Insurance is a form of “risk transference” e.g you are not in a financial position to address the risk yourself so you transfer that risk to a 3^rd party such as an insurance agency.  You pay a premium for the insurance and if something should happen eg a significant health event, you know that you would have financial resources to protect you and/or your family against financial hardship.  Insurance is not the only way address your risk but it is the most common one.  In order to create an effective and suitable crisis plan (which may or may not include insurance) we recommend that you consult with an Insurance Advisor who can conduct a Needs Analysis and prepare a proposal based on your financial and family commitments and situation.  Your Advisor ideally needs to be able to access several agencies if they are to recommend insurance products so that their proposal can provide the most suitable option at the most affordable cost.  

This post was written by

Trish Marsden - who has written 6 posts