What are some of the factors when taking personal insurance?
There are varying factors that will be considered depending on the type of insurance that you about to take. Since personal insurance can cover life, properties, possessions, and business assets, all these will have varying requirements.
Life insurance for instance, will consider the following properties when you are taking the policy cover.
- Insurance plan; whether whole life or term life policy.
On the other hand, insurance covers of properties will consider factors like;
- The prevalence of the risk you are about to take
- The value of the property
- Activities that the property serves.
All these, in a way or another, will affect the amount of insurance and procedures to follow when you will require the compensation in the case that the event insured occurs.
You should note that insurance is not meant to improve the insurer’s financial position, especially when it covers a property, but to compensate them to get totheir initial financial position before the loss occurred.
Is insurance A must in Hong Kong?
No one will object you to take insurance for your company or properties while in Hong Kong. Unless it’s a company engaging in risky activities like construction, you will have to assure your employees. Cars and locomotives should also insure third parties in case you cause accidents. Otherwise, your personal properties, like building and assets, are your sole responsibility.
Who should have a Life Insurance?
Anyone can take a life insurance policy but it is not for everyone. The persons who are most viable to have the policy are people with dependents. If you have children, siblings, or aging parents who depend on you, then you should consider taking an insurance policy. It will help them when you can no longer provide for them or when you are no more.
Which Insurance Policy is more important?
There isn’t a less or more vital insurance policy. Resources might be limited, and it will be better to prioritize a policy that is more urgent at the moment.
Insurance policy is essential as it will significantly help you in managing your business and resources. The process of taking any insurance policy might be challenging and complicated. However, PHP will assist you with the entire process as well as advise you on the best policies that you take depending on your business and general life expectations.