If you have a browse through your direct debits to insurance companies, what’s on the list? Home, car and holiday insurance? Very likely. Phone insurance? Quite possibly. Pet insurance in case your furry friend falls ill? Of course. Life insurance or critical illness cover for yourself and your family? Hmmm. Not sure. No?
Which is odd because there’s nothing more important than your health and that of your loved ones. And yet this kind of insurance frequently get overlooked. We don’t like to think about the worst happening. We think we are immortal, too young to worry about dying. We see sorting it out as yet another drain on our already-squeezed money and time.
But it is vitally important to assess and put in place plans for if the worst does happen – in the same way that you have insurance in case your roof blows off in a freak storm. We need to protect ourselves and families in the event of our life caving in.
With the cost of living crisis upon us, paying insurance premiums right now may feel unattainable and, frankly, a luxury of sorts. But being covered for all eventualities is vital to your long term financial wellbeing and to manage feelings of stress and anxiety around money.