While we all hope to live an incident- and accident-free life, problems can and do arise unexpectedly from time to time where you’ll need to call on expert help. In these times of trouble, you could find yourself facing prohibitively expensive repair, medical, legal or other associated bills that might end up crippling you if you haven’t taken out adequate insurance cover.
The most important forms of insurance everyone should have
Nobody likes paying for a service they might not use but, truth is, if you avoid taking out insurance cover, you potentially run the gauntlet from a financial, medical and (often) legal perspective. It’s worth noting, as we go through life, our circumstances frequently change so you may also want to take out additional types of cover. However, as a base guide, below are listed four types of insurance you should always have behind you as a backup should things go wrong.
Life insurance
Life insurance is less about you and more about the people you might potentially leave behind. Should something happen to you, life insurance will help cover funeral expenses and make sure your family is provided for when you’re not there. It might be slightly morbid to consider but the day-to-day expenses of life will continue long after you’re gone and, should your partner be left on their own, life insurance will help them deal with costs like mortgage payments, credit card balances, child support, college funds, etc in your absence.
Car insurance
Depending on where you live in the world, car insurance may be a legal requirement for driving – however, regardless, this is one type of cover you most certainly cannot do without. Even if you’re the most careful driver, there’s no accounting for others on the road and, if you’re involved in an accident (particularly one with medical implications), you’ll be very glad you already had insurance. In the internet age, car insurance is now more competitively priced than ever so you should spend time looking around for the best deal with the best overall cover.
Health insurance
Again, your level of required health cover will vary from country to country but, even in states with a national health service, there’s still no harm in having additional cover. For example, even the UK’s National Health Service (often considered the envy of the world), has strained under an increasing workload in recent years – resulting in essential care often being delayed. Having health insurance or additional cover will mean you could consider seeking treatment privately.
Home insurance
For the majority of people, buying a home is the single greatest investment we’ll make through the course of our lives – so you should ensure your house has adequate cover should the worst happen. Accidents in the home can range from innocuous spills or breakages right up to more serious incidents like break-ins or fires. Remember too that, if you’re like most people, the total of your worldly belongings likely resides under the roof of your home – so you must take out adequate cover to protect what you own.
