Five 'must have' Insurances

With the new financial year approaching, ask yourself - are you properly insured?

Regardless of how much coverage you think you may need, it is important to be properly insured in the event that unforeseen circumstances arise and you or your loved ones are left facing huge levels of debt.

So what are some of the key insurances that Australians should have?

Life Insurance:

Life insurance works in the same way as car insurance. Basically, you pay a monthly premium to your insurer and if something goes wrong, your life insurance provider helps you cover the financial side. For those of you with a mortgage or other debt, life insurance is critical, as it will ensure you don't leave your loved ones with significant debt in the event that something happens to you.

Injury Insurance/ Income Protection:

Income insurance policies allow for your family's finances to remain protected should you no longer receive an income as a result of job loss or injury. Standard income protection policies usually cover up to 75% of your gross wages for up to 2 years. Income protection is a must have for any families living off of one income or families with significant levels of debt.

Health Insurance:

Health insurance is a vital policy for every Australian to have, regardless of how healthy they think they are. Depending on your level of comfort (and your budget), there are a variety of health insurance policies available, ranging from top private hospital cover to public hospital cover.

Homeowners Insurance:

Homeowners insurance allows for your home and/ or any contents within your home to be covered if they become damaged or stolen. Homeowners insurance is imperative for anyone who may live in a region where it is likely their house may become damaged due to inclement weather, or possess any property within their home that may be of significant value.

Vehicle Insurance:

Vehicle insurance is a must have for anyone who owns a car. This ensures any damages relating to your vehicle are covered in the case of an accident. By law, you are required to have third party insurance before registering your vehicle. However, there are a range of car insurance policies available that offer additional coverage.

When it comes to insuring yourself, your car or your property, it is important to shop around. There are hundreds of insurance policies available on the market, so make sure you pick the one that is right for you, your needs and your budget.

For more information on how to secure the right policy for your needs, contact our team today on 08 9300 9322.

Posted in: Insurance

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