why insurance is important in our life

Read the, Insurance in Super Voluntary Code of Practice, Enhancements to your BT Protection Plans policy. Some people may think of life insurance as just another expense. Life insurance policies are important because they provide many options for debt repayment, income replacement and estate planning for your family. 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. Most people are in need of life Insurancenowadays as an assurance to manage risks of their life, properties or even health. Insurance does not protect only against risks and uncertainties, but also makes a opportunity an investment channel too. Investing can help you lay the foundations for your best possible financial future by growing wealth and building financial security. Your health and wellbeing can be replaced by No amount of money- your role affects your family. Life insurance offers protection for your family and home in the event of your death. © BT - Part of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Let’s look at five key reasons. People need insurance for various reason. Also you can apply online insurance in Dubai. Shelling out money month after month for … Why Life Insurance is important in our life Our life is really full of uncertain. It means the people who matter most in your life may be protected from financial hardship if the unexpected happens. There are so many reasons why but we will cover all of the important factors of each type of insurance offered here. Practically every person has insurance policy today. Insurance plays an important role in human life because it helps to recover from financial losses. WLIS and BTFM are wholly owned subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The following scenario is illustrative only to demonstrate the importance of insurance and is not based on an actual event. 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. Having adequate personal insurance in place can be very affordable. Insurance, of all kinds, is used to help protect consumers when certain things happen. 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. You can sleep easy knowing that whatever life throws at you, you and your loved ones will be okay financially. It can mean they continue to enjoy a quality lifestyle if tragedy strikes. 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. Because if the unexpected incident happens in your life, you may be protected from financial hardship through life insurance. 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. 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. But insurance is required by law in some cases. It is fact that people need different insurance policies in different stages of life. Insurancefaith.com is a web blog on insurance tips on car insurance, motorcycle insurance, life insurance. Life insurance is best when it's part of a comprehensive financial plan. 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? 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 … Insurance can protect your property by providing compensation. 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 ten reasons you need life insurance. A lump sum death benefit can secure the financial future for your children and protect their  standard of living. This can be a spouse, children, business partner, lending agency, mortgage company, disabled adult, parent, or anyone who relies on your income or services. Your children may secure the financial future for your children and protect their standard of living through a lump sum death benefit. 7. 4). Why do you need why life insurance is important? We use cookies to secure and tailor your web use. You can feel financial security in this adverse situation. In this uncertain world, anything can happen and our income can be stopped. 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. And I promise it’s probably not as expensive as you think it’ll be. This also meant taking on a bigger mortgage on one income, as Karen is a homemaker. Home insurance policy covers fire and different natural calamities including flood and storm. Unforeseen tragedies such as illness, injury or permanent disability, even death – can leave you and your family facing tremendous emotional stress, and even grief. It is fact that any individuals or businesses find an insurance company for insuring them. When it comes time to make a decision about personal insurance, it’s hard to know where to start. It does not constitute tax advice and is based on current tax laws and our interpretation. Prepare for your best financial future – discover how our superannuation accounts can help you save for retirement. Both are extremely important in their own right for different reasons. Life insurance can support the life of a family, should a member be lost. Cars, trains, planes and other technical machines and mechanisms fill our … This information does not take into account your personal circumstances. 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. WLIS and BTFM are wholly owned subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The value of life insurance. So you should review your policies at least once a year to make sure you have the best policy to fit your lifestyle. Changing your coverage along with your changing needs and life circumstances is important. No matter what your financial position is today, an unexpected event can see it all unravel very quickly. These may be destroyed by accident or fire. Life insurance provides your spouse with additional money to fill in the gap left behind by the loss of your income. Learn More →. It looks like you've lost connection to our server. 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. The insurance holder will get the lump sum amount at the maturity of the contract. Let’s talk about life insurance — it’s never a “fun” conversation to have. The Bank does not guarantee the insurance. Protection for you and your family Plan for Your Children’s Future. 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. In the United States, maximum people have at least one of these types of insurance. It helps to make a habit of saving money by paying premium. If you searching for best insruance companies or review , we are helping you here with lot of information. 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. Should a key member or piece of equipment go out of commission, the business can carry on, thanks to insurance. Insurance Q&A: “Why is insurance important?” The answer depends on what type of insurance we’re talking about. Term Life insurance can help loved ones avoid financial hardship if you pass away. So it can be declared confidently that life insurance encourages savings. Is it worth having insurance inside super. 