What insurance should you not be without?

When we get an insurance policy, it’s often grudgingly, and monthly payments can seem like a tax. In the event that anything goes wrong, the joy and relief of being covered is enormous. There are certainly some unnecessary policies out there, but others are completely essential if you don’t want to risk an event you have no control over. We run through the most important below.

Car Insurance

Along with employers’ liability insurance, third party motor insurance is the only policy that is legally compulsory. Driving a car without the most basic motor policy is a criminal act and car insurance isn’t just essential because you could go to jail without it. You can do serious damage to property, people, and yourself, so having car insurance is hugely important. There is a huge range of car insurance policies available but classic or modified cars can be expensive to cover unless you go through specialists such as adrianflux.co.uk.

Home/Contents Insurance

Your property is likely to be the most expensive thing you own, while the value of everything you keep in it will be eye-opening when you add it all up. Why risk throwing that money away by not covering them against damage or theft? Failing to insure means a fire, flood or other serious incident could leave you without the money to replace your things. If you rent your home or own a flat in a block, you will only be responsible for contents insurance, it is however important that you make sure your Landlord has up-to-date building insurance.

Travel Insurance

People often decide against travel insurance, but doing so can have terrible consequences. The policies cost little and can save you the trauma of a huge range of travel-related problems, from cancelled flights and lost baggage, to paying for your medical care and return home after a serious injury or illness.

Disability/Critical Illness

Unlike travel insurance, disability and critical illness cover are among the most expensive policies you can get. The cost of the premiums are an indication of what the insurance company expects to pay out and how likely they think a claim will be. An accident that leaves you disabled or the onset of a serious illness like MS or cancer can be financially disastrous as well as emotionally destructive. Your earning potential will massively fall as the cost of medical care, home renovations etc. rocket. Insuring against them provides financial strength at a critical time.

Life Insurance

You won’t personally benefit from life insurance, as it only pays out when you die. As such, if you are single and have no dependents, it is unnecessary. The moment you have a family or a mortgage, it should shoot up your list of priorities. Term life insurance covers you for a set period of a couple of years so insurers can charge younger, healthier people less. If you worry that your loved ones won’t have the means to support themselves with you gone, getting a life insurance policy is a must.

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