Do I Need Insurance?

If you are genuinely thinking about insurance and are asking yourself why you need it? You probably already know the answer.

While insurance is an unwanted expense, it is a necessary cost to protect yourself and family against the unexpected financial losses from personal injury, death and damage to property or other belongings.

No you don’t have to have insurance in some cases, but it is highly recommended.

When it comes to insurance, so many people ask why, why, why!

Why do I need car insurance?
Why do I need health insurance?
Why do I need travel insurance?
Why do I need life insurance?

Most people understand what insurances are and how they work, so why is it such a hard decision and commitment to make. It’s all about protection as unexpected things do happen. There are many different types of insurances and depending on your situation you may not need most of them. However, if you were to prioritise them, having enough to cover yourself and family members in case of a disability/accident or death is a good place to start.

Insurance is about protecting yourself, your family and assets. While it may not provide any type of immediate tangible return, you should sleep better at night knowing your protected.

Here are something’s you can do to keep costs down and maintain coverage.

Take the time to research and compare. Yes this can be a daunting and irritating task but must be done. Try to get coverage that is specific to you and your situation and make sure that all the benefits quoted or discussed are in writing.

Ones you have made a decision, do some research on the company before signing. Sometimes you may think you are partnering with a reputable company but that might be far from the truth. A couple years back when the Hunter valley flooded and thousands of homes were affected, a few of the big insurers didn’t pay out to policy holders. They used random loop holes leaving thousands of people financially devastated

Most insurers will provide discounts to customers who bundle packages together. The trick here is to make sure that they are not off the shelf products and are specific to your needs. No need to pay for features or benefits that you don’t need.

The younger you purchase some types of insurance (health, life, etc.) the lower the premium in many cases.

Look for tax breaks if possible as some countries do provide them for insurance holders.

Make sure to tell the truth on all applications. If something happens and the insurance company finds that you have lied on the application, your policy may be made void and you will receive nothing.

Review your policy once a year as things can change on both you and your insurer’s parts.

When things do change on your end, contact your insurer right away and make updates as needed.

Remember, insurance does cost money but not having any can cost you a lot more in the long run. Having insurance is highly recommended and encouraged; one can never have enough protection.

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