Having No Insurance is a False Economy

Some people try and save a few dollars every year by not having any, or adequate, insurance.

But rather than saving money, it can be the most expensive mistake you ever make in your life.

Don't ever do that!

Make sure you have enough insurance to cover absolutely everything in your life.

One of the biggest fears people have is the fear of losing their job, or being too ill to work.

But you can easily solve this problem by having adequate health insurance for you and your family.

Then get yourself some income protection so that if you do become ill, you'll be able to pay your bils.

At the same time, open a savings account and start saving money regularly until you have accumulated a year's salary. (You can then cancel your income protection.) Then if you lose your job for any reason at all, you can feed your family and pay your bils for the next 12 months.

Also, make sure 'all your worldly goods' are adequately insured against fire, theft, flood and "acts of God".

Home and contents insurance isn't expensiveand you can save money by using the same company to insure both. Using the same company also save's arguments if you do make a claim, as to whether things such as light fittings, come under your home or your contents insurance policy.

Car insurance is also very important. Whether you have fully comprehensive insurance or only third party, fire and theft depends on how much you want to spend and whether or not you could cope without your car. For instance, if you need your car to get to work, then you have to make sure that your auto insurance will not only provide another car if you lose yours, but also a courtesy car in the meantime.

Pet insuracne is an area that most pet owners neglect. Yet vet's bills can run into thousands of dollars. So if you have a pet, insure its health just as you'd insure your own. Pet insurance is very inexpensive.

Life insurance is also something you need to think seriously about. If you have children, consider how your family would cope if you died and your spouse had to give up their job to look after the kids.

Although no one likes to think about dying, it's a part of life and it will happen to us all eventuallly. We just don't know when. And we hope it won't be premature. But you never know.

You should also make a will so that there is no arguments over money and possessions once you're gone.

So while you're thiitut insurance, find some online insurance companies and get some quotes to compare for cost and value. Remember there's no obligation and you can experiment with different excess payments and quotes with or without accidental damage.

Or talk to an insurance agent and get a few different quotes from different insurance companies.

But before you sign on the dotted line, make sure you've thoroughly read the insurance policy, and you understand exactly what you're covered for, and, more importantly, what you're NOT covered for.

And once you're adequately insured, the peace of mind it gives you will be worth every cent you've paid. Even if you never need to make a claim.

© Copyright 2008