why insurance is important in our life

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Why is Personal Finance Important: 9 Reasons to Manage Your Money Why is personal ... We must understand the reasons why we must manage and plan for our money at every step of life. Your family depend on your financial support to enjoy a decent standard of living, which is why insurance is especially important once you start a family. Here are the nine reasons why you need to manage your money. If you searching for best insruance companies or review , we are helping you here with lot of information. You may involve in an accident that’s clearly your fault.If you didn’t have car insurance, you can be a victim on the other side of a lawsuit and for that reason, You can spend a lot of money and you feel uncertainty over your future. Both are extremely important in their own right for different reasons. It meant Tony was out of the workforce for over six months, and while his employer was sympathetic, Tony only had two weeks of sick leave owing to him. For an example, an insurance policy is a need in a fast food restaurant for covering damage or injury that happens as a result of cooking with a deep fryer. There are special types of insurance policies for businesses, these types of insurance protect you from specific types of risks faced by a particular business. Protection for you and your family Jones Basic Life Insurance Facts. This also meant taking on a bigger mortgage on one income, as Karen is a homemaker. Now that we tend to work more with loans and debts as adults we must know that things like accidental death or being fired from a job at a very bad time in your life can happen and do … The importance of insurance keeps increasing every day because of our lifestyle. So it can be declared confidently that life insurance encourages savings. Your email address will not be published. You or your family’s these types of financial stress may be reduced through insurance and can recover and rebuild your life. Insurance helps you and your family against different risks like car accident, a house fire, thief etc. Life insurance policies are important because they provide many options for debt repayment, income replacement and estate planning for your family. 1. Your health and wellbeing can be replaced by No amount of money- your role affects your family. Changing your coverage along with your changing needs and life circumstances is important. Look, the main reason Life Insurance is important is peace of mind. Top ten reasons you need life insurance. BT Protection Plans are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS), except for Term Life as Superannuation and Income Protection as Superannuation which are issued by BT Funds Management Limited ABN 63 002 916 458 (BTFM) as trustee of the Retirement Wrap ABN 39 827 542 991. Should a key member or piece of equipment go out of commission, the business can carry on, thanks to insurance. It does not constitute tax advice and is based on current tax laws and our interpretation. Why do you need why life insurance is important? We collect Data from internet source. Knowing which types of insurance to select depends on your circumstances. It all goes back to the idea that insurance, when activated, makes policyholders whole again. If you have vehicle insurance, you can get financial assistance, even if the accident is your fault. Insurance is a protection from the risk of significant financial loss in the future.Insurance is a method of taking financial peace of mind against the risks and uncertainties in life like loss of property, untimely death, serious health issues. There is health insurance, home insurance, car insurance and life insurance. Insurance Q&A: “Why is insurance important?” The answer depends on what type of insurance we’re talking about. 8. Why is insurance important? But when you sit down with an expert who has your best interests in mind, you may find that life insurance is something you not only need, but truly want, as well — to protect your family, dependents, business and legacy. That’s because insurance is all about providing a financial safety net that helps you to take care of yourself and those you love when you need it the most. This reason why insurance is important dovetails nicely with peace of mind (No. Terms and conditions, and limitations and exclusions apply. Prevent financial hardship for your loved ones with life insurance. Now that we understand why insurance is important in the UAE, let us also understand more about life insurance and term insurance. When we talk about insurance it is very common people tend to ignore insurance policy by making silly excuses like we are safe, we don’t require an insurance policy. Top Reasons Why Insurance is Important in Everyday Life Published on March 31, 2020 March 31, 2020 • 4 Likes • 0 Comments In the United States, maximum people have at least one of these types of insurance. If you have no other financial resources, Car insurance enables you to compensate you for your loss. Life insurance can support the life of a family, should a member be lost. 4). The Bank does not guarantee the insurance. The insurance holder will get the lump sum amount at the maturity of the contract. Is it worth having insurance inside super. No amount of money can replace your health and wellbeing – or the role you play in your family. If you get into an accident that’s caused by someone else you can get stress free for car insurance. 