Insurance Shades: What do you need?

Insurance Shades: What insurance do you need?

What insurance do you need?

Insurance is a way to protect you (and your family) from financial loss if the unexpected happens to the things you own, your health
or your ability to work. You can buy insurance to help you.

• Repair or replace your home, contents or car if they get damaged
• Earn income if you become too ill to work
• Provide some money for your family if you die
• Pay off the mortgage if you die
• Pay for medical and recovery costs if you get sick.

Weigh up the risk

You need to weigh up the risk of not having the insurance against the costs of buying it. Say the insurance policy for your car cost $500 a year, but if it was stolen it would cost you $10,000 to replace it. Would you have enough money to buy another car without insurance? If you did have the money (for example in a

savings account), would you prefer to use it for something else?

If you can’t afford (or don’t want to afford) the risk, then you should consider getting insurance.

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