Risk Revision - Understanding The Need For Personal Insurance

Life can seem like a risky business. Accidents can (and do) happen when you least expect them, and can blind side even the most frugal and well-prepared among us. Personal insurance policies provide an extra layer of protection to you and your family when you most need it, and can often be the difference between a stress free recovery, and a difficult, long-fought battle.

More Than Money

When it comes to choosing an insurance policy which is right for yourself and for your family, it’s worth thinking about more than just money. Short term planning may seem like an effective way to manage your finances and appointments, but when you have to consider the needs of loved ones or family members, longer term planning is essential.

It’s best to get in touch with a professional to find out how to best protect you and your family (click here for highly regarded insurance brokers in Melbourne) should any unthinkable or tragic events occur. A qualified, accredited broker can guide you towards the best policy for your unique situation and give you the important information you require without any complicated jargon or oversell. Having a thorough understanding of your rights and entitlements can provide you and your family with the peace of mind needed to proceed with life-changing decisions with a clear head.

Risk Mitigation

Personal insurance products exist to provide an effective risk mitigation strategy. One such example is income protection insurance. Income protection insurance can help you and your family survive periods where your employment is affected by redundancy or a shortfall in employment, without the need for excess waiting periods or arbitrary skills assessments commonly performed when trying to access welfare payments.

Income protection insurance is also a more effective way to ensure the costs associated with maintaining your lifestyle remain covered. Government welfare payments are generally so basic and threadbare that non-essential purchases are untenable, and times of celebration such as birthdays and holidays are met with disappointment, sadness and a loss of traditional seasonal feeling.

An Expensive Trip

Booking a holiday is costly enough without factoring in an unexpected accident or cancellation. Between flights, accommodation and transfers, there are a lot of numbers to consider, and it can be tempting to find ways to cut down on costs. Travel insurance is not one of those things than can be cut. It’s an important part of planning your holiday, and if you can’t afford to insure your travel, you can’t afford to take a holiday.

Travel insurance provides protection against many of the most common travel related expenses and accidents, including cancellations, medical expenses and repatriation. Even a seemingly small event at home (such as a visit to the doctor or a case of food poisoning) can become forbiddingly expensive when overseas. If you want a holiday without the lingering threat of financial burden, take (insurance) cover.

Insured For Life

Life insurance is about more than just ensuring your costs are paid should you die or become permanently disabled (otherwise referred to as TPD - total and permanent disablement). Life insurance can provide you with the assurance that your loved ones will remain financially supported if you become unable to work or are suddenly killed or gravely injured. It may sound morbid or unlikely, but death is one of life’s only certainties - it’s best to be covered in the event of an unlikely or tragic event.

Personal insurance can provide you and your family with an extra layer of protection in times where you need it most. It can provide budget-friendly assurance in leaner financial times and help you and your family to find your feet in difficult or hand-to-manage circumstances.