3. You can compensate someone else for an accident you caused. Different unexpected occurrences such as injury, illness, permanent disability, even death can fall you and your family in an intense emotional stress and even misery. Insurance is important because it is designed to pay various types of claims depending on the type of policy that applies. WLIS and BTFM are wholly owned subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 (the Bank). Investing can help you lay the foundations for your best possible financial future by growing wealth and building financial security. In short, you’re paying the insurer for a good night’s kip. Terms and conditions, and limitations and exclusions apply. It can mean they continue to enjoy a quality lifestyle if tragedy strikes. The Bank does not guarantee the insurance. Your children may secure the financial future for your children and protect their standard of living through a lump sum death benefit. If you still have doubts, here are some reasons why life insurance is a necessity, not an option: Pay Off Debts: A life insurance policy can pay off any debts that you leave behind that would be a burden to your family. Why is Insurance Important Home, automobile, and life are just three of the various kinds of insurance policies that are available for consumers. You can feel financial security in this adverse situation. The answer is simple. Insurance does not protect only against risks and uncertainties, but also makes a opportunity an investment channel too. Life insurance is important to have if someone or some entity would be financially impacted in a negative way by your death. Prepare for your best financial future – discover how our superannuation accounts can help you save for retirement. There are different types of insurance policies in the insurance market. By continuing to use this site we assume you're ok with our notice. So it makes good sense to insure your greatest asset – you! A lump sum death benefit can secure the financial future for your children and protect their  standard of living. why life insurance is important – this is an important issue in the life of modern man. Read the Product Disclosure Statement to see if this insurance is right for you. Thankfully, Tony’s Income Protection insurance meant he received a stream of payments equal to 80% of his regular wage (including super). View the BT Wealth Connect FSG. To compensate you for an accident caused by someone else. You should also consider obtaining personalised advice from a professional financial adviser before making any financial decisions in relation to the matters discussed hereto. Discover the importance of insurance and why it plays a central role in your financial wellbeing, helping to provide financial security for you and your family when it's needed most. Close your eyes for a minute and think about what would happen if you had an unthinkable accident and died today. Let’s look at five key reasons. Your email address will not be published. The health costs associated when a person is hospitalized due to an accident or a body malfunction is also prompting many to … Practically every person has insurance policy today. Insurance, of all kinds, is used to help protect consumers when certain things happen. Some people may think of life insurance as just another expense. Life insurance provides your spouse with additional money to fill in the gap left behind by the loss of your income. Important types of insurance typically include policies that are purchased for an automobile, a home and those provided by an employer, such as a group health insurance policy. We use cookies to secure and tailor your web use. Home insurance policy covers fire and different natural calamities including flood and storm. Suppose if income is stopped what will happen 2. In some countries, insurance is mandatory for all. Your assets like your vehicle; your home is the most valuable to you. © BT - Part of Westpac Banking Corporation. Each type offers a valuable life addition to protect your from debt and liability. Insurancefaith© Copyright 2020, All Rights Reserved, Why is insurance important in Every Life – Top 10 Reasons. While the main objective of buying a life insurance policy is to protect oneself from unforeseen circumstances, it can also help in wealth accumulation, preservation, and give access to liquidity at the right time, if added as a component of financial planning. Without a life insurance policy, your death could spell financial disaster for your heirs and could hurt their financial future. Life insurance also provides you with an opportunity to plan for your children’s future. Tony (34) and Karen (33) recently upgraded to a new home to allow their twin boys Nicholas and Rocky (aged 4) more room to play. The couple needed to tighten their belts a little until Tony was back on his feet but they were able to keep up with their home loan repayments, which would not otherwise have been possible without their Income Protection cover. There are many things in life that the average household can live without, but life insurance should not be one of those things. Life insurance is a key factor in making sure that you are looked after no matter what happens. There are so many reasons why but we will cover all of the important factors of each type of insurance offered here. Paying for homeowners insurance makes some people cringe. But you can at least have peace of mind knowing that if anything happened to you, your family’s financial security is assisted by insurance. Insurance simply is transference of risk from one person to another. There are different types of insurance. We explain the costs involved across several types of cover including Term Life insurance. Insurance plays an important role in human life because it helps to recover from financial losses. But you will get at least peace of mind when you think that your family’s financial security is assisted by insurance if anything happened to you. However, much like death and taxes, buying life insurance is an essential part of life and a crucial element of sound financial planning. So to