Insurance comes in many forms but the biggest reality is that most people people begrudge paying their premiums.

For some it’s an annoying necessity, for others a legal requirement but one thing’s for sure – it’s just another bill that has to be paid each year. We all know we need it or should have it but I guess the real question to ask ourselves is why?

For some types of insurance we have to have it – it’s a legal requirement to have 3rd party car insurance for instance, but for other types of insurance it’s more about the moral responsibility and whether you can afford it.

But the question you really need to ask yourself with insurance is “Can you afford not to?” Here are some questions to ask yourself…

• If your home got broken into could you afford to replace the stolen items? [Contents Insurance]
• If you had a water leak in your home could you afford to replace the carpet? [Home and Contents Insurance]
• If you child got sick, could you afford the time off work to be with them in hospital? [Medical and Income Protection Insurance]
• If your partner died could you afford to keep the house? [Life Insurance]
• If you became sick with Cancer could you afford to stay in your home? [Trauma Insurance]
• If you had a car accident and your car was written off could you afford to replace it? [Car Insurance]

For some, insurance is simply a way that companies profit from people’s bad luck. But the reality is that insurance offers hope and a solution in times of crisis.

There are many different types of insurance and these can be split into general insurance such as car, home and contents and personal insurance such as life insurance, trauma, medical and income protection. Most people will have general insurance but it’s the personal insurance that we all tend to shy away from. Why? Because it’s not a necessity until you need it.

Personal insurance is like a safety net

It catches you if and when you fall. It’s nice to know that it is there should you need it. And only through completely understanding exactly what you are getting does it make sense. That is why it is often best to talk to a specialist who not only understands the policy but can talk to you about your personal decisions and suggest the best policies for you, given your situation at the time. It’s also important to review these policies, as situations change and you may need to make some amends to your policies.

If you would like to talk to one of our specialists or to book a review then please contact us at FDG and we can talk you through it.

Remember we all need insurance to protect our lives, to have the ability to earn an income, and to keep a roof over our heads. So don’t stick your head in the sand and hope it never happens, get informed.