Why People Need Insurance Essay

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People need insurance for various reasons. There are certain insurances that are compulsory but there are others that are not but worth to have. Insurance is when the insured is transferring the risk to the insurance company. It is an agreement between the policyholder and the insurance company to guarantee a compensation for a loss, damage, death etc. In return to this payment, the insured must pay a premium. Insurances allow the individuals to protect themselves from something that can happen and that can result in a significant loss. Everyone that wants to protect themselves or something valuable must consider insurance. The ever-growing insurance industry around the world covers many aspects of one’s life and possessions, many of which are also being offered in Malta. A numerous variety of items…show more content…
The existing foreign divorce insurance system involves in the purchasing of units for small amounts of not more than $20 per month and each unit is equal to roughly $1,250 as the minimum amount you may receive in cash when filing a claim. The number of units you buy depends mainly on the financial situation of the…show more content…
This would also avoid prenuptial agreement discussions while allowing for protection all the same. Another attractive benefit is that one may purchase divorce insurance for someone else, for example the parents on behalf of their child. During the divorce proceeding, the court may attack the validity of prenuptial agreements, while divorce insurance is less likely to fail in protecting the individual and since there is no cash accumulation it is not subject to distribution as part of the

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