How it works

There are some insurances that are required to be purchased, such as motor insurance, vehicle insurance, and so on. Important assets must be insured, and when those assets are covered, an individual's accountability rises. In terms of financial sense, it will save your asset. People should, on the other hand, consider taking up life insurance or retirement pension plans in general, since this would improve the quality of life for those who do not work after a certain age.

Don't think you have to insure everything; Insurance Made Eazy suggests prioritizing the items that need to be protected. When natural calamities take place, people do not have control over natural disasters, but we can't let them fully destroy our lives and make our lives miserable. So make it a priority to get your insurance and safeguard the people and communities you care about.

Insurance coverage is possible for various aspects of your life, comprising your health, home, car, company, and retirement.
An insurance policy is a contract you document with an insurer to safeguard you from established risks underneath certain conditions.

Let's see how Insurance works

When you purchase insurance, you get to pay the insurers’ regular premiums. If you file a claim, your insurer will compensate you for the loss protected by the policy.

If you don't make a claim, your money will be consolidated with the premiums of other policyholders who have bought insurance from the same company. If you file a claim, the funds come from a reservoir of premiums paid by diverse policyholders.

Assess the following factors while choosing an insurance policy:

  • Why do you need insurance?
  • Insurance’s role in your life?
  • What about Premiums?
  • For how long do you need to be insured?
  • Insurers combine many premiums to compensate for the losses of people who are unfortunate enough to suffer a loss in their home, auto, or business. You are only covered for the losings that are specifically mentioned in your contract, not for unforeseeable events.

    What am I protected against?

  • To accept the risk of protecting your home, business, or car, your insurance provider calculates an annual fee or premium. Premiums are calculated depending on how much money insurance companies expect to spend on claims in the following year.
  • You pay a premium to your insurer on a monthly or annual basis for them to assume this risk on your behalf.
  • Your insurance provider collects all premiums and deposits them in a single huge pool. Because your insurance is a yearly contract, the pool is only operational for one year at a time.
  • Your insurance company utilizes the pool of many premiums to settle for the losses of the irregular who make claims in that year.