are insuring against.
So what really constitutes adequate insurance coverage?
Well, the answer as to what really constitutes adequate insurance coverage will vary from person to person- but the constant which holds in all cases is that ‘adequate insurance coverage is that which allows for reasonable peace of mind.’
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While some of us purchase insurance because it is a statutory requirement in some cases (like in the case of motor vehicle insurance), or because it is fashionable (if everyone at the office is buying it), the real prudent reason that anyone should invest in insurance policy is the peace of mind that having insurance coverage offers. And in the same spirit, adequate insurance coverage is that in which you can have adequate peace of mind in knowing that you (or your family) are adequately covered in the event of whatever risk the policy covers actually taking place.
In the case of life insurance, for instance, adequate coverage can only be described as that in which the person taking it can live with the peace of mind of knowing that their loved ones will be adequately provided for (with money from the policy) in the event of them (the policyholders) passing away at some point.
And in the case of medical insurance, adequate coverage can only be described as that which gives the person taking it the peace of mind of knowing that should any form of illness befall them, they can be sure of getting the best medical attention possible, without financial limitations coming on the way to getting such attention.
In this discussion, it is important to note that not every insurance coverage package on the market offers complete peace of mind. In a bid to offer ‘affordable’ products, insurance companies are often forced to cut down on the levels of benefits they offer – sometimes translating into levels of coverage that realistically speaking, don’t guarantee much peace of mind, as the policyholder is really only ‘halfway covered.’ It is therefore essential to go through an insurance policy’s fine print – to see the real benefits it offers and whether they present real peace of mind – before investing in it. Bad Credit credit cards
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