In this fast-paced life it is difficult to predict the future. One may be struck by an unexpected yet potentially life-changing event. Therefore, every individual should ensure that he or she has a secured outlook and can maintain the best interests of their family. However, there are instances when an individual will be aware of the catastrophes that may arise but may not be able to recover from them if they haven’t produced proper financial plans. A family member contracting a terminal illness or the occurrence of natural disasters are instances when financial plans should be pre-emptied.
It is for the reasons above that one should consider taking an insurance cover that protects the most important aspects of his or her life. Below is what would be regarded as the most appropriate types of insurance cover:
1. Income Insurance
The term ‘recession’ is one that we are all too familiar with, with it comes the sense of dread and uncertainty, particularly in the employment sector. Job security risk, increased costs of living and increases in the prices of properties characterize the current global economy.
Income insurance is able to provide many customers with a peace of mind, knowing that if their job was under threat they’d still have access to funds for a given period of time. Income insurance is also designed to cover those who have suffered from an accident at work ensuring their employment has been temporarily terminated. Sickness is also covered by insurance, as long as it isn’t a pre-existing medical condition.
2. Car Insurance
This type of insurance is basic but extremely vital due to it being a legal requirement. Many individuals depend on their cars whether they’re used for commuting to work or you’re acting as a general chauffeur for the family. If an accident occurred causing injury to both the parties’ involved and extensive damage to the cars then how are you likely to pay for it? And how would you manage if you no longer owned a car?
This is why car insurance is a necessity; it covers everything from personal accident cover to car repairs and coverage of personal belongings such as satellite navigation systems for example.
3. Home and Content Insurance
A home is a very important source of shelter and a place to store valuable content. Unforeseen disasters such as fires or flooding can destroy a home and leave individuals homeless. In the event of these disasters, one may not be able to afford the costs of repairing the damage. Therefore, many opt for this type of insurance to secure their home; especially those who live in high-risk flood areas for example.
Home insurance also protects against building accidents occurring inside the home and actually increases value to homes that have opted for mortgage payments over a significant number of years.
Content insurance covers against theft of more expensive belongings such as TV’s, computers, laptops etc.
4. Dental Insurance
Dental insurance is ideal for those who have families, including young children. The cost of brace treatments for example, has increased over the recent years due to the advancements in orthodontics. Potentially, this could mean that your child/children can’t receive the necessary treatment they require to repair their teeth. Opting for dental insurance allows the customer to offset the costs of treatment and relax knowing the treatment is affordable.
Dental insurance is also covers emergency dental care, routine work, hygiene visits and dental care abroad. For more details on dental costs and insurance.
5. Life Insurance
Life insurance policies are of the utmost importance as they cover the whole family. They ensure the loved ones left behind don’t have to cover any unnecessary costs in the event of the breadwinner encountering a life threatening illness/accident for example.
Life insurance can provide financial stability for the family in two different ways:
· Level term cover, which leaves the family with a lump sum of money. This ensures that the dependents are financially stable for a length of time.
· Decreasing policies that cover the payment of the existing mortgage. This ensures that the home of the dependents isn’t at a risk of being taken.
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