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5 Financial Risks That Insurance Can Help Protect You Against

Financial Risks, financial security, Protection of Property, personal health insurance, financial insurance

Can you think about something more valuable than your life and health? These two values should be of the utmost importance to everyone. Therefore, so many people every year decide to apply for personal health insurance, which can protect you against a variety of risks. Nobody knows the future and can predict what will happen in a few years. You don’t know if someone in your family will become ill or have a dreadful accident. Of course, it may be only gloom-mongering, but better safe than sorry.

People can very often find themselves in different desperate life situations, needing urgent financial insurance. What then? Money won’t appear like manna from heaven. And let’s face it- most of us don’t build up savings. Thus, you should be prepared for any eventuality to cover all sudden costs, like treatment, health care or house renovation in the case of fire. That’s possible only with a proper type of insurance.

General Health

The most fundamental financial risk that insurance can help protect you against is your health. Everyone is different and has different health needs. Some people are chronic patients who require regular health checks and prescription medication taken on a daily basis, whereas others go down with a cold or flu only once in a blue moon.

In both cases, health insurance will cover all the costs connected with prescription drugs, visits to specialists and chronic diseases, such as diabetes or asthma. Otherwise, you would have to pay for all this out-of-pocket, which would only eat into your domestic budget.

Critical Illness

Another emergency, which may happen to you out of the blue is a critical illness. Perhaps nobody is prepared for receiving such a message. There is never a right moment to hear that someone has just been diagnosed with a terminal disease, like cancer. Unfortunately, more and more people are struggling with different types of cancer every year, month or week. It’s even more drastic if you get sick suddenly, without any warning. In such a situation, people have to undergo medical treatment immediately. Sometimes, they have to resign or reduce their working hours. However, being insured, they don’t have to worry about money and can entirely focus on their healing.

Disability

What about a terrible car accident or being paralyzed due to your own stupidity and practicing a duck dive in a deep swimming pool? Although such incidents may seem distant and nonrelevant, they may happen to everyone. One unguarded moment and your life is going to be changed forever. If the worst comes to the worst, then you’ll be faced with many expenses on health care, a caregiver or a nurse, as well as other required equipment, like a wheelchair.

Your house may also require some renovation and adding some facilities intended only for the disabled, for example, a wheelchair ramp or an accessible toilet. And you couldn’t afford all these things if it weren’t for disability insurance that can help you in the recovery until you’re ready to go back to work.

Death in the Family

Life insurance can also protect you when you’ve just experienced the sudden death of one of your family members. It must be a dramatic moment for everyone when you don’t think clearly and can’t pick up the pieces. Then, all the expenses will be covered from this fund, allowing you to organize a funeral and funeral reception, as well as maintain the same standard of living as before. It’ll be the time when you could immerse yourself in deep grief instead of worrying about your finances.

Protection of Property

All these situations described above are strictly linked to your health and life, but there are also other important, yet material things, like home or car. Having financial insurance, you’ll be provided with the security of all these belongings in case of theft, flood, fire or other natural disasters. Even if they are left on the rocks, you’ll be able to repair or replace them with new ones thanks to money coming from your coverage.

With auto insurance, should you have a car crash, not only will you have your health insured, but your vehicle as well. In Canada, for example, such coverage is obligatory, and it protects you against causing any injury or damage to others. To cover a car repair, however, you need to buy an additional package.

It turns out that insurance can protect you in many spheres of your life. It provides you with financial security if necessary. There are some situations and incidents that nobody would like ever experience. All the same, life goes on, and you must keep moving no matter what. But it’s always easier to get yourself together with some extra money in the pocket.


Author: Daria Skutecka


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