Many people wonder why they need insurance. There are two types of insurance that are usually brought up. You may ask why do I need auto and life insurance? The answer is simple. So you can plan ahead.
You should plan for the things that you don’t expect to happen, but inevitably will. In the case of auto insurance, it’s the law. That should be enough for most people. Yet there are still some who wonder why they need it. Why pay hundreds of dollars a year for something they’ll never use? First of all, you they don’t know if they will ever use it. No one plans on getting into a car accident, it just happens, for one reason or another. Secondly, it’s for peace of mind. Knowing you will be covered if something terrible happens.
Car Insurance for Car Accidents
Accidents happen. In America, there are over 6 million car accidents every year. I’m not a betting woman, but I’ll bet none of them planned on getting into a car accident either. A recent study showed that 14% of all drivers are uninsured. That’s unfortunate, because the repercussions of driving without car insurance are substantial. You can find car insurance companies in the UK to insure you if you live there because it is illegal to drive without it. If not, one simple car accident can lead drive you into bankruptcy. If you don’t have financial coverage, how do you think the other person’s car will be fixed? They will take you to court, and win. And if someone is injured, the hospital bills alone will take every cent you’ve ever worked for.
Life Insurance for Life Accidents
Why do you need life insurance? While it isn’t required by U.S. law, it should be. Planning for the something so catastrophic may be hard to do, but it needs to be done. No one wants to leave their loved ones unprepared for the future. By planning today, you can protect your family’s future. With life insurance, you have a means to replace lost income in the event of a sudden death. Life insurance can be used to provide a comfortable living for your family. Why make an already hard situation to deal with even harder by leaving them financially deprived? Money should be the least of their concerns.
Paying Death Benefits
Life insurance is a perfect way to pay for final expenses. These expenses can run quite, and they pile on fast. Extended hospital stays can run in the tens of thousands of dollars. After death, the expenses don’t stop. Funerals today aren’t cheap. Neither are the legal fees that are sometimes associated with death. Life insurance can be used as an emergency fund for your family, like fixing the car or repairing your home. The money provided by a life insurance fund can, believe it or not, help ease the coping period by giving them one less thing to worry about. A life insurance fund can even be used as a savings account or college tuition for your children. The possibilities are endless, and the benefits limitless!