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When Insurance Is Totally Worth It And Totally Not

May 30, 2019Lifestyle0 comments

When Insurance Is Totally Worth It And Totally Not:  Insurance is a real conundrum at times. You can’t predict the future; you have no idea if you’ll need it. Will it be a waste of money? Will it be your savior in a lousy time? If you don’t get it will that mean you’ve jinxed it and now something terrible will happen? It’s so hard to know; it’s all based on your fear of the future. But there are sometimes when it is an absolute must, so take note:

1.  When It’s Obligatory

Well this an obvious one, it is illegal to drive without insurance so if you have a car and you intend to use it then get insured. Also if you want a mortgage, then you’ll probably be asked to have your property insured too. So, in these cases, it isn’t just a good idea to get insured; it’s a legal requirement. There’s no umming and ahhing about it, only choosing your provider.

2.  When You Know It, You’ll Probably Need It

Are you someone who has broken every phone you’ve ever had? Do you live somewhere prone to flooding? Do you have an incurable illness? If there is a higher probability that you’re going to need insurance more than the average person and you know about it, then it would be stupid not to get it.

3.  When The Financial Implications Would Be Devastating

For example, if you’re going on holiday, it’s not always required to get travel insurance unless you’re going on an action-packed trip. But travel and health insurance don’t cost a lot whereas if you were to get ill or have an accident in another country and have to pay for healthcare, then you could be looking at thousands to get you better and later, even more, to get you home.

4.  The Ones To Absolutely Avoid

There are so many insurance policies available, and they will be sold to you because they will pray on your fears. There are a few you should altogether avoid such as Flight Insurance. This is entirely unnecessary as airline accidents rare, and if you have life insurance or travel insurance, then you can get it covered in there should something awful happen. Life Insurance for Children is another entirely unnecessary one. The point of life insurance is to provide a safety net for your children or loved ones. Children don’t have heirs, so if you were thinking of getting life insurance for them, instead insure them differently and put the money toward their education or their future. Another one is unemployment Insurance because while it sounds ideal to have your minimum payments sorted while you are out of work, you could save your money yourself and create an emergency account should you lose your job.

When Insurance Is Totally Worth It And Totally Not

When Insurance Is Totally Worth It And Totally Not:  Always remember though that while you may feel safer with insurance, be aware of insurers acting in bad faith. Insurers are for-profit companies, and you will hear stories of them denying valid claims to increase their profits. If you do end up in a situation like this, then you need to get in touch with a bad faith attorney as they can help you with any queries you may have.

Best,

[a contributed post]

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