Life has its share of ups and downs. It can change in a flash. No one can see in the future and guess when they might need insurance or know why it is so important to plan ahead. Some people buy insurance only when necessary, like when buying a car or purchasing a home. Having insurance ahead of time, even if it is not required, throws out a huge security net when something unanticipated takes place. Having in insurance policy in place can shelter you from a major financial loss.
Whether you are healthy or not, a sudden accident, sickness, or injury might necessitate you paying major expenses when you least expect it. Without insurance, all medical costs, no matter how expensive, are going to come right out of your pocket. If your accident or illness requires a long hospital stay, or surgery with special after care, it can quickly add up to several thousands of dollars. Even though you save money by opting to decline medical or accident insurance with your employer or private insurance plan, the expense you pay being uninsured is much larger overall.
Every day, homeowners risk damage to their property and possessions by home break-ins and natural disasters. Without homeowner’s insurance, replacing all of your belongings is expensive. Some feel that paying monthly insurance premiums is too costly, but when you start adding the cost of replacing furniture, appliances, and electronics, it runs up several thousands of dollars. Having homeowner’s insurance helps you replace all your belongings.
Death of Loved Ones
No one likes to think about death, but losing a major household income earner can destroy a family. Being prepared for the loss is the best way to avoid being put in a bad situation during difficult times. With a life insurance policy in place before death, the mortgage might be paid off and credit card bills cleared up. Expenses for children and school tuition might be taken care of. More importantly, the funeral expenses and taxes are paid for. These things hit hard when there is nothing in place monetarily to help a grieving family. This is exactly why insurance matters!
By having an insurance policy in place, financial risk is reduced, and you have the support you need if something unexpected takes place. It feels much better living life knowing that our loved ones are financially protected and taken care of should something unexpected happen.