We are living in a world of uncertainty, the only certainties in this world are death and taxes, which means we need to take precautions in order to minimise risk. In this short article, we present a few insurance policies that every Australian adult should take out.
- Life insurance– No one can predict the future and should the worst happen and your life is cut short, you should take out life insurance stating the beneficiary. In the event of your passing, the last thing your family needs is financial issues and life insurance offers essential protection for your loved ones. While on the topic of life insurance, you should write a will that makes sure your wishes are implemented; a family lawyer can assist you with this and once the document is signed and witnessed, it becomes legally binding.
- Health insurance– Regardless of your age, every adult should have suitable private health insurance from a leading Australian insurer. Google will help you to compare various packages and premiums, then you can make an informed decision. Typically, the insurer would have a range of policies, ranging from emergency treatment only to fully comprehensive insurance and you are advised to talk to an independent insurance broker, as they have associations with many insurers and can therefore find a policy that meets your needs.
- Home insurance– Your home should be covered for storm damage, flooding, ground subsidence and fire; you can also insure personal possessions and all the contents of your home. Nature can conjure up frightening scenarios and should your home be damaged, at least your insurance covers it. You should always read the small print before making any commitment, which ensures you understand precisely what cover you have. You can also take out insurance for your children, as this article points out.
- Vehicle insurance– Of course, it is compulsory to have at least 3rd party car insurance that covers damage to other vehicles, fire and theft. If your car is relatively new, comprehensive insurance would be a better option, which covers you for all damage regardless of the cause.
- Holiday insurance – This would typically cover you for losses, such as cameras or other valuables, plus it would cover you for illness or a hospital stay due to an accident. Medical treatment can be very costly when you are abroad and without cover, it could wipe out your savings. Imagine losing your wallet to a thief! This could ruin your holiday and for the little it costs, you will have peace of mind when in a foreign country if you have suitable holiday insurance.
There are people who think that insurance is a waste of money, yet, as already mentioned, nothing is certain in this world. Peace of mind is invaluable and when you have multiple insurance policies, you can sleep at night, knowing that you are covered for almost every eventuality.
