Insurance is just one of those things that you hope to never need, but are incredibly glad you have it if and when you do need it. That being stated, there are multiple types of insurance to choose from, and they are all valuable in different ways.
The main point of having insurance coverage is to mitigate your overall risks in life.
In essence, insurance is there to protect you when the junk hits the fan. In fact, making a small investment in personal insurance will provide you with the ability to not only live with far less stress, it will also provide you with security in advance.
The bottom line is that insurance is far more than a simple tax savings tool. It also provides you with multiple vital benefits. The following information will provide you with a few reasons why insurance is not only important, but also necessary.
Reason #1: Insurance Protects Your Loved Ones
Although your current income may comfortably support your family and their future goals, what would happen to them if you suddenly died? Would your spouse and your children be able to meet their current financial needs, let alone their future ones without you?
If you truly want to provide for your loved ones no matter what happens to you, consider purchasing a term life insurance policy.
If you do happen to pass away before your time, your family will receive either a lump sum amount, or a monthly payout that will provide them with enough money to cover their financial requirements now and in the future.
The good news is that term life insurance is a type of coverage that has an affordable premium cost. The investment is well worth the fee. You will be able to live with the peace of mind of knowing that your family will be well taken care of from a financial standpoint.
Reason #2: Insurance Protects Your Assets
If you own a house, other types of real estate property, a business, or anything of value than you need the appropriate insurance coverage in order to protect those assets.
For example, your homeowners/property owner’s insurance policy covers the cost to repair or replace your real estate and valuable contents that are damaged or destroyed by fire and most natural disasters.
Your automobile insurance policy pays for repairs or replacement of your vehicle if you get into an accident. Protecting your assets is extremely important because you just never know when a catastrophe will occur.
Reason #3: Insurance Protects You From Liabilities
We happen to live in an extremely litigious world. It seems as if everyone is looking to sue you in order to benefit from a monetary gain.
That means you need to have the proper insurance policies in place in order to protect you from those liabilities. For example, homeowners/property owners/renters insurance protects you if a person is injured while visiting your house, commercial/industrial property, or apartment.
In essence, if that person decides to sue you, the insurance will typically cover the costs so that you will not need to pay out of pocket. The same holds true for automobile insurance.
If you cause an auto accident and the other party or parties are injured, you will be held liable. Once again, the insurance will typically cover the costs so that you will not need to pay the victims out of pocket.
In conclusion, life in incredibly uncertain and has a way of throwing surprises at you when you least expect it. In order to be fully prepared to deal with the contingencies in life, insurance is absolutely essential.
It is important to fully understand exactly what you are purchasing when it comes to insurance policies. If you have any questions, please call (508) 831-0133 to contact an associate at Zawada Insurance. We are happy to walk you through the details of your insurance policies and explain your coverage options. We look forward to helping you with all of your personal and or business related insurance needs now and in the future.