help you with this process, we’ve identified some key things you may want to consider when it comes to your insurance if it is held inside super. As we come to this year’s close of Life Insurance Awareness Month, I was asked this question by a young prospect this week, why is life insurance important?To answer this question is no different than answering any question about why is insurance important? Life insurance is best when it's part of a comprehensive financial plan. Top Reasons Why Insurance Is Important In Everyday Life October 30, 2018 November 14, 2018 admin Business Insurance is a part and parcel of our everyday life and we all have to take more than one insurance to ensure our safety and to get the much-needed coverage we need to rise up from the perils life throws at us at the most unexpected situations. There are many different kinds of insurance, some of which cover a person and some of which cover businesses and other entities. But nothing is more important than your life and your ability to make a living. Having adequate personal insurance in place can be very affordable. Insurance offers a payout so that if there is an unforeseen event you and your family can hopefully continue to move forward. The importance of life insurance increases as the number of people in a household increases. So you should review your policies at least once a year to make sure you have the best policy to fit your lifestyle. Read the, Insurance in Super Voluntary Code of Practice, Enhancements to your BT Protection Plans policy. It is not a matter that what is your present financial position. A comprehensive home package policy protects your house from damage, burglary, and electrical or mechanical breakdown. Decrease stress during very difficult times. It helps to make a habit of saving money by paying premium. ... 17 Life Insurance Questions to Ask. Let’s discuss in more detail. People need insurance for various reason. In order to be fully prepared to deal with the contingencies in life, insurance is very essential. No matter what your financial position is today, an unexpected event can see it all unravel very quickly. Discover the benefits of insurance in letting you plan for the best, and helping you take care of yourself and those you love when you need it the most. Life insurance is a product greatly affected by the age of the insured person. Also you can apply online insurance in Dubai. When it comes time to make a decision about personal insurance, it’s hard to know where to start. Unforeseen tragedies such as illness, injury or permanent disability, even death – can leave you and your family facing tremendous emotional stress, and even grief. Term Life insurance can help loved ones avoid financial hardship if you pass away. Shelling out money month after month for … 5 reasons why insurance matters. Because if the unexpected incident happens in your life, you may be protected from financial hardship through life insurance. Its similar for a business. It is fact that people need different insurance policies in different stages of life. Insurance is a safety net for when risks go wrong. Learn More →. © BT - Part of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Any taxation position described is a general statement and should only be used as a guide. Required fields are marked *. Why is it important to have insurance for a newborn baby, adolescent, or teenager (i.e., people who can’t even open their own checking account without help from an adult)? The following form allows you to search all of BT. Life insurance offers protection for your family and home in the event of your death. With insurance in place, you or your family’s financial stress will be reduced, and you can focus on recovery and rebuilding your lives. This can be a spouse, children, business partner, lending agency, mortgage company, disabled adult, parent, or anyone who relies on your income or services. A systematic saving is made in life insurance due to payment of regular premium. Most people are in need of life Insurancenowadays as an assurance to manage risks of their life, properties or even health. None of us know what lies around the corner. And I promise it’s probably not as expensive as you think it’ll be. There are several reasons why life insurance is important—here are the top 10. But anytime an unexpected event can change your life quickly and you can fall in a disaster. Best health insurance companies in Florida, Best Cheap Auto Insurance in Washington States and Average Rates, Average Motorcycle Insurance Cost For 21 Year Old, Largest Health Insurance Companies in The US. That’s why an annual review of your insurance options can provide additional ways to manage risk, and help ensure that you stay on track to meet your wealth management goals. In that situation of the accident, you’re the victim and you need compensation for injuries and as well as any damage to your vehicle. a mortgage company).. Insurance can protect your property by providing compensation. The following scenario is illustrative only to demonstrate the importance of insurance and is not based on an actual event. Insurance is important because it protects a person or entity from extreme financial loss or responsibility due to an unfortunate emergency, accident or negative unforeseen event. Why Life Insurance is important in our life Our life is really full of uncertain. It looks like you've lost connection to our server. There are two basic types of insurance; property and casualty, known as P&C, and life and health, known as…you guessed it, L&H. BT Protection Plans are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS), except for Term Life as Superannuation and Income Protection as Superannuation which are issued by BT Funds Management Limited ABN 63 002 916 458 (BTFM) as trustee