Life is anything but predictable, and that unpredictability can only be fought with the right insurance policies. You can never know how things might turn out to be next year or even next week. This is the answer to ‘‘why should we buy insurance’’, as our and our family’s financial safety should be the primary goal.

There are different types of insurance policies; however, not everybody requires all forms of insurance plans. The policies you need to buy depending on your own financial goals and choices. However, four policies are extremely important. Here are their detailed descriptions:

1. Term insurance policy

One of the greatest uncertainties of life is death. It can come at any moment and it leaves behind families with emotional and financial turmoil. With the right term insurance policy, you can at least protect the financial future of your loved ones. So, if you ever find yourself asking ‘‘why should I buy life insurance’’ then hopefully you now understand how important it is. The term plan offers a hefty lump sum to the nominees if the policyholder passes away before the term of the policy is over. The death cover can be used to pay off your debts, finance the education of your children, and take care of the family’s overall monetary needs. All these benefits make term insurance one of the most affordable and important life insurance policies.

2. Health insurance policy

One sudden accident or being diagnosed with an illness can put a serious dent to your financial goals. The rising cost of healthcare makes it almost impossible for most people to pay hospital bills without emptying their savings. A health insurance policy is one product that can protect you from such a situation. It is suggested that you buy a health insurance policy when you are still young. You might get a good deal when you are still healthy. Also, remember to buy a policy that covers you, as well as, your family’s healthcare-related expenses.

3. Motor insurance policy

Under the Motor Vehicles Act, 1988, it is mandatory that you have a ‘third-party liability insurance cover’ for your vehicles. You cannot ride the car or bike on the road without this cover. It covers the expenses regarding any damages caused to a third party by your vehicle. However, it does not cover the injuries caused to you or any damage done to your car. You need to buy a comprehensive motor insurance cover for the same.

4. Personal accident insurance

A personal accident insurance policy is often overlooked but it is a very important cover. If an accident results in a policyholder’s disability and leaves him without any income, this cover offers financial support for a certain number of years. This duration might vary from policy to policy. Just like a term plan, this type of insurance policy also comes with death benefits.

Once you are ready to buy these insurance policies, consider buying them online. You will have the opportunity to compare the best policies and find the right deals for yourself.