11.20.2018

What type of insurance is required for families

The importance of having an effective family insurance plan in place should not be overlooked. Have you ever considered what would happen if you passed away or became critically ill and your family no longer had your income? Would they be able to cope? Have you thought about the future and how you and your partner are going to maintain your standard of living once you have retired? There is a lot to think about when it comes to insurance planning, which is why we have put together a list of all of the policies you should consider for family members below.



It is important to stress that you do not need to take out every insurance plan mentioned in this list. However, it should give you a better idea regarding some of the different policies that may be right for you.

    Education Fees Plan – The greatest gift you can give your child is an education. If you have not invested in your child’s future yet, now is the time. Going to university or college can be expensive; the fees are increasing with every year that goes by, and that is not the only cost to be considered. This is why you need to start early if you are to secure your child’s future.

    Retirement Plan – Next we have retirement planning, which is something every person needs to invest in. If you don’t plan for the future now, you will not be able to maintain the same standard of living you enjoy at present. We spend more in our retirement than we ever have, as we are living healthier and longer lives. This is why smart planning is needed in order to achieve financial security.

    Life Insurance – Life insurance is a policy you need to take out if you have any financial dependents, such as a spouse or children. What would happen if you were to pass away and your family no longer had your financial input? Would they be able to maintain their way of living? Would your children be able to enter higher education? Of course, no one wants to think about this type of scenario, but it is important to be prepared to ensure that your family does not struggle financially if you are no longer around.

    Income Protection – Income protection insurance is advisable for anyone that works and does not have substantial cover in his or her job contract. This policy is designed to give you a payout if you are injured or unable to work for some reason, which means you do not receive your income. In place of your wage, you will receive your insurance payout every month, meaning you are still able to support your family, pay off your mortgage, and deal with other monetary commitments during your recovery. Of course, it is worth pointing out that if you are injured because of something that has gone wrong at work and was not your fault, you should look for a law firm that handles injury cases. This also applies if you have been injured outside of work, for example, while on holiday or in a public place, and you are not to blame. You will be able to secure compensation and this should cover any income losses you have encountered. It will also include loss of future potential earnings, as well as any other out of pocket expenses you have fallen victim to.  

    Medical Care – Next, we have medical insurance. Medical insurance ensures you receive the treatment you need no matter where in the world you are. It doesn’t matter how fit and healthy you may be, there is always the chance that you could suffer an illness or injury, and you need to give yourself access to the best care.

    General Insurance – The latter depends on your unique financial situation. Experts can help you to determine what type of general insurance you need, with options including the likes of luxury vehicle insurance, for those with an expensive vehicle, personal possessions insurance, including jewelry and fine art, contents insurance, holiday home insurance, commercial liability insurance, and marine insurance.


Hopefully, you now have a better understanding of some of the most important insurance policies and plans for families today. This can act as a good starting point for further exploration into what is right for you.

Post a Comment

Thanks for the blogging Love

© Take A Walk In My Shoes. Design by FCD.