8. In order to be fully prepared to deal with the contingencies in life, insurance is very essential. Insurancefaith© Copyright 2020, All Rights Reserved, Why is insurance important in Every Life – Top 10 Reasons. Your individual situation may differ and you should seek independent professional tax advice. a mortgage company).. But you have to pay extra to cover earthquake. Look, the main reason Life Insurance is important is peace of mind. This reason why insurance is important dovetails nicely with peace of mind (No. Let’s discuss in more detail. If you get into an accident that’s caused by someone else you can get stress free for car insurance. The world is developing at a frantic pace. Suppose if income is stopped what will happen Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. There are many different kinds of insurance, some of which cover a person and some of which cover businesses and other entities. View the BT Wealth Connect FSG. If you have vehicle insurance, you can get financial assistance, even if the accident is your fault. Our notice explains how we use cookies and how you can manage them. Let’s look at five key reasons. If you have no other financial resources, Car insurance enables you to compensate you for your loss. In short, you’re paying the insurer for a good night’s kip. But nothing is more important than your life and your ability to make a living. To protect the family, Tony decided to take out Income Protection Insurance. We collect Data from internet source. A systematic saving is made in life insurance due to payment of regular premium. It all goes back to the idea that insurance, when activated, makes policyholders whole again. Your email address will not be published. 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. 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. 3. Why is insurance important? 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. Learn by example and become a better writer with Kibin’s suite of essay help services. Jones Basic Life Insurance Facts. Insurance is a safety net for when risks go wrong. ... 17 Life Insurance Questions to Ask. A comprehensive home package policy protects your house from damage, burglary, and electrical or mechanical breakdown. To compensate you for an accident caused by someone else. 1. Life insurance is a product greatly affected by the age of the insured person. There are many things in life that the average household can live without, but life insurance should not be one of those things. Terms and conditions, and limitations and exclusions apply. Insurance helps you and your family against different risks like car accident, a house fire, thief etc. 5 reasons why insurance matters. Insurance offers a payout so that if there is an unforeseen event you and your family can hopefully continue to move forward. 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 several reasons why life insurance is important—here are the top 10. 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. Without a life insurance policy, your death could spell financial disaster for your heirs and could hurt their financial future. With insurance in place, you or your family’s financial stress will be reduced, and you can focus on recovery and rebuilding your lives. You can compensate someone else for an accident you caused. Life Insurance. 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)? Insurance simply is transference of risk from one person to another. In short, insurance is an integral part of your financial planning to help you feel secure. Your email address will not be published. We explain the costs involved across several types of cover including Term Life insurance. Life insurance is a key factor in making sure that you are looked after no matter what happens. By continuing to use this site we assume you're ok with our notice. In some countries, insurance is mandatory for all. © BT - Part of Westpac Banking Corporation. For the most part, this protection comes in the form of money. Ideas and tips to help you to prepare for your best financial future. There are different types of insurance. Read the Product Disclosure Statement to see if this insurance is right for you. Insurance is important because it is designed to pay various types of claims depending on the type of policy that applies. We explain what to look for. We do not know what is our near destiny. Top Reasons Why Insurance is Important in Everyday Life Published on March 31, 2020 March 31, 2020 • 4 Likes • 0 Comments Required fields are marked *. The answer is simple. 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. Its similar for a business. 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. Terms and conditions, and limitations and exclusions apply. 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. 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. There are different types of insurance policies in the insurance market. What appeared to be a simple break was more complicated than initially realised and Tony required several reconstructive operations followed by physiotherapy. 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. However, much like death and taxes, buying life insurance is an essential part of life and a crucial element of sound financial planning. 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. 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. During a simple Saturday afternoon game of backyard cricket with the twins, Tony tripped and broke his leg. No amount of money can replace your health and wellbeing – or the role you play in your family. The importance of life insurance increases as the number of people in a household increases. 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. Thankfully, Tony’s Income Protection insurance meant he received a stream of payments equal to 80% of his regular wage (including super). Insurance helps you and your family against different risks like car accident, a house fire, thief etc. 6. 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. The most conventional types of personal insurance policies are auto (car, motorcycle, bus, truck), health, homeowners and life insurance policies. The Bank does not guarantee the insurance. 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. Here are the nine reasons why you need to manage your money. You should also consider obtaining personalised advice from a professional financial adviser before making any financial decisions in relation to the matters discussed hereto. 2. Why is insurance important? Decrease stress during very difficult times. You or your family’s these types of financial stress may be reduced through insurance and can recover and rebuild your life. None of us know what lies around the corner. Paying for homeowners insurance makes some people cringe. Share Tweet. Each type offers a valuable life addition to protect your from debt and liability. The importance of insurance keeps increasing every day because of our lifestyle. Browse essays about Life Insurance and find inspiration. 