After realizing the need for insurance, one common question for prospective policyholder is which insurance cover is right for me? This is not unusual because it could be cumbersome to choose one from hundreds of policies available ranging from the popular motor insurance to the strange covers like emotional compensation insurance and body part insurance. There is no universal answer for that because each policyholder is unique on his own. Therefore it is necessary to consider each circumstances to know what is perfect.

If you own a car, it is legally mandatory for you to insure your car and anyone who may be affected from your usage of that car. In order words, third party motor insurance which is the most basic motor policy, covers third parties that may be affected in case of an accident up to a specified limit. This implies that even if you are not interested in insuring yourself or the car, the interest of - your neighbor whose fence your car may hit, the traffic hawker and even another car you may run into – should all be protected.

Travel insurance is a visa requirement if you are planning a holiday abroad to some selected destinations. The effect of this is that possibilities like delayed flight, lost passport, missing luggage, illness etc will be covered. Therefore, if you can afford a holiday, you can afford travel insurance too. Your travel agent will advise you on what.

Imagine yourself going home after a long day and you were robbed of your wallet, mobile phone, wrist watch etc while hustling for a bus. For such eventuality, you need All Risks cover to cater for that kind of risk especially when you know your route is prone to such incidents. This kind of cover may not be particularly required if you work from home.

One may begin to wonder that my organization already provided me and my family with HMO cover for our health needs, therefore I do not need any health insurance. This looks valid but health insurance covers what a typical HMO does not cover. Due to the importance of good health to good living, it does not hurt to tighten all lose ends. Therefore, for extras like ambulance in case of emergency, coverage of terminal diseases, hospital cash, oversea medical treatments etc that are not covered by typical HMO cover, health insurance has you covered.

Generally, accidents do not announce when it will occur and sickness does not notify when it will happen, therefore it is always a smart move to pay a token (in form of premium) to cater for these eventualities if they happen. It is safe to conclude here that depending on lifestyle and risk exposure, everyone needs some kind of insurance.

It is better to have insurance and not need it than to need insurance and not have it.
- BeInsuredNaija

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