Insurance provides a lot of benefits to an individual, business, society as well as family. Below are some of the advantages of having an insurance plan.

1. Economic protection

One of the main advantages of insurance is the provision of financial protection and financial protection against all forms of unforeseen occurrences.

2. Shares risks

We are exposed to various these of risks in all our daily activities which can lead to losses sometimes. It is challenging for us to do away with risks and uncertainty in our life altogether; that’s why insurance comes in to cover for such occurrences. It is a device that allows individuals to share risks among insured people.

Eliminates dependency

Life insurance, for example, eliminates the element of dependency by coming in to provide support in case someone whom you depended on dies.

Creates employment

Insurance has created a lot of employment opportunities. We have a lot of insurance firms around that employs millions of people.