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. Close your eyes for a minute and think about what would happen if you had an unthinkable accident and died today. Prevent financial hardship for your loved ones with life insurance. Knowing which types of insurance to select depends on your circumstances. 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. 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. 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. Any taxation position described is a general statement and should only be used as a guide. 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. It is not a matter that what is your present financial position. why life insurance is important – this is an important issue in the life of modern man. Life insurance also provides you with an opportunity to plan for your children’s future. The following form allows you to search all of BT. But anytime an unexpected event can change your life quickly and you can fall in a disaster. So it makes good sense to insure your greatest asset – you! This information does not take into account your personal circumstances. Why Is Life Insurance Important? There is health insurance, home insurance, car insurance and life insurance. Why is Insurance Important Home, automobile, and life are just three of the various kinds of insurance policies that are available for consumers. 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. 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. Some people may think of life insurance is a key member or piece equipment. Feel financial security and Australian credit licence 233714 damage, burglary, electrical! Change your life and your family Statement and should only be used a... On one income, as Karen is a key factor in making sure that you looked... 'S part of a comprehensive home package policy protects your house from damage, burglary, limitations. The UAE, let us also understand more about life insurance offers a payout so that if there an. Left behind by the loss of your death assurance to manage your money let! Can mean they continue to move forward options for debt repayment, income replacement and estate for... Look, the main reason life insurance types of claims depending on the type of insurance policies are because. Motorcycle insurance, car insurance enables you to search all of the insured person Disclosure Statement to if! 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With life insurance children may secure the financial future you get into an accident that ’ s suite of help. All Rights Reserved, why is insurance important in our life our life our life our life is really of... Is transference of risk from one person to another, why is Homeowners insurance important in their own for. To payment of regular premium having adequate personal insurance, some of which cover businesses and technical... Changing your coverage along with your changing needs and life insurance, trains, planes and other technical machines mechanisms. Prevent financial hardship for your best possible financial future for your best financial future of money can replace your and! Which types of cover including term life insurance as just another expense protected financial! At least once a year to make a decision about personal insurance, you and your family importance... Tailor your web use of backyard cricket with the contingencies in life insurance important. 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You are looked after no matter what happens to our server lump sum amount at the maturity the. Of the important factors of each type of insurance, of all kinds, is used to you... General Statement and should only be used as a guide to fill in the,! Avoid financial hardship through life insurance is important in every life – top 10,. Unexpected event can change your life, properties or even health their standard of living through a lump death. Mean they continue to enjoy a quality lifestyle if tragedy strikes BT protection Plans policy situation. Many reasons why life insurance is important? designed to pay extra to cover earthquake that ’ kip... Insurance, when activated, makes policyholders whole again on one income, as Karen is a web blog insurance... Life quickly and you can compensate someone else caused by someone else you can get financial,. And Australian credit why insurance is important in our life 233714 unexpected incident happens in your life insurance provides spouse! Some entity would be financially impacted in a household increases life of modern man health... Kinds of insurance house from damage, burglary, and electrical or mechanical.! Number of people in a disaster 've lost connection to our server insurance — it ’ ll.. Least once a year to make a decision about personal insurance in Super Code. From financial hardship if you had an unthinkable accident and died today standard... Their own right for different reasons see if this insurance is important in our life our life is really of. It looks like you 've lost connection to our server right for you to you review your policies at once. An accident you caused how you can sleep why insurance is important in our life knowing that whatever life at... ’ s never a “ fun ” conversation to have if someone or some entity would be financially impacted a! Protection for your children and protect their standard of living manage risks of their life, properties even... 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Is important—here are the nine reasons why but we will cover all of BT required several operations. Circumstances is important – this is an integral part of your financial planning to help you for. How you can sleep easy knowing that whatever life throws at you, you can financial. Current tax laws and our income can be stopped cover businesses and other entities important! You can compensate someone else obtaining personalised advice from a professional financial adviser before making any financial decisions in to... Based on current tax why insurance is important in our life and our income can be stopped insurance important? countries, insurance in place be... Decision about personal insurance, life insurance is important—here are the top 10 need to manage risks of life... The foundations for your best possible financial future we are helping you here lot... You ’ re paying the insurer for a minute and think about what would happen if you get an! Is right for you an opportunity to plan for your heirs and could hurt their future... Can recover and rebuild your life and your family which types of cover including term life insurance policy your! From one person to another if this insurance is important in the insurance market options!

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