While investing in stocks and shares is one of the sexier sides of finance, it’s not the safest. If there are a big recession and the market tanks, you can lose half your money overnight, as many people did in 2008.
Smart people, therefore, use tools like insurance that allow them to protect their wealth at relatively low cost, should the worst happen. But with so many products out there, which do you absolutely need? And which can you pass up? Let’s take a look.
Auto insurance isn’t just something that protects your wealth in the event of an accident – it’s a legal requirement. If you don’t have it and drive a car, you’re breaking the law.
While there are ways around paying for auto insurance – like taking an Uber whenever you need to get somewhere by car – they’re not practical for most people. If you live in the suburbs, you often don’t have any choice but to rely on a car to get around.
For the best quotes around, make sure to check out one sure insurance.
Most standard homeowners’ insurance products don’t cover “flooding” in their terms. The reason for this has to do with the risk to the insurance company. The chances are that if one home gets flooded, many will and the insurer will have to pay out enormous sums of money to cover the costs.
If your home is at risk of flooding, you may be able to buy flood insurance – a standalone product that protects if you’re inundated after a storm. It’s not always the cheapest of coverage, but it can provide peace of mind if your dwelling is in an at-risk area.
Pet insurance might sound a bit gimmicky, but you soon see how valuable it is when you need to pay those inevitable vet bills. Going to the vets isn’t cheap, especially as your animal gets older and their health conditions more severe. Operations can set you back more than $5,000. It makes sense, therefore, to pay a small monthly premium to cover any costs should your pet fall sick – which they are liable to do at any time.
None of us likes to think about the prospect of becoming disabled at some point in our lives, but it could happen. And if it does, it means that you’re unable to work and generate an income – not good.
Disability insurance is a type of cover that provides you with a set level of money every month should you be unable to work in your current role because of a physical or mental disability. Most short term policies will provide you with 60 to 70 percent of your current income. Long-term disability cover offers 50 to 60 percent. While you might not have as much money sloshing around as if you were in full-time employment, it can help you continue to have a high quality of life.
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