Although some people might consider insurance as an irritation and just another added cost to their monthly outgoings, it’s important to consider the implications of not having insurance in place. This article is designed to raise awareness of how avoiding insurance for important aspects of everyday life could cost you a fortune if fate is not on your side.
Insurance plays a key role in the financial wellbeing and protection of families, individuals and businesses around the world. It safeguards people when they need it most, shielding you against financial hardship should the worst happen.
Let’s first consider the value of life insurance. It’s important to educate millennials about the benefits of such insurance. According to Statista, 60% of Americans own life insurance, but just 16% of this demographic are millennials. Although it might be the cost of a couple of takeaway meals each month, don’t let that put you off. It’s always important to play the long game when it comes to insurance. If your family depends on your income to enjoy a comfortable lifestyle, a life insurance policy that pays out a lump sum or a fixed monthly income upon your passing can give you great comfort that your loved ones will be looked after even in the most difficult of times ahead.
No-one can foresee what is around the corner in life, whether it’s illness or fortune. Although you might feel invincible and think that insurances guarding against critical illness aren’t necessary for you and your family, in reality, that is not the case. For the sake of $40-50 it could be prudent to protect you and your loved ones against serious or terminal illness, or even permanent disability; all of which could force you to retire from work and lose your main source of income.
For individuals that are looking to go freelance or self-employed, insurance is extremely important too. Even though you might not have a huge pot of money to help with running costs as a startup, insurance should be considered in startup costs. If you are planning on working as a freelancer on behalf of clients and agencies, professional indemnity insurance is vital to guard against human errors that may cost clients thousands of pounds. If they suffer financial losses as a result of your work, they could take legal action against you, resulting in legal costs amounting to tens of thousands of dollars.
It’s the same for small and growing businesses. General liability insurance coverage is a basic yet essential form of insurance for companies. It protects against all kinds of accidents that can happen on-site to customers and employees alike. If your staff regularly work in the homes of your customers, this cover can also protect you in the event of accidental damage. Lawsuits for claims against self-employed professionals and businesses are costly endeavours to fight. Having an insurance policy in place makes it easier to settle such disputes without the need for expensive trips to court.
No amount of money can replace the health and wellbeing of your family or the financial security of your business. Although this website is largely in the business of helping our readers save money, paying out on vital insurances is in fact a way of saving money for homes and businesses. For a relatively small monthly premium, compared with the cost of a lawsuit, you can go forward and live your life the way you want without having to constantly look over your shoulder.