Your Child Your Insurance
We have been conditioned to understand the importance of insurance for our health. Once we reach age 30, holding a basic health insurance policy becomes a part of the non-negotiable element of our budgets.
The fear of lifetime loadings, if we don’t have at least essential hospital cover, is enough to ensure there is a reasonable spread of coverage across the working population. The government provides incentives in the form of rebates on premiums as an encouragement for this.
When we think about our homes and our cars, we take the same non-negotiable view. There is a high financial cost if we have an accident, if there is a flood, if our home is burned down. In holding insurance cover, we are protecting ourselves from the financial impact of a risk which may result in a financial loss.
The Importance of Personal Insurance
But do we consider the less tangible elements of our lives when considering the importance of insurance? Our ability to make a living? The impact on our family’s financial future if we are no longer part of the equation?
Read The Importance of Personal Insurance for useful tips to help prepare for one of the most exciting times of your life in WFO 2023 Apr Issue 4.