I don’t know about you, but I like saving money. I was in an accident once and the insurance company paid for everything. The bad news is that insurance will cost you money upfront. The good news is that you usually save money in the long run. You don’t want to be stuck paying for damages to your car because they usually aren’t cheap after an accident.
2. Legal issues.
It’s against the law to not be protected in certain situations. I know that if I get pulled over in Ontario without car insurance, I’m going to be dealing with some serious fines. Do you want that? Do you really want to get into legal issues because you didn’t want to spend the money on insurance? I personally try to avoid legal issues because the legal system will cost you a decent chunk of change.
Insurance in Canada can also protect you from lawsuits. If you are sued over an injury that happened on your property, your home insurance should cover the cost of settling.
3. Protect your expensive assets
What are you going to do if something happens to your car? What if your home gets broken into and damaged? You worked so hard to save up the money to purchase expensive assets. You don’t want to lose everything because you weren’t protecting yourself. Your expensive assets (car, home, wedding ring, and other valuables) need to be covered so that you can sleep at night, knowing that you’