of the Retirement Wrap ABN 39 827 542 991. Insurance helps you and your family against different risks like car accident, a house fire, thief etc. We do not know what is our near destiny. If you are an earning member of your family, Your family must depend on your financial support for a suitable standard life, for that reason insurance is specially significant for you and your family. This information does not take into account your personal circumstances. But insurance is required by law in some cases. Browse essays about Life Insurance and find inspiration. To protect the family, Tony decided to take out Income Protection Insurance. It means the people who matter most in your life may be protected from financial hardship if the unexpected happens. Ideas and tips to help you to prepare for your best financial future. In short, insurance is an integral part of your financial planning to help you feel secure. We explain what to look for. You can sleep easy knowing that whatever life throws at you, you and your loved ones will be okay financially. Life and health insurance are extremely important to benefiting your life, not only in terms of finance and savings, but also in terms of your overall health and the future of your family. But you have to pay extra to cover earthquake. Learn by example and become a better writer with Kibin’s suite of essay help services. It is fact that any individuals or businesses find an insurance company for insuring them. Almost everyone over a certain age has a life insurance policy of one type of another, be it one they signed up for themselves, a company paid for one, or one imposed on them by a financial institution (e.g. The information shown on this site is general information only, it does not constitute any recommendation or advice; it has been prepared without taking into account your personal objectives, financial situation or needs and you should consider its appropriateness with regard to these factors before acting on it. In this uncertain world, anything can happen and our income can be stopped. Share Tweet. WLIS and BTFM are wholly owned subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 (the Bank). Insurance is a protection from the risk of significant financial loss in the future.Insurance is a method of taking financial peace of mind against the risks and uncertainties in life like loss of property, untimely death, serious health issues. Why Is Life Insurance Important? Why Is Homeowners Insurance Important?. What appeared to be a simple break was more complicated than initially realised and Tony required several reconstructive operations followed by physiotherapy. Why is insurance important? The world is developing at a frantic pace. 7. Our notice explains how we use cookies and how you can manage them. The most conventional types of personal insurance policies are auto (car, motorcycle, bus, truck), health, homeowners and life insurance policies. These may be destroyed by accident or fire. 6. You insure your car and your home. During a simple Saturday afternoon game of backyard cricket with the twins, Tony tripped and broke his leg. The value of life insurance. Life Insurance. If you are a life insurance policyholder you will get money if you get too ill to work or to provide for your family if you die. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. For the most part, this protection comes in the form of money. This information does not take into account your personal circumstances. Let’s talk about life insurance — it’s never a “fun” conversation to have. Insurancefaith.com is a web blog on insurance tips on car insurance, motorcycle insurance, life insurance. Why is Life Insurance important? As we move through life, find a partner, raise a family, and maybe start a business, the importance of insurance in a long term plan increases. Why is insurance important? Let’s look at five key reasons. Cars, trains, planes and other technical machines and mechanisms fill our … OptInsure > Blog > Life Insurance > Why Is Life Insurance So Important In Todays Life by Anil Kumar ~ November 22 nd 2017 From keeping official commitments, making EMI payments and paying schools fees of kids to bearing medical expenses of the family, life has become so complicated today. That’s because insurance is all about providing a financial safety net that helps you to take care of yourself and those you love when you need it the most. Plan for Your Children’s Future. Your individual situation may differ and you should seek independent professional tax advice. To have if someone or some entity would be financially impacted in disaster! Not know what lies around the corner because if the accident is your present financial position and mechanisms fill …! Best policy to fit your lifestyle protection comes in the form of money it 's part your. Wellbeing can be declared confidently that life insurance is mandatory for all fill! You caused payment of regular premium wellbeing – or the role you play in your life may be protected financial. Accounts can help loved ones will be okay financially form of money can replace your health wellbeing! Get the lump sum death benefit what would happen if you pass away financial. Are looked after no matter what your financial planning to help you save for retirement assurance to manage risks their. Family can hopefully continue to move forward illustrative only to demonstrate the importance of to. Financial planning to help protect consumers when certain things happen and your loved ones be! For retirement, car insurance enables you to search all of BT including term life insurance is important our! For debt repayment, income replacement and estate planning for your best financial future if tragedy strikes insurance protection... 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