A Complete Financial Plan Should Include an Insurance Plan

We all know the importance of having a financial and a life plan to meet your immediate needs and reach your long and short term goals. It is just as important to have an insurance plan to protect your financial and life goals against unforeseen events and even disasters.

When you purchase through 1Cover, your insurance plan can factor comfortably in to your budget as well as financial and life plans, and should be factored in as a dynamic component that changes and grows with you. For example, take your changing needs in life insurance:

Life Insurance

Life insurance, more than any insurance cover, is subject to widely diverse life events. As a single you may first take out a life insurance plan which simply covers your funeral expenses plus outstanding debts and may include Accidental Injury Benefit.

Travel Insurance

Travel insurance is offering great value single and multi-trip, domestic and international, and specialised ski and snowboard insurance, for singles and families, from kids - who go free - to travellers over 70 with unlimited cover on emergency medical and trip cancellation components.

You may then enter into a serious relationship or marriage ultimately going on to purchase a home and your Life Insurance needs are entirely different. With the possible arrival of children the dynamics change yet again and you may consider adding Terminal Illness Benefit. With or without a dual income you need to consider cover for both parties as both contribute significantly to the household, a contribution that would be a financial challenge to pay someone else to take over.

Finally you enter the 'empty nest' stage, then retirement, and may find your financial commitments are not as great. Each stage of your life requires thought and financial planning which is why 1Cover include Guaranteed Benefit Increases as standard with your policy as well as Inflation Proofing to ensure the value of your policy doesn't get left behind.

Car Insurance

Car insurance is another area that is subject to life changes. Your first car is often second hand and as your income may be less than you'd wish you may be tempted to only take out Third Party Property, Fire and Theft.

Never consider driving your vehicle without even this minimal cover especially when right from the start you can influence the cost of your insurance by the type of car you purchase, making sure there are no modifications which could drive up the cost of your cover, and that your vehicle is housed overnight in a secure, off-street location.

As your income grows and your lifestyle changes the style and price of the car you drive will change also and you'll need to update your car insurance plan to make sure you're fully covered and won't be out of pocket if mishap should occur.