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Reducing risks within your control with insurance

In a rapidly changing world there are many things we are unable to control. That’s why it’s important to be covered for the unexpected.

21 Jan 2022
Reducing risks within your control with insurance

New world, new threats

While it remains nearly impossible to lead a risk-free life in today’s world, general insurance aims to give peace of mind to go about our daily lives without worry. General insurance covers insurance policies relating to fire, burglary, theft, accident, motor vehicles, hospitalisation and surgery, among others. In fact, the significance of general insurance has increased simply because it covers almost everything, including your health, home and car.

Protecting your assets

Your home is likely to be one of, if not the most valuable asset you have. Homeowners insurance may help protect that investment — and you — in a variety of ways. Having insurance will assure that in the event of theft or fire you will be able to recuperate some or all of your losses. In the case of a fire destroying your home entirely, insurance payouts may be significant in rebuilding your life and that of your family. It makes sense to protect your greatest financial asset. For many people, your car will be another valuable asset. Protecting it in the case of accidents and unexpected events should also be a priority.

Accidents and hospitalisation

No one wants to think of the many unfortunate circumstances that may occur in your life but what happens when they do? Accidents, even minor ones like a sprained ankle, could result in costly X-rays, which would be hefty out-of-pocket expenses. For those of us who prefer to treat these types of injuries with traditional medicine, today’s plans also accommodate this option.

If your mishap results in damage to your face and teeth, treatment could certainly end up consuming a large portion of your hard-earned savings if corrective cosmetic and dental surgery is required. Even simple procedures involving routine surgery and a short hospital stay could leave a significant dent in your wallet. These types of expenses have the potential to derail your financial goals and may affect the lives of your family members. So it is important to prioritise hospitalisation plans as an important component of securing your financial future.

A plan for every need

There is a wide range of personal accident plans. If you are an avid traveller for instance, you may benefit more from a plan that also addresses common problems like overseas medical expenses, theft abroad, natural disaster and emergency evacuation and travel inconveniences like flight delays and lost baggage. If, on the other hand, your main concern is your children, a family plan may suit you best, as they tend to account for the fact that children are prone to illnesses and accidents. In a rapidly changing world, general insurance gives you a sense of security to continue to live your life to the fullest.

What insurance plans do I need?

Deciding on which insurance plan you need will depend on what you are looking to insure.

If you are looking to purchase an insurance plan for your family, a health or accident plan would be most suitable. One thing to note while reviewing your options are any restrictions that a particular plan may have, such as claim limits or age limit. Also do take note of any exclusions which the insurance plan does not cover. On the other hand, you may be looking for insurance to cover your assets such as your home or your car. In the case of home insurance, do look at whether the plan covers the structure or contents of your home. For car insurance, one key feature to look out for is the deductible, which is the amount you would have to pay out before the insurer contributes to your repair bill. When looking for cover for your assets, it is worthwhile making a list of what needs cover and those that require more comprehensive cover. Using car insurance as an example, one question to consider is whether the policy meets the requirements of your bank or finance company if you are buying the vehicle on hire purchase or a car loan scheme; if there are any restrictions on who can drive the vehicle; or simply if extra cover is needed. Asking your agent these questions is a good place to start. Once you have narrowed down your needs, he or she will help you to find the best coverage for you and your entire family.

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