In the hustle and bustle of your fast-paced life, expecting the unexpected and being prepared for any event is important to ensuring a secure future for yourself and your family. But sometimes, even being aware of the issues that may arise is not enough to actually recover if they do -- especially when it comes to financial recovery from the likes of illness, natural disaster or a loss of income.
In order to make certain you are really prepared for crisis, and can not only get through it, but continue on after it, it is important to consider insurance for the most significant aspects of your life. Below are five insurance products you should have to protect yourself and your lifestyle in the face of change or crisis.
1. Income insurance
A new insurance product, income protection insurance really started to become popular during the recent global financial crisis. With job security at risk, and the property market and the cost of living still high, many people assessed their situation and realized they would struggle if they or their partner were to lose their income. Income insurance basically ensures you will maintain income for a period of time, even if you lose your job. It can mean the difference between a stressful search for a new job, and the opportunity to find something you truly love.
2. Car insurance
A basic insurance, but an incredibly necessary one. Many people rely on their cars everyday for their livelihood, whether it's getting to the bus or train, or driving the kids to town for school. It has a significant impact on lifestyle and plays a role in everything from work to social life. So what would you do without it? With third party insurance a legal requirement, it is not uncommon for people to get this bill and not consider comprehensive. But if you ask yourself the question - 'can I afford to replace my entire vehicle or even just pay significant repair costs?' and if the answer is 'no' you should consider insuring your car to the fullest extent in order to protect your lifestyle.
3. Home and content insurance
Not only are our homes the place that keep shelter over our heads, they are also the place in which we store all of the valuables most precious to us. If you don't have a large nest egg, and can't afford large repair costs associated with homes damaged by natural disaster -- or any disaster -- than it is vital your home is properly insured. Similarly, if you can't replace the items in your home, such as electricals, jewellery and other valuables, and you feel these are important to your lifestyle, consider content insurance to assist in case of crisis.
4. Medical insurance
Australians are lucky to be partly medically covered, through the Medicare scheme, however despite this, if most of us were struck by serious injury or illness, we would struggle paying the remaining amount. Private health cover is important not just because it can mean shorter waiting periods to surgeries, and assistance in paying the bill, but at tax time, is also a bonus. Many young people neglect to get medical insurance until they are on their feet, but it is always important to be prepared for anything -- and when even an ambulance ride costs more than most people's weekly income, being ready is a must.
5. Life insurance
Not something most people like to talk about, life insurance should be a significant consideration for anyone with a family or a mortgage. What would happen to your partner or children if you they lost you to an accident or illness. Could they survive financially? Could they afford funeral costs? Most importantly, could they continue to afford living in their own home? Life insurance can help alleviate the financial burden of a loss of one income, leftover medical bills, or just help set your family up for a more secure future, as opposed to struggle.
In order to make certain you are really prepared for crisis, and can not only get through it, but continue on after it, it is important to consider insurance for the most significant aspects of your life. Below are five insurance products you should have to protect yourself and your lifestyle in the face of change or crisis.
1. Income insurance
A new insurance product, income protection insurance really started to become popular during the recent global financial crisis. With job security at risk, and the property market and the cost of living still high, many people assessed their situation and realized they would struggle if they or their partner were to lose their income. Income insurance basically ensures you will maintain income for a period of time, even if you lose your job. It can mean the difference between a stressful search for a new job, and the opportunity to find something you truly love.
2. Car insurance
A basic insurance, but an incredibly necessary one. Many people rely on their cars everyday for their livelihood, whether it's getting to the bus or train, or driving the kids to town for school. It has a significant impact on lifestyle and plays a role in everything from work to social life. So what would you do without it? With third party insurance a legal requirement, it is not uncommon for people to get this bill and not consider comprehensive. But if you ask yourself the question - 'can I afford to replace my entire vehicle or even just pay significant repair costs?' and if the answer is 'no' you should consider insuring your car to the fullest extent in order to protect your lifestyle.
3. Home and content insurance
Not only are our homes the place that keep shelter over our heads, they are also the place in which we store all of the valuables most precious to us. If you don't have a large nest egg, and can't afford large repair costs associated with homes damaged by natural disaster -- or any disaster -- than it is vital your home is properly insured. Similarly, if you can't replace the items in your home, such as electricals, jewellery and other valuables, and you feel these are important to your lifestyle, consider content insurance to assist in case of crisis.
4. Medical insurance
Australians are lucky to be partly medically covered, through the Medicare scheme, however despite this, if most of us were struck by serious injury or illness, we would struggle paying the remaining amount. Private health cover is important not just because it can mean shorter waiting periods to surgeries, and assistance in paying the bill, but at tax time, is also a bonus. Many young people neglect to get medical insurance until they are on their feet, but it is always important to be prepared for anything -- and when even an ambulance ride costs more than most people's weekly income, being ready is a must.
5. Life insurance
Not something most people like to talk about, life insurance should be a significant consideration for anyone with a family or a mortgage. What would happen to your partner or children if you they lost you to an accident or illness. Could they survive financially? Could they afford funeral costs? Most importantly, could they continue to afford living in their own home? Life insurance can help alleviate the financial burden of a loss of one income, leftover medical bills, or just help set your family up for a more secure future, as opposed to struggle.
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