why insurance is important in our life

Let’s discuss in more detail. OptInsure > Blog > Life Insurance > Why Is Life Insurance So Important In Todays Life by Anil Kumar ~ November 22 nd 2017 From keeping official commitments, making EMI payments and paying schools fees of kids to bearing medical expenses of the family, life has become so complicated today. Suppose if income is stopped what will happen It meant Tony was out of the workforce for over six months, and while his employer was sympathetic, Tony only had two weeks of sick leave owing to him. Insurance helps you and your family against different risks like car accident, a house fire, thief etc. 4). 5 reasons why insurance matters. Cars, trains, planes and other technical machines and mechanisms fill our … Learn by example and become a better writer with Kibin’s suite of essay help services. Insurance is a safety net for when risks go wrong. So you should review your policies at least once a year to make sure you have the best policy to fit your lifestyle. Unforeseen tragedies such as illness, injury or permanent disability, even death – can leave you and your family facing tremendous emotional stress, and even grief. In order to be fully prepared to deal with the contingencies in life, insurance is very essential. Life Insurance. Why is insurance important? Why is Personal Finance Important: 9 Reasons to Manage Your Money Why is personal ... We must understand the reasons why we must manage and plan for our money at every step of life. Life insurance is a key factor in making sure that you are looked after no matter what happens. Paying for homeowners insurance makes some people cringe. Let’s look at five key reasons. It is not a matter that what is your present financial position. But you can at least have peace of mind knowing that if anything happened to you, your family’s financial security is assisted by insurance. Your family depend on your financial support to enjoy a decent standard of living, which is why insurance is especially important once you start a family. As we come to this year’s close of Life Insurance Awareness Month, I was asked this question by a young prospect this week, why is life insurance important?To answer this question is no different than answering any question about why is insurance important? Its similar for a business. We do not know what is our near destiny. The answer is simple. If you are a life insurance policyholder you will get money if you get too ill to work or to provide for your family if you die. Almost everyone over a certain age has a life insurance policy of one type of another, be it one they signed up for themselves, a company paid for one, or one imposed on them by a financial institution (e.g. Why do you need why life insurance is important? Knowing which types of insurance to select depends on your circumstances. A lump sum death benefit can secure the financial future for your children and protect their  standard of living. You can sleep easy knowing that whatever life throws at you, you and your loved ones will be okay financially. By continuing to use this site we assume you're ok with our notice. In short, you’re paying the insurer for a good night’s kip. During a simple Saturday afternoon game of backyard cricket with the twins, Tony tripped and broke his leg. Discover the importance of insurance and why it plays a central role in your financial wellbeing, helping to provide financial security for you and your family when it's needed most. The following scenario is illustrative only to demonstrate the importance of insurance and is not based on an actual event. You insure your car and your home. Insurance plays an important role in human life because it helps to recover from financial losses. If you have no other financial resources, Car insurance enables you to compensate you for your loss. Plan for Your Children’s Future. Investing can help you lay the foundations for your best possible financial future by growing wealth and building financial security. It all goes back to the idea that insurance, when activated, makes policyholders whole again. So it makes good sense to insure your greatest asset – you! You or your family’s these types of financial stress may be reduced through insurance and can recover and rebuild your life. The following form allows you to search all of BT. Top ten reasons you need life insurance. Best health insurance companies in Florida, Best Cheap Auto Insurance in Washington States and Average Rates, Average Motorcycle Insurance Cost For 21 Year Old, Largest Health Insurance Companies in The US. Insurance, of all kinds, is used to help protect consumers when certain things happen. Our notice explains how we use cookies and how you can manage them. It looks like you've lost connection to our server. Insurance simply is transference of risk from one person to another. Prevent financial hardship for your loved ones with life insurance. Some people may think of life insurance as just another expense. Both are extremely important in their own right for different reasons. To compensate you for an accident caused by someone else. The insurance holder will get the lump sum amount at the maturity of the contract. Insurance is important because it protects a person or entity from extreme financial loss or responsibility due to an unfortunate emergency, accident or negative unforeseen event. We explain the costs involved across several types of cover including Term Life insurance. Insurance can protect your property by providing compensation. It is fact that any individuals or businesses find an insurance company for insuring them. Required fields are marked *. This can be a spouse, children, business partner, lending agency, mortgage company, disabled adult, parent, or anyone who relies on your income or services. That’s because insurance is all about providing a financial safety net that helps you to take care of yourself and those you love when you need it the most. If you still have doubts, here are some reasons why life insurance is a necessity, not an option: Pay Off Debts: A life insurance policy can pay off any debts that you leave behind that would be a burden to your family. Different unexpected occurrences such as injury, illness, permanent disability, even death can fall you and your family in an intense emotional stress and even misery. In the United States, maximum people have at least one of these types of insurance. This information does not take into account your personal circumstances. 7. But anytime an unexpected event can change your life quickly and you can fall in a disaster. Life insurance can support the life of a family, should a member be lost. BT Protection Plans are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS), except for Term Life as Superannuation and Income Protection as Superannuation which are issued by BT Funds Management Limited ABN 63 002 916 458 (BTFM) as trustee of the Retirement Wrap ABN 39 827 542 991. If you have vehicle insurance, you can get financial assistance, even if the accident is your fault. Any taxation position described is a general statement and should only be used as a guide. Should a key member or piece of equipment go out of commission, the business can carry on, thanks to insurance. Share Tweet. People need insurance for various reason. Learn More →. 1. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. However, much like death and taxes, buying life insurance is an essential part of life and a crucial element of sound financial planning. There are several reasons why life insurance is important—here are the top 10. Your children may secure the financial future for your children and protect their standard of living through a lump sum death benefit. Life insurance offers protection for your family and home in the event of your death. Life insurance policies are important because they provide many options for debt repayment, income replacement and estate planning for your family. Insurance offers a payout so that if there is an unforeseen event you and your family can hopefully continue to move forward. For an example, an insurance policy is a need in a fast food restaurant for covering damage or injury that happens as a result of cooking with a deep fryer. But you have to pay extra to cover earthquake. Why is it important to have insurance for a newborn baby, adolescent, or teenager (i.e., people who can’t even open their own checking account without help from an adult)? The value of life insurance. Look, the main reason Life Insurance is important is peace of mind. There are many different kinds of insurance, some of which cover a person and some of which cover businesses and other entities. Insurance Q&A: “Why is insurance important?” The answer depends on what type of insurance we’re talking about. In this uncertain world, anything can happen and our income can be stopped. As we move through life, find a partner, raise a family, and maybe start a business, the importance of insurance in a long term plan increases. Why Is Life Insurance Important? Insurancefaith.com is a web blog on insurance tips on car insurance, motorcycle insurance, life insurance. Top Reasons Why Insurance Is Important In Everyday Life October 30, 2018 November 14, 2018 admin Business Insurance is a part and parcel of our everyday life and we all have to take more than one insurance to ensure our safety and to get the much-needed coverage we need to rise up from the perils life throws at us at the most unexpected situations. When we talk about insurance it is very common people tend to ignore insurance policy by making silly excuses like we are safe, we don’t require an insurance policy. In some countries, insurance is mandatory for all. Here are the nine reasons why you need to manage your money. And I promise it’s probably not as expensive as you think it’ll be. You may involve in an accident that’s clearly your fault.If you didn’t have car insurance, you can be a victim on the other side of a lawsuit and for that reason, You can spend a lot of money and you feel uncertainty over your future. In that situation of the accident, you’re the victim and you need compensation for injuries and as well as any damage to your vehicle. The couple needed to tighten their belts a little until Tony was back on his feet but they were able to keep up with their home loan repayments, which would not otherwise have been possible without their Income Protection cover. We use cookies to secure and tailor your web use. There are so many reasons why but we will cover all of the important factors of each type of insurance offered here. Your individual situation may differ and you should seek independent professional tax advice. A systematic saving is made in life insurance due to payment of regular premium. So it can be declared confidently that life insurance encourages savings. Jones Basic Life Insurance Facts. There are different types of insurance policies in the insurance market. It means the people who matter most in your life may be protected from financial hardship if the unexpected happens. Insurancefaith© Copyright 2020, All Rights Reserved, Why is insurance important in Every Life – Top 10 Reasons. You should also consider obtaining personalised advice from a professional financial adviser before making any financial decisions in relation to the matters discussed hereto. Life insurance is best when it's part of a comprehensive financial plan. This reason why insurance is important dovetails nicely with peace of mind (No. But when you sit down with an expert who has your best interests in mind, you may find that life insurance is something you not only need, but truly want, as well — to protect your family, dependents, business and legacy. Protection for you and your family No matter what your financial position is today, an unexpected event can see it all unravel very quickly. You can feel financial security in this adverse situation. Top Reasons Why Insurance is Important in Everyday Life Published on March 31, 2020 March 31, 2020 • 4 Likes • 0 Comments Your assets like your vehicle; your home is the most valuable to you. The Bank does not guarantee the insurance. With insurance in place, you or your family’s financial stress will be reduced, and you can focus on recovery and rebuilding your lives. Why is Life Insurance important? Why Is Homeowners Insurance Important?. Close your eyes for a minute and think about what would happen if you had an unthinkable accident and died today. BT Protection Plans are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS), except for Term Life as Superannuation and Income Protection as Superannuation which are issued by BT Funds Management Limited ABN 63 002 916 458 (BTFM) as trustee of the Retirement Wrap ABN 39 827 542 991. 8. There are two basic types of insurance; property and casualty, known as P&C, and life and health, known as…you guessed it, L&H. Read the Product Disclosure Statement to see if this insurance is right for you. It does not constitute tax advice and is based on current tax laws and our interpretation. The health costs associated when a person is hospitalized due to an accident or a body malfunction is also prompting many to … View the BT Wealth Connect FSG. Life insurance provides your spouse with additional money to fill in the gap left behind by the loss of your income. why life insurance is important – this is an important issue in the life of modern man. © BT - Part of Westpac Banking Corporation. Ideas and tips to help you to prepare for your best financial future. To protect the family, Tony decided to take out Income Protection Insurance. Now that we tend to work more with loans and debts as adults we must know that things like accidental death or being fired from a job at a very bad time in your life can happen and do … 3. Insurance helps you and your family against different risks like car accident, a house fire, thief etc. Decrease stress during very difficult times. So to help you with this process, we’ve identified some key things you may want to consider when it comes to your insurance if it is held inside super. This also meant taking on a bigger mortgage on one income, as Karen is a homemaker. For the most part, this protection comes in the form of money. Why is insurance important? Also you can apply online insurance in Dubai. Insurance does not protect only against risks and uncertainties, but also makes a opportunity an investment channel too. Each type offers a valuable life addition to protect your from debt and liability. The information shown on this site is general information only, it does not constitute any recommendation or advice; it has been prepared without taking into account your personal objectives, financial situation or needs and you should consider its appropriateness with regard to these factors before acting on it. A comprehensive home package policy protects your house from damage, burglary, and electrical or mechanical breakdown. The world is developing at a frantic pace. Terms and conditions, and limitations and exclusions apply. Prepare for your best financial future – discover how our superannuation accounts can help you save for retirement. While the main objective of buying a life insurance policy is to protect oneself from unforeseen circumstances, it can also help in wealth accumulation, preservation, and give access to liquidity at the right time, if added as a component of financial planning. Your health and wellbeing can be replaced by No amount of money- your role affects your family. Insurance is important because it is designed to pay various types of claims depending on the type of policy that applies. Life and health insurance are extremely important to benefiting your life, not only in terms of finance and savings, but also in terms of your overall health and the future of your family. There is health insurance, home insurance, car insurance and life insurance. Insurance is a protection from the risk of significant financial loss in the future.Insurance is a method of taking financial peace of mind against the risks and uncertainties in life like loss of property, untimely death, serious health issues. Why is Insurance Important Home, automobile, and life are just three of the various kinds of insurance policies that are available for consumers. That’s why an annual review of your insurance options can provide additional ways to manage risk, and help ensure that you stay on track to meet your wealth management goals. © BT - Part of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. If you are an earning member of your family, Your family must depend on your financial support for a suitable standard life, for that reason insurance is specially significant for you and your family. Tony (34) and Karen (33) recently upgraded to a new home to allow their twin boys Nicholas and Rocky (aged 4) more room to play. Thief etc scenario is illustrative only to demonstrate the importance of insurance offered here activated, makes policyholders again! Avoid financial hardship through life insurance can support the life of modern man tax laws our. Not be one of these types of cover including term life insurance should not be one of these types cover. 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