Scroll your newsfeed for just five minutes. You will find the headlines of car accidents, businesses being looted, or resurging Covid-19 cases. Do you feel safe?
You have an infant child and your family is growing. You do not have savings since every kyats went into your business. And, you are the sole provider of your family. Do you feel secure in this chaotic world?
Of course, you cannot predict the future. But you can protect it. Do not be afraid of rainy days. Buy insurance and safeguard your future.
Types of insurance
Generally, insurance can be divided into two categories: life and general. Life insurance covers everything that makes your time on this planet worthwhile – quality health, good education, a happy family, etc. General insurance protects your assets such as houses, businesses, automobiles and so on. Our Excellent Fortune Insurance (EFI) not only sell insurance policies but also educate you in this business.
If you are seeking to protect yourself from unpleasant surprises, you might want to check out our life insurance plans. EFI offers a variety of policies in the best interest of you and your family. Our Short-term Endowment Life Insurance is the best example.
In this plan, the insured person can provide financial support for themselves or their family if they face accidents and life-threatening events or even death. It is one of the most famous policies. Health and accidents can protect you from diseases and disabilities, too.
You may also want to take a look at Education Life Insurance if you have children. If death or permanent disability happens to parents or guardians during the insurance period, this insurance will support the further education of children until they graduate.
Mistakes happen but it does not mean you have to suffer from them. Here come EFI’s general insurance plans. Our Comprehensive Motor Insurance protects many types of automobiles including but not limited to cars, motorbikes and commercial vehicles. It covers losses due to self-inflicted damages to vehicles and other third-party liability.
In the case of a fiery emergency, the lives of you and your family are of paramount importance. You do not have to start from scratch after everything you built is reduced to ashes IF you had our Fire Insurance. EFI’s policy covers not only the building but the furniture inside it. The same goes for your factory – it protects machinery and equipment from the building itself.
Insurance around the world
Insurance comes a long way in human history. In ancient times, Babylonian traders would make a contract that guaranteed that the loan would be canceled if the shipment were stolen or damaged by natural disasters. Chinese merchants would divide their commodities among separate vessels to limit losses at sea.
The 3,000-year-young insurance industry is now worth US$5 trillion globally and growing ever before. In the age of pandemic, people are vulnerable to health issues and businesses are struggling with uncertainties. As more people tend to insurance to have some sense of assurance, the industry is seeing a tremendous boom. But with opportunities come challenges.
In the coming decades, insurance policies are expected to become more personalized to meet the ever-changing needs of consumers. In the increasingly contactless world, the digitalization of the insurance industry will also become a norm. You can enquire about and buy policies at the touch of your fingertips.
When it comes to investment, people usually think about property, jewelry, stocks, etc. But insurance can be a worthwhile investment, too. A Silicon Valley resident US billionaire made headlines for acquiring a life insurance policy with a coverage of $201 million. Of course, it is not because he/she is too poor to afford medical expenses.
Most US billionaires have their assets tied to stocks and property. But the stock prices can plummet anytime and liquidating property is a painstakingly long process. The industry experts projected that the record-breaking insurance purchase was a way of investing for his/her surviving family should he/she die unexpectedly. The policy features a combined death benefit to be paid upon the death of the insured.
We hope you have learnt more about insurance at the end of this article. If you want to know more, do not hesitate to call us. Our well-trained agents are ready to provide you with any information you are seeking.
Remember, you cannot stop the rain from falling but you can protect yourself under an umbrella. Call us now to protect you and your family financially.