Five Kinds Of Insurance You May Want To Consider

Tue, May 29, 2018

Financial Advice

Protecting the valuable assets that we have, whether it’s our cars, homes or even ourselves is something that many people may already be thinking about. Insurance can provide financial protection for these assets, particularly against uncertain, uncontrollable and unexpected life events. While opting to fill in a payday loan application form could provide financial relief in the case of an emergency, investing in particular kinds of insurance will ensure you are covered for most emergencies regardless. Here are five kinds of insurance that you may want to consider.

Car Insurance

If you own a car, you may already be aware that car insurance is a necessity. By law, all cars must be insured before they can go out onto the roads in order to protect not only you, but other drivers around you in the case of an accident. While these policies can often seem costly depending on your driving history and car make and model, nearly as much is paid out in claims as is paid by car owners for the policies in the first place, so it’s arguably a policy worth investing in.

Home Insurance

Home insurance isn’t necessary by law, but some mortgage lenders may require you to have this policy to protect your home as part of their terms. Most mortgage lenders will have a policy on offer alongside your mortgage, which some homeowners could prefer over holding a separate insurance policy from elsewhere. If you rent a home rather than own one, you could find that your landlord requires you to have some kind of liability cover, which could come as renter’s insurance or contents insurance depending on your preference. Policies could cover you against burglary, fire or other disasters in order to help you pay replacement and repair costs. Some policies also come with personal liability to protect you in case someone is injured at your home.

Life Insurance

Life insurance isn’t a policy that many like to talk about but is particularly popular amongst those who are married or have children. In the case of your death, the policy will provide financial aid to your family and loved ones. It may help cover funeral costs and pay off existing debts that weren’t catered for during life. While it can seem morbid to consider this policy, the financial help for your family and loved ones isn’t something to be overlooked completely. You can get short term life insurance, though this is relatively new, or life-long policies to suit your needs that may require a health exam before your application is accepted.

Income Protection

Income protection protects applicants in the case that they fall ill or are injured and unable to work. During periods of long-term illness or inability to work due to injury, this policy can provide financial relief that sick pay may not be able to cover. This is usually available until you retire and can help you to maintain your financial situation if you happen to fall ill for the long-term and can’t attend work.

Travel Insurance

If you plan to travel in the future, you’ll likely have been directed to travel insurance already. This insurance policy will provide financial help if you fall ill or require medical attention while abroad, and could cover loss or theft of your belongings among other things. Medical bills in particular can be costly while abroad, and this insurance policy could provide some or all of the money required to pay these bills while overseas.

While some of these policies are required by law, others aren’t but it’s important to understand what each is designed to cover and how they could help you in the future. Whatever the case, if you’re considering any of the above, make sure you shop around to find the best policy to suit your needs and your budget.

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