Without the gift of foresight, it’s impossible to know what will happen in the future and although we can’t stop bad things from happening, we can protect ourselves against the eventuality that it does. Insurance affords the best protection for you and your family in the face of an uncertain future and also gives you the peace of mind that your financial future is secure.
There are four types of insurance that offer the best level of protection for you and your family’s future and here we take a closer look at them.
Life Insurance
The best aspect of having life insurance is that you are able to provide for loved ones when you are no longer around. Death is as inevitable as taxes and so it makes sense to make provision for any dependents who might otherwise be financially disadvantaged if you were to pass away. Personal finance experts recommend that you have enough cover an amount equivalent to ten times your annual income. As a rule of thumb, this provides sufficient funds to cover any existing expenses and funeral costs at the time of your death with enough left over to provide your family with a financial cushion.
Health Insurance
Recent research has shown that statistically, your family is just a serious illness away from bankruptcy if you are not adequately covered by health insurance. Most bankruptcies declared are a result of unexpected medical expenses or prolonged illness and insufficient cover to pay medical costs. Health insurance is definitely worth shopping around for and you can find some very competitive quotes when you get Insurance comparison quotes online.
Research suggests that many people do not have adequate health insurance coverage and sometimes they have no cover at all. This represents a huge risk the older a family gets or the larger it becomes and in some cases, it takes just one person to have a significant health issue to put the health of others on the policy in jeopardy, purely because of the drain on insurance funds.
Long-Term Disability Coverage
It’s quite normal to consider this the least important type of insurance to take out but it’s definitely worth having a rethink about that. Imagine if you were to suffer an accident that left you disabled and unable to work and you’re the family’s principal breadwinner. You not only have to deal with the considerable expense of medical costs but also adapt to a significantly reduced income as a result of your disability. On the basis that we can’t see into the future, long-term disability coverage is a must in order to fully protect your family’s financial future.
Auto Insurance
The volume of fatalities due to road traffic accidents is shocking and represents one of the most common causes of death. That’s a very sobering thought particularly as most of us have at least one vehicle in the family. Taking out good comprehensive insurance cover protects you not only from having to pay for any damage to your car but for any medical costs to your family that could result from a road traffic accident. Just like all other forms of insurance, it’s better to be safe than sorry.