Budgeting & Thrifty

Essential Insurance To Safeguard Your Family

This is a collaborative post

You work hard to achieve your financial goals, clock in a lot of working hours to provide for your family and to grow your retirement money but is it enough to protect you and your family? Being a parent, you are the family’s main income earner and may not have thought about what would happen if someone became ill or had an accident. If any of these issues occurred, then having the insurance can protect the family’s wellbeing. Having the right insurance policies in place will give you peace of mind that your family is secured and safely covered if the unexpected happened. In the current market today, there are several different types of insurance options available but the cover you may need will depend on work, age, and the health of all your family members.

Why do you need Insurance?

Having the right insurance policy in place will cover your whole family in the unfortunate event that something unexpected occurs and it will also give you peace of mind knowing you are adequately protected. With the right insurance cover, you and your family’s financial stress will be greatly reduced. Having insurance enables you to own a home, drive vehicles, cover health costs, and provide for your family.

How to choose the right protection

When choosing insurance protection, it is important to have in-depth knowledge about how the product works, how and when it pays, and how it will suit your individual needs. There are so many different insurance types on the market and comparing them can be quite difficult sometimes. Seeking independent advice is important, especially when choosing the right insurance to protect you and your family. Your adviser will assess your family circumstances and will then recommend the best insurance options for your specific needs.

Types of Insurance:

Home Insurance

Your home is probably the biggest asset you have so it makes good sense to protect it as it is your prized possession. There are different types of home insurance available, these generally include building and contents cover. Protect your loved ones appropriately, after all, it is your family home!

Building insurance

This covers the cost of rebuilding or repairing the main structure of your property. It usually includes windows, roofs, walls, and any fixed items inside the property. Buildings insurance covers you in the event of loss or damage due to water damage, falling trees, smoke, fire, and natural disasters.

Contents insurance

Contents insurance covers all your belongings inside the home in the event they are stolen, damaged, or destroyed. It usually includes furniture, electrical items, kitchenware, clothing, jewellery, and much more.

Car Insurance

If you drive on a public road, then you must have valid car insurance by law. There are different types of car insurance, these include third party, third party fire and theft, and fully comprehensive cover. Fully comprehensive cover protects your vehicle and other road users in the event of an accident occurring and also covers you for fire and theft. You can drive around safe knowing your family is protected at all times.

Life Insurance

Life insurance ensures that your family are secure and financially protected in the event of your death. Depending on your policy, life insurance can be arranged for your family to receive regular payments or a lump sum if you become ill, if you die, or are unable to work. It is important to have life cover if you have a spouse that isn’t working or have young kids. Health issues or death can occur and unfortunately is a natural part of life so it is important to ensure your family is financially taken care of if you can longer provide for them.

Other ways to protect your family

Income Protection

Income protection insurance provides you with a regular income as a replacement if you can no longer work due to a disability, an accident, or a long-term illness. Income protection is only obtainable if you are self-employed or in full-time work. It pays you a regular monthly income which replaces some of the income you have lost. This policy will give you peace of mind that your family will have some financial security if you are unable to work due to an illness.

Pet Insurance

For a lot of families, a pet is seen as part of the family. An animal needs to be taken care of which involves a lot of responsibility such as feeding them and taking them to a routine checkup at the vet. Along with a checkup at the vets, in some cases, your pet may need an unexpected medical procedure which can be an unexpected medical expense. Avoid unwanted stress and financial strain by purchasing pet insurance for financial protection and peace of mind. There are many different types of cover for your pet, these include:

Lifetime cover
Accident only
Per condition, time-limited
Per condition, no time limit

Lifetime cover

Your pet fees will be covered if an injury or illness occurs which needs to be treated for a lifetime or several years.

Accident only

Accident only covers your pet’s treatment if an accident occurs such as being struck by a vehicle.

Per condition, time-limited

All vet fees will be paid for up to 12 months including a max amount per condition.

Per condition, no time-limit

All vet fees are covered for a particular condition until a financial limit has been reached. The condition is then excluded from any future claims you make, and it then becomes a pre-existing condition.

What happens if I get sick?

If you or a family member becomes ill, then life insurance and income protection are available to protect and safeguard your family financially.

Insurance can seem confusing, complex, and not the most exciting to deal with, however, it is crucial to buy the right policy to live a happy and financially secure life, especially if you have a family. It is essential to get advice from an experienced and professional insurance provider. An adviser can set up your insurance, tailor it to your specific needs and specific goals that you have for your family. They can also guide you through the whole process and ensure you are receiving the best possible cover for your needs and budget.

Disclosure: This is a collaborative post

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