Insurance Offers more than just Protection for your car
Although insurances such as critical illness cover, income protection, life insurance, and health insurance is important, few of us actually have them in place. This is despite an overwhelming body of evidence showing us that we should. Our chances of contracting some form of cancer for example, is one in three, and according to some sources one in two.*
Thousands of people die in transport related actions every year, and having a good health insurance plan is worth its weight in gold if you are unfortunate enough to need it. In this post I look at the various reasons you should be insuring more than just your home and car.
Who Will Generate Family Income if you cannot?
It could be that death and or becoming incapacitated are two subjects we do not like to think about, but very few of us put insurances in place in case of these eventualities. On the surface this is strange simply because the question which has to be asked is:
Who will look after my family financially if something happens to me?
The answer of course, is that nobody will do it out of charity. Lives have changed drastically in the event of the main breadwinner’s death or incapacitation, or they have been diagnosed with a life threatening condition. Without these insurances, all the plans you have put in place for your family can unravel.
Another reason we tend to shy away from buying this kind of insurance are the horror stories in the press. There have been too many instances when financial power house institutions have been severely fined for charging too much or committing fraud. In 2013 Lloyds Bank in the UK was fined £28 million for mis-selling polices and failing to payout on claims.
The wording of policies uses a lot of jargon and can be confusing. This has put in mental blocks for most of us from buying insurances that will help us greatly in the event of something awful happening.
Your Part of the World Could be More Dangerous
Another factor we should all take into account is where we live. Some expat nations are a little more dangerous than others and as such, the chances of us needing this insurance increases considerably. The average age of critical illness claims in Hong Kong for example, is 44.
Who do I speak to about Insurances?
Like all financial issues the best person to talk to is a fully qualified financial professional. Here, we can go through your requirements and match them with the best products on the market, independently of big finance power houses that have played a part in tarnishing the image of this kind of insurance. The price will not be as much as you have been led to believe, and once explained you will have a clear picture on what you need to buy should the unthinkable become reality.
With this in mind, click here and complete the Call Back Service form. We will contact you and help you get the peace of mind you and your family deserves.
Sources:
*Ahmad AS, Ormiston-Smith N, Sasieni PD. Trends in the lifetime risk of developing cancer in Great Britain: Comparison of risk for those born in 1930 to 1960. Br J Cancer 2015;bjc.2014:606.
Expat Living -December – January 2015
For more information, please contact Michele Carby at Holborn Asset Management on +971 50 618 6463 and on e-mail at [email protected]
