Risk, potential danger, harm, damage, loss – all these negative words majorly rule our actions. All that we do and hope to achieve, are largely covered by how risky it is, whether it has any potential danger, whether the action can cause any harm, or damage, and what losses are to be anticipated. These fears are deeply ingrained in our subconscious.
Insurance works as a power tool, empowering us against these risks. It is a very efficient way to manage risk. By purchasing insurance, you transfer the cost of potential loss to the provider company, and in return you pay an annual premium.
Why do you need insurance in Australia?
- If you are a home owner, your mortgage lenders will require that your home is protected, in order to ultimately ensure that their investment is safe and return on investment is guaranteed in terms of loan repayment.
- If you own a two-wheeler or car, motorbike insurance or a car insurance would offer you protection against accidental damage, medical bills, theft, or loss of property.
- Medicare policies would help you maintain your standard of living despite ill health by providing covers for health care costs.
- Life insurance policies would provide cover to your family in case of death.
- Business insurance empowers your business, immaterial of its size, and protects it against claims of negligence from public.
- Travel insurance, of domestic as well as international, ensure you enjoy the much deserved break with family without a worry of expenses due to ill-health, loss of luggage, flight delay, cancellation, etc.
Studying each of these policies, understanding the fine prints, comparing various options from multiple providers, and selecting a right mix – might be extensive as well as daunting. However, the effort in selecting the right mix for your and your family requirements will ensure that you are able to enjoy life with assurance of being protected against possible mishaps.