INSURANCE 101

Insurance can be a bit like trying to solve a Rubik's cube - confusing at first, but incredibly

satisfying once you figure it out. If you've ever found yourself scratching your head over insurance policies, you're not alone. That's why I’m here to break it down for you in simple terms.

First things first, what is insurance? At its core, insurance is a way to protect yourself financially against unexpected events. Whether it's a car accident, a medical emergency, or damage to your home, insurance can help cover the costs so you don't have to foot the bill all on your own.

It’s important to understand, that you need to invest in insurance BEFORE the unexpected event occurs. This is why it’s important to understand what and how much you need at your earliest convenience. It’s also why I ask individuals to start the policy, by paying their first premium, as immediately as possible. Who knows when an unexpected event will happen – that’s why its unexpected. Once you are covered, temporarily by paying the first premium and permanently by keeping your approved policy in force through continued paid premiums, you are protected if anything occurs from that very minute!

Now, let's talk about the different types of insurance policies. There are several common ones you'll likely encounter:

1.     Health Insurance and Critical Illness: Health insurance covers medical expenses in case you get sick or injured. It can help pay for doctor visits, hospital stays, and prescription medications. Your health insurance coverage is not complete until you append a Critical Illness policy to it. Critical Illness coverage can help to pay for the bigger ticket items as well as provide you with income protection as working may not be possible through an illness.

2.     Auto Insurance: If you own a car, auto insurance is a must. It can help cover the costs of repairs or replacement if your car is damaged in an accident, as well as medical expenses if you or someone else is injured.

3.     Home Insurance: This protects your home and belongings in case of damage or theft. It can also provide liability coverage if someone is injured on your property.

4.     Life Insurance: Life insurance provides financial protection for your loved ones in the event of your death. It can help cover funeral expenses, outstanding debts, and provide ongoing financial support. It also can protect you while alive by assisting with security for loans and mortgages and thus help you accomplish your dreams.

When it comes to choosing an insurance policy, it's important to assess your needs and find the right coverage for you. Consider factors like your health, lifestyle, and financial situation.

One key thing to remember is that insurance is not just about protecting yourself against worst-case scenarios. It's also about peace of mind. Knowing that you have the right coverage in place can give you the confidence to live life to the fullest, without constantly worrying about what might happen.

So, if you've been putting off getting insurance because it all seemed too confusing, now is the time to take action. Start by researching different policies and speaking with me, your insurance advisor and I will help guide you through the process. Your future self will thank you for it!