Insurance is one of those topics we know is important. We know it makes good financial sense, and we’re fully prepared to get set up. However, we don’t like to spend too long thinking about it. It’s often complicated, overwhelming, and expensive. The faster it’s sorted, the better!
That’s where we come in. Today, we’re looking at a quick overview of the insurance you need in daily life. You could look at it like a simple checklist. What policies have you currently got, and what do you need? Insurance covers you in the worst-case-scenarios. If you have an accident, or you fall victim to theft or crime, insurance is the safety net that catches you. Here are the essential policies you need.
Car insurance – Car insurance is a legal requirement, and could help you avoid a big, costly payment. The minimum legal requirement is a third-party insurance policy. However, we advise a more comprehensive insurance plan that protects both you and the drivers around you. If you’re pulling a trailer or caravan, we also advise looking at trailer protection. Don’t leave anything to chance on the roads; we all know how dangerous they are.
Life insurance and medical – In many countries, medical treatment is free at the point of access. In countries like the UK, Sweden, and Canada, free healthcare is offered as standard. Other countries like the USA, however, operate a different system. There, you’ll need a medical insurance policy that will cover your hospital and treatment costs. We also advise seeking out a strong life insurance policy. This pays out to your family in the tragic event of your sudden death.
Home and contents insurance – Have you ever considered what you might do if a fire destroyed your home tomorrow? It’s a dark thought, but a very real possibility. You’d lose all your possessions, and you’d face a huge home maintenance bill to fix the damage. With home and contents insurance, the cost or repair and replacement would thankfully be taken care of. It’s a nightmare situation that insurance will help soften.
Holiday insurance – There’s nothing worse than an accident or mishap taking place abroad. You’re thousands of miles from home in an unfamiliar country. Whether it’s a health problem or theft, holiday insurance is there to provide the safety net. They’ll pay for your health fees abroad, and replace any stolen goods. Some holiday insurance policies also pay out in the event of delayed flights and bad experiences.
Business or landlord insurance – If you ever break out on your own and start a business, you’ll need insurance. Businesses in particularly need to insure themselves up the eyeballs! They need to protect against theft and fire damage to property. More importantly, they need to protect themselves against employee and public liability lawsuits. This will ward off any personal injury claims. Lastly, landlords need a special type of insurance to cover their various properties against damage.
We hope you feel a little safer now! Are you missing any vital coverage in your life?