Being an adult means a lot of responsibility and planning for the future. It’s not always fun, but you sometimes need to consider the worst happening and how you’d deal with it. That’s why you should make sure you’re covered for the unexpected things in life, and luckily, there are policies that cover many of life’s worst eventualities. It can give you real peace of mind to know you’re protected, so here are some policies you should consider taking out.
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A pre-paid funeral plan
Funerals can be a big expense for your loved ones, and it can sometimes be difficult for families to get the money together to give you the funeral they choose. That’s why it’s worth speaking to your local funeral director and discussing pre-paid plans. Pre-paid funeral plans are very popular nowadays, as they allow you to spread the cost. Should the worst happen, all the plans are in place, and your family won’t have to pay any extra.
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Life insurance
It doesn’t matter whether you’re the main breadwinner or not, it’s always a good idea to have life insurance. This is because the extra money can be extremely helpful when it comes to day-to-day life for your family. A life insurance pay out doesn’t replace you, but it means that your spouse and family don’t have to worry or struggle if you were to die suddenly.
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Car insurance
Depending on where you live, car insurance may be a legal requirement before you get behind the wheel. It’s important to take out car insurance with enough cover for repairs or replacements in the event of an accident. Do your research before you take out car insurance, so you can be sure you’re getting a policy that’s right for you.
There are generally three levels of cover when it comes to car insurance:
- Third party – this covers other cars involved in an accident, and things like legal costs, but doesn’t cover damage to your own car
- Third party, fire and theft – this is similar to the above, but your car is also covered if it’s stolen or set on fire
- Comprehensive – comprehensive insurance is all-round cover for your car and others involved in accident. These policies can vary from company to company, so check the small print
Some policies also include extra such as breakdown cover or no-claims bonus protection, which can be helpful and give you more for your money.
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Home insurance
Your home is your castle, so getting home insurance is important, as it protects from all sorts of unfortunate events such as fires and floods. Keep in mind that home insurance doesn’t necessarily cover the stuff inside your house, but the structure of your home. If you want to cover your possessions, you need contents insurance too. Contents insurance can be useful, as it doesn’t just cover against things like thefts, but also accidents and breakages, so you aren’t left out of pocket.
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Health insurance
Whether you live in a country with universal healthcare or not, it’s often worth looking at some sort of health insurance as additional cover. This can help you skip waiting lists and get a better standard of care. It’s worth looking at how private health insurance works, to see if it’s right for you. While it can be fairly pricey, if you do get ill, private health insurance can often give you so much more than standard care.
You may also want to consider critical illness cover. While many people have life insurance, which pays out if they die, far fewer have critical illness cover, which helps them cover day to day expenses if they fall ill. Many employers offer minimal sick pay, so if you get an illness, you may be worried about covering your bills. Getting illness cover means you can focus on your recovery, rather than worrying about paying your rent or mortgage.
There are lots of policies that can help cover you in case of an unfortunate event. From your home to your car, it’s worth looking at insurance for the things you own, as well for yourself. You can’t always avoid the bad things in life, but by getting cover, you can ensure that you aren’t left in a difficult position.
