Do You Know the Types of Insurance You Should Have?

Insurance may not be the most exciting thing to think about, but it is crucial if you want to protect you and your family.

As an adult, there are many different types of insurance you should have. However, the sheer amount of choice available can be confusing, leaving you wondering which types of cover you need and which are a simple waste of money.

To help, below you’ll discover some of the most important types of insurance you’ll want to consider.

Life insurance

Nobody wants to think about dying. However, if you have a family, being practical about what would happen if you were to pass away is crucial. The cost of funerals these days can prove far too expensive for loved ones to cover. So, life insurance could be worth it based upon this factor alone.

However, it also covers other financial factors such as your children’s education. You can choose how much cover you have and who s included on the policy. Life insurance basically protects your loved ones against any financial losses they may experience after your death.

Many people also take out critical illness or trauma insurance from places such as Curo Financial Services to cover them if they are diagnosed with certain illnesses. This is something that can give you peace of mind if you become ill. 

GAP insurance

If you own, or are thinking of buying a new car, GAP insurance is worth considering. This is separate to your standard car insurance policy and is designed purely to cover the difference between the value of the car and what you paid for it.

If your car was to be written off, your insurer will only give you the amount that your car is currently worth. This could end up being a lot less than you actually paid for the car. With GAP insurance, you’ll be provided with the amount you’re short on in order to replace the vehicle.

Phone insurance

If you’re like the majority of people these days, it’s likely you own a smartphone. However, did you take out insurance when you got the phone? If not, you might want to consider doing so.

It’s easy to break a phone. You could drop it on the floor, smashing the screen. Or, you could even drop it in the bath or the toilet! There’s so many things which can go wrong when you carry a phone around everywhere with you. With the majority of smartphones costing hundreds of pounds these days, having insurance can be a necessity.

These are some of the most important types of insurance every adult should consider. While you may be lucky enough to avoid things going wrong, it’s always better to be safe rather than sorry.

*Collaborative post

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