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by Elzette Smith (ReviewA)
on May 3rd, 2019
The ReviewA is well aware that in this day and age one can always expect the unexpected.  We came across a quote that reads, “Life is full of surprises.  Not all these surprises are pleasant, so you need to be ready for what life brings you.” (Unknown).  Considering this statement, we need to consider why insurance is important.  The life and property of individuals are surrounded by the risk of death, disability or destruction. These risks may result in financial losses and having insurance is a practical and sensible way to transfer these risks to an insurance company.

From automotive insurance to housing insurance to life insurance to medical insurance, if you have insurance and if something unexpected had to happen to either you or one of your close family members, you want financial concerns to be the least of your worries. For example, if you suddenly become ill, you are involved in a car accident or your house becomes on fire or even a case such as your home becomes flooded, it will mean that there’s no time to plan or save, and even if you are financially stable to pay for the incident that occurred, we believe that having insurance sure does relieve a lot of financial stress and burdens.  If you are considering taking out insurance, consider the following benefits: 

1. Reduces stress during difficult times:

The truth is, we never know what tomorrow holds for us. Unforeseen circumstances may occur such as a sudden illness, injury or permanent disability, and even worse, death.  These events can leave you and your family facing tremendous emotional stress or grief. Having financial stress on top of the emotional stress that you and your family may be experiencing can be avoided by having insurance in order to cover for any needs and you can focus on recovery and rebuilding your lives.

2. Protection for you and your family:

The example we will look at is life insurance.  Your family may depend on your financial support to enjoy a comfortable standard of living, which is why insurance is especially important once you start a family. The people who matter the most in your life need to be protected from financial hardship should anything happen that you are no longer able to provide for them. Life insurance can help provide peace of mind for you and your family so that they will have some financial protection should you pass away. The death benefit can provide assistance with things such as mortgage payments, school or college fees, and the basic needs of running the household. Whilst nothing could ever replace you, knowing that your family can maintain their current standard of living without worrying about the lost income, will most definitely be helpful.

3. To enjoy financial security: 

For many, insurance is something to be avoided because it seems senseless to pay out your hard-earned money for something that may or may not happen.  Having insurance is a financial “safety-net” that everybody should consider and we should not dismiss an essential personal financial planning tool that can help with short-term and long-term requirements. If we don’t, the outcome could leave you and your family vulnerable to events that could cost you and your family more than taking out an affordable insurance policy.

No matter what your financial position is, an unexpected event can see it all untie very quickly. Insurance offers a payout so that if there is an unforeseen event you and your family can hopefully continue to move forward. Every day we are exposed to many risks which can cause a financial loss. Accidents, property damage, illness, and death are risks we often consider. However, other important risks also need to be highlighted, such as the possibility of being sued or becoming disabled and unable to work.  Should any of these become a reality, insurance can provide financial security.

4. Peace of mind:

Not only does the money you spend on insurance “buy” you payment for claims, but it also “buys” your peace of mind knowing that you have protection for the unfortunate and unexpected time when you may need to use it.  Honest and trusted insurance companies earn their premiums by providing the peace of mind you need so that you can live your life every day without worrying about what would happen if your house burned down or was burgled, you need an operation, or you are involved in a motor vehicle accident and they didn’t have insurance.

5. Payment for losses:

Insurance should be more than just a transaction. Having insurance should also involve a trusted relationship built on a promise to put people before policies so that when the time comes to purchase or claim, the insurance company will to listen to you, identify your risks and provide solutions. Insurance should be a promise from the insurer to deliver and assist you in the event of a loss. Insurance offers security to you that when something bad happens, all is ok, and you will get the assistance and payment needed at your time of need.

So, as you can see, trusted and reliable insurance is designed to provide certainty about the future and help you and your family through unexpected events.  “There is an old adage that says’ just when you have everything planned, life happens.’ (Unknown) Because life is uncertain, there are no guarantees that you will have saved enough or saved for long enough, to guarantee your family’s future if the worst happens.  If you are weighing up the pros and cons of taking out insurance, we trust these simple points will be of some assistance.

NB - We would like to also remind you that as with all things involved with your personal finance, the ReviewA always suggests that you get professional and trusted advice from a financial advisor.