The Dangers of Being Underinsured
>> Thursday, April 26, 2012
Summary: With the right amount of insurance, a person or a family can get through just about any situation or crisis that may arise.
With the right amount of insurance, a person or a family can get through just about any situation or crisis that may arise. In contrast, being underinsured can prove to be a disaster. The following looks briefly at some of the dangers associated with not having enough insurance, and how to make sure you are safeguarding against some unfortunate possibilities.
Losing Your Home
Without adequate insurance coverage you may be at risk of losing your home. For example, if your home suffers extensive damage during a storm and yet you are only partially covered by your insurance, you may be forced to move out of your home until you can come up with the extra money to pay for the repairs.
Huge Travel Bills
Anyone travelling outside of their home country should always get comprehensive travel insurance, as without it you are open to significant financial losses. Should you get sick while you are away, get injured doing a crazy activity or extreme sport, or experience some other form of misadventure, you risk ending up with a huge bill if you are not insured.
Leaving Your Family Short
Life insurance is something everyone should have, especially if you have a family. If you were to die unexpectedly, you would want to make sure that your family could cope financially without you. With anything less than full coverage, your family’s financial situation would only add to an already tragic situation.
Losing Your Income
Having comprehensive health insurance will take care of all your medical bills. However, if you have to take extended time off work you will quickly run out of the sick leave allowance of your health insurance and be left with a vastly reduced income. Income protection insurance will allow your regular income to continue flowing, even if you have extended periods of time off work due to health issues.
Losing A Pet
For people who have pets, being underinsured can mean the tragic situation of being unable to afford the treatment necessary for your pet. Veterinary services are certainly not cheap and they are not covered by Medicare, so make sure you have pet insurance to cover your pet’s healthcare expenses and avoid losing a valuable family member.
While nothing in life is certain, it is wise to be as prepared as you can for any situation that may arise. Insurance won’t prevent a crisis from happening, but it will make life far easier to deal with if it does. Adequate insurance can often be the difference between an unfortunate situation and a full-on disaster.
With the right amount of insurance, a person or a family can get through just about any situation or crisis that may arise. In contrast, being underinsured can prove to be a disaster. The following looks briefly at some of the dangers associated with not having enough insurance, and how to make sure you are safeguarding against some unfortunate possibilities.
Losing Your Home
Without adequate insurance coverage you may be at risk of losing your home. For example, if your home suffers extensive damage during a storm and yet you are only partially covered by your insurance, you may be forced to move out of your home until you can come up with the extra money to pay for the repairs.
Huge Travel Bills
Anyone travelling outside of their home country should always get comprehensive travel insurance, as without it you are open to significant financial losses. Should you get sick while you are away, get injured doing a crazy activity or extreme sport, or experience some other form of misadventure, you risk ending up with a huge bill if you are not insured.
Leaving Your Family Short
Life insurance is something everyone should have, especially if you have a family. If you were to die unexpectedly, you would want to make sure that your family could cope financially without you. With anything less than full coverage, your family’s financial situation would only add to an already tragic situation.
Losing Your Income
Having comprehensive health insurance will take care of all your medical bills. However, if you have to take extended time off work you will quickly run out of the sick leave allowance of your health insurance and be left with a vastly reduced income. Income protection insurance will allow your regular income to continue flowing, even if you have extended periods of time off work due to health issues.
Losing A Pet
For people who have pets, being underinsured can mean the tragic situation of being unable to afford the treatment necessary for your pet. Veterinary services are certainly not cheap and they are not covered by Medicare, so make sure you have pet insurance to cover your pet’s healthcare expenses and avoid losing a valuable family member.
While nothing in life is certain, it is wise to be as prepared as you can for any situation that may arise. Insurance won’t prevent a crisis from happening, but it will make life far easier to deal with if it does. Adequate insurance can often be the difference between an unfortunate situation and a full-on disaster.
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1 comments:
Insurance is very must in our day today life. Because we can't expect that anytime we would be having money. So for emergency, we can claim insurance in case we are the members insurance policy.
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