Many aspects of life are risky, and that is why there are so many different forms of insurance out there – to help protect you from potentially devastating losses. Insurance is a form of risk management where you, as the insured person, will be compensated in the case of a financial or personal loss. The following are a few examples of insurance policies that can be very useful, for you to consider.
Sometimes people pass away prematurely or unexpectedly, and put their dependents in a situation of extreme financial risk. If you have a comprehensive life-insurance policy, you can rest easy knowing that, upon your death, the people you care for most will be taken care of financially. Life Insurance also helps to cover other expenses that you have, such as outstanding debts and your funeral costs, so that your family needn’t be burdened by them.
Income Protection Insurance
If you are your family’s primary breadwinner and you were suddenly unable to work because of an injury or illness, how would your family support themselves? By having income Protection Insurance, your family will still be able to pay utility bills, mortgage payments, food bills and education costs even if you are unable to work for some time.
Have you ever had a health cost that was outside of the general Medicare coverage? If you have, you know first-hand how expensive healthcare costs can be. Getting a private health-insurance policy can cover you and your family for more services than Medicare, such as hospital surgery, ambulance services, optometrist services, dental services and different types of therapy, including physiotherapy.
For most people, their home is their most valuable asset. Protecting your home by getting home insurance is one of the most significant things you can do to protect your family. What would happen to you and your family if there were a natural disaster such as a flood or fire? Home insurance will give you peace of mind that you and your family will always have somewhere to live, no matter what happens.
Your fluffy friend is part of your family too, but have you ever been on the receiving end of a rather large vet bill? Anyone who has can attest to the fact that medical costs for domesticated pets can often be even more than for human medical services! Pet insurance policies are there to give you financial support when it comes to medical services for your pet, whether you have a cat, dog, bird, gerbil, snake, or any other type of pet.
Car insurance is there to cover the cost of damage done to your car, or to cover the costs of damage done to another person’s car, property or body. Costs associated with car accidents can be high, and include things like car repairs, medical costs, legal costs and damage to property. In Australia, third-party insurance is compulsory, but have you ever thought of getting a comprehensive insurance package as well? Comprehensive insurance will cover you for damage done to other people as well as for damage done to you, no matter who was in the wrong.