By Anthony Bell, Finance Expert www.bellpartners.com
All types of insurance relieves policy holders from the financial burden in the event the risk covered materialises. This is a very important advantage of holding an insurance policy. It helps one cope with hard times and secures the financial state of an individual and their families at all times. Imagine having to worry about money matters along with the emotional turmoil that comes from life’s challenges.
There are many different types of insurance an individual may be covered for. These include Life, Trauma, Disablement and Income Insurance, Home & Contents, Motor Vehicle Insurance, Landlord’s Protection Insurance and Travel Insurance. Business owners may look at taking out Business Expense Insurance, Workers Compensation and Professional Indemnity Insurance. The list does go on; generally you will be able to insure yourself for almost anything that contains some value.
Insurance exists because ultimately, risk exists. In a persons lifetime there is a possibility that they may fall ill, be unable to return to work, become a victim of fire, theft, motor vehicle accidents, other injury accidents, lawsuits and more. We are subject to the risk at any time of the day, be it travelling to work, at home, in the car or walking in the street, we face this risk anywhere and at anytime. Insurance does not remove the risk of the above occurring, it transfers all or some of the financial impact of these events taking place.
What type of insurance should I hold? This all depends on your personal and financial situation. Holding sufficient Life, Permanent Disablement, Trauma and Income Protection Insurance is extremely important not only to protect an individual in the event of injury, illness or unfortunate death, but to protect their family and future beneficiaries.
Income Protection Insurance can provide you with up to 75% of your income should you be unable to go to work due to illness or injury.
Aim to insure yourself with reputable companies who are known for their customer focus and are likely to be around in the future should you need to claim.
It is important not to use price as the only qualifier. Seek professional advice on the value you are getting from your policy to ensure what you are paying for is suitable to your needs.
In summary, having in place sufficient insurance to protect your assets, your family and income is very important. Buying insurance is common sense; it is protection against the risks that can confront you every day. Although you do not get the instant gratification in purchasing an insurance policy, the peace of mind is invaluable.
For more information about your personal insurance needs or to make an appointment with a specialist from Bell Partners, go to www.bellpartners.com
