Insurance is a contract, called a policy, where a party (Flexibank) agrees to compensate another party (the insured) for financial losses resulting from specific events, such as damage, injury, or loss of life. It's a way to manage risk and protect yourself and your loved ones from potential financial hardship due to unforeseen events.
Financial Protection: Insurance protects you and your family from potentially devastating financial costs arising from accidents, illnesses, or property damage, helping you avoid significant debts or the risk of losing your assets.
Risk Mitigation: Insurance helps you manage risk by transferring potential financial burdens to the insurance company, allowing you to live with greater peace of mind.
Healthcare Coverage: Health insurance helps cover the costs of routine medical care, unexpected medical expenses, and potential treatments for serious illnesses.
Asset Protection: Homeowners insurance protects your property and belongings from damage or loss, while auto insurance covers damages related to car accidents.
Income Protection: Disability insurance can provide a portion of your income if you're unable to work due to illness or injury.
Tax Benefits: Some insurance plans can offer tax advantages, such as deductions for premiums.
