Getting your life in check includes the use of insurance policies that assist you in planning for your finances. People often do regular health checks but when was the last time you did a financial check? With abrupt emergencies and epidemics, such as the current Covid-19 pandemic, it is essential to have a strategy on how you can pay your bills and the mortgage plans. Numerous insurance companies have structured policies that will cover you and your family at different times. Nonetheless, reviewing the terms and conditions of your insurance policy is critical. This not allows you to secure a good deal but more importantly gives you and your loved one’s peace of mind in a chaotic and unpredictable world.

As famous financial advisors say, it is essential to have a personalized insurance policy that will cater to all your personal needs including your life. In most cases, some insurance policies miss covering this vital aspect. Enrolling into suitable insurance companies that will cover for you and your family in the future is imperative. This is why we are going to analyze the different types of insurance and their uses, especially during this time where cover and peace of mind are more relevant than ever!

Mortgage Insurance

This insurance covers all your housing payments. In most cases, the mortgage policies require one to complete their debts in a certain period. However, sometimes life changes; one may get a lower salary or lose one’s job. It is imperative to review the mortgage policy in a way that you will retain your home. If you have an insurance company that can cover your mortgage, not only does it provide cash flow relief at the claim stage but more importantly it protects your most important tangible asset… your home.  Given our current economic climate, can one afford not to consider this type of cover in one’s portfolio?

Life insurance

It is important to have a life insurance policy that protects your family or loved ones in the event of death, especially if they are dependent on your income. Life Insurance offers your dependents protection of their current lifestyle by ensuring, in the event of death, there are financial provisions in place to cater for their needs and current lifestyle. The insurance also covers all the bills and protects you from any debt. Additionally, the policy can be used to address the expenses that you might incur during the burial process.

Credit insurance

How many people, given the current economic global crisis, do you personally know that have increased their debt exposure? Constant inflation and economic changes have forced many people to acquire loans. As the pandemic continues, many government laws have been enforced globally; thus, many people are opting to take credit loans. Credit insurance aims at protecting the creditor and will cover all the debts that had been accrued. It saves you from losing your assets should you be unable to meet your debt obligations on time.

Health Insurance

Due to increasing medical costs, many people cannot afford to fall ill because they cannot afford to pay these expenses out of their own pockets. This creates a need for medical insurance to fund the gap. There are different categories that you can apply for such as terminal and critical illness insurance. As medical bills are often expensive, health insurance cover assists you in paying for medical checkups, surgeries, and even medical prescription drugs. A pro tip about this kind of insurance is the ability to cater to your family members’ health and wellbeing. Unfortunately, the risk of contracting a critical illness is more common now than ever, which is why the importance of this cover cannot be emphasized enough.

Business Insurance

Many corporations and business entities have incurred losses in the current year, consequently resulting in the retrenchment of employees. Unemployment has been caused by the epidemic whereby many industries have been classified as non-essential have had to be closed down. It not only affects the team of workers but indirectly the stock market and economy. Having corporate insurance allows you to protect your business’s assets from auctioneers and protect your employees by ensuring a certain level of continuity of operation. Additionally, it covers your enterprise from fraud and other risks, therefore indirectly protects the shareholders’ interest.

Team insurance

This type of insurance covers corporate employees and staff. This works in terms of group insurance. In different companies, the entities aim to give their employees excellent services and offers in terms of their insurance policy. Some industrial companies take insurance to cover for any accidents and damages that might incur in the workplace. As there is an increase in the number of cases of the virus, companies have ensured their employees have group insurance which will cover them if they are affected when at work.

Periodic insurance

Periodic insurance is a kind of insurance that is offered at certain terms such as the number of years or months. The insurance is dependent on the time period selected. An upside of the insurance is its policy, whereby it covers the liabilities in case of the death of the insurer. With the current increase in mortality rates globally as well as increased exposure to debt facilities per household, this kind of insurance is a key consideration when assessing your financial insurance needs.


What is the core fundamental purpose of insurance? There are many different kinds of insurance but they all share one common purpose, and that is protection. Protection is the fundamental value that Insurance offers. Be it the protection of your lifestyle, your home, your business, or your family, there can be no substitute for the peace of mind insurance can offer. With a diverse number of insurance strategies, it is important to identify the various risks applicable to each individual and tailor-make a solution to mitigate those risks. Not only during the pandemic but throughout life in general, you never know when you will just need the above classes of insurance.

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Blog published by Mike Coady.

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