Why insurance matters ?

by Yash Kapoor

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Sep 19, 2021

5 Leading Reasons Why Insurance Matters

Insurance by its very definition prompts feelings of anticipated loss, and thoughts of what is at risk, of damage, injury and even death – all things most people would prefer not to ever think about. The reality is that most of us under-invest in our insurance or overlook it altogether hoping that the worst-case scenario never happens. But your well-being and that of your family are the most important factors in the world for you, so it makes sense to protect this in a way that gives you peace of mind now, and an anticipated future that’s free from financial worry for those left behind to figuratively pick up the pieces. We have five top reasons why it matters to be appropriately insured:

1.     Fact: Life is Unpredictable and Temporary. Mostly we travel through life living in the moment, enjoying the good times and trying to escape the bad as quickly as we can. Once you have a family, children, a home, and assets you cherish then the threat to that feeling of peace can overwhelm you if you haven’t prepared for it.

2.     Increasing Household Debt. Your personal circumstances will change constantly. As you marry, have children, buy a home, maybe another, acquire additional assets and/or perhaps start a business your debt will likely escalate as well. These milestones all have associated financial and emotional risk so insuring against any of these being threatened or destroyed, is critical.

3.     Uncertain Economic Times. Our vulnerability to markets and political changes and even world medical events as evidenced recently, can have a detrimental impact on our future employment and income. Having particular policies in place that reduce your financial exposure – Redundancy cover, Income Protection, Key Personnel, Life and Business-specific policies designed to protect you, these all make logical sense.

4.     A Medical System Already Under Pressure. Our health and the needs that go with that are occasionally outside of our control. Apart from the obvious factors of good genes and healthy lifestyle choices, sometimes the unexpected and uncalled for happens and your access to immediate and first-rate medical care is necessary. With public health services stretched and long waiting lists, you cannot assume that your distressing medical situation is going to be fixed in the time frame you expect. An appropriate Health insurance policy that supports you or a family member through a medical challenge is traumatic enough without money worries added to the mix. An insurance policy can cover this one part of the process, to be confidently crossed off a long list of concerns for you, your partner and family members.

5.     Escalating Litigation and Compliance. In today’s fast-expanding environment of professional liability, compliance and litigation, the capacity to find yourself and your business in the cross-hairs of an incident that was not anticipated has risen. A lack of insurance or being underinsured in this area because of the enormous cost of remedy, may put you out of business altogether.

So where to turn to now for help? Who can you talk to confidentially about your dreams and goals? Fundmaster’s skilled advisers are trusted and experienced professionals, with a depth of knowledge, who will guide you through the overwhelming volume of often disparate information on a range of insurance policies. Fundmaster takes a holistic approach to the assessment of your income, medical history, and lifestyle to reach the appropriate insurance that’s right for you. Call us today, to discuss your long-term goals and safeguard the well-being of you and your loved ones.

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