YEs Or No – Do You Really Need These 5 Forms Of Insurance?

YEs Or No – Do You Really Need These 5 Forms Of Insurance?

The world can be a dangerous and scary place, and it seems for every possible mishap, there’s a product that can be purchased to mitigate the risk. When it comes to insurance, no-one can say on behalf of another that they do or don’t need certain cover (because we all have unique risks), but there are high-priority and low-priority forms of cover. 

Do you really need these five forms of insurance? The final decision is up to you, but here are some considerations to keep in mind:

Health Insurance

Verdict: It depends on your situation

If you have a family, if you have a chronic health condition or a compromised immune system, or if you work in a high-risk environment, you might want to consider looking at the best dental cover and health insurance you can afford. If you need a recommendation, don’t be afraid to consult oral solutions in Woodbridge. This cover will ensure that your medications are covered and enable you easier access to emergency care when you need it. 

If you’re a young and healthy adult with a low-risk lifestyle and you take good care of yourself (stay hydrated, get enough sleep and exercise, and try to eat a moderately healthy diet), you may be able to get away without health insurance. Most state facilities are adequate for emergency care if you need it.

Life Insurance

Verdict: Nay (but also a little bit Yay)

If you’re single and self-sufficient, there’s no need to pay premiums for life cover. If you’re supporting a family, or if you have other dependents, you might want to consider life insurance to ensure those you leave behind are well taken care of. 

If you are employed and struggling to make ends meet, you might want to discuss a life insurance policy that will pay out should your financial benefactor pass away. It’s easy to forego this repayment because it feels like an unnecessary added expense, especially if times are already tough, but a small repayment now can ensure that you’re able to continue to survive later on in life. 

Third-Party Vehicle Insurance 

Verdict: BIG Yay

If you own a vehicle and you drive it on public roads, you have to have third-party cover on your vehicle insurance plan. Third-party insurance is often mistaken for cover that protects multiple vehicle drivers and is seen as an unnecessary expense. This is not the case. 

If you accidentally reverse into another vehicle (like a Ferrari), your third-party insurance will cover the other driver’s expenses, preventing you from being taken to court if you can’t cover the damages. Third-party insurance protects you by paying out the third-party. 

Income Protection

Verdict: Probably Nay

Income protection leads you to believe that, should you lose your job, you will continue receiving a salary until you get a new one. However, most plans will only pay out a portion of your salary and the cover only protects you in specific circumstances. Most policies refuse to pay out unless you were retrenched or dismissed. Overall, it’s better to simply save money each month to cover yourself in these instances. 

Funeral Cover Insurance

Verdict: Probably Nay

Funeral cover insurance will assist your loved ones financially in covering the costs of a funeral. Whether you choose cremation or burial, the costs are surprisingly high. If you have a life insurance policy, you definitely don’t need to purchase funeral cover. Instead, opt for a life insurance plan that has a contingency in place for funeral cover. 

Though the decision is ultimately yours, use the tips above to make informed choices about your insurance needs. 

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