4 Must-Have Insurance Policies for Everybody

These days, there is an insurance policy for almost anything. While it is understandable for a pianist to take out an accident policy for their hands, the idea of insuring one’s derriere is still befuddling. Nonetheless, people will insure whatever they feel is important to them.

As you work hard throughout life to secure wealth and build a comfortable future for your family, you’ll need insurance policies to protect your ‘estate’ from unforeseeable circumstances. There are insurance policies for personal possessions, income and even for your family after your gone.

Here are 4 essential policies everybody must have.

Health insurance

There’s a popular saying, “Health is wealth”. If you fall ill without a health insurance cover, you could run into risk of being unable to pay your medical bills, or worse end up with hospital debts. Fortunately, health insurance is a standard offering by many employers.

Full time staff and sometimes, contract staff are covered by a reliable policy. If you don’t have one or are self-employed, it is important you get one immediately because it’s not worth the risk of financial strain.

Property insurance

It is mandatory to have a homeowner’s insurance. Especially when you want to take a mortgage on your property. One of the requirements the bank or mortgage lender will ask for is an insurance cover. Your home is an important asset and must be protected from unforeseen circumstances. You don’t want to come home one day, to a fire, if you have no insurance cover.

Landlords need a landlord’s insurance to protect their property from incidents like subsidence or flooding. Even if you are renting an apartment, a renter’s insurance should cover your belongings from theft or a fire disaster.

Car insurance

You don’t have to own a Rolls Royce to get a car insurance. In fact, you are required by law to get a motor insurance in the UK. Unfortunately, while it’s the law, a lot of people still drive their vehicles without one. One of the major reasons to get a car insurance is to secure the replacement of a costly asset.

Car accidents can leave you vehicle severely damaged; you want to be able to replace if this happens. As an additional feature, most motor insurances cover body injury or harm, so you are not just protecting your car, but the people inside it. It can also save you from lawsuits in some situations.

Life insurance

Everybody wants to leave a lasting legacy when they pass away. It is heart-breaking to see family members struggle financially after the death of a key member. A life insurance helps ensure that your loved ones continue to receive some money even after your die.

This requires paying monthly premiums to an insurer while you are still alive. It is also important to start early because the policy has potential to grow significantly if you do. Ensure you make plans for your Will, funeral arrangements and similar preparations. Death is an uncomfortable subject to approach but it is necessary to make preparations.

Nothing gives peace of mind like knowing you have a comprehensive insurance cover. If you don’t have any of these policies, endeavour to do so immediately. You’ll not only be doing yourself a huge favour, but your loved ones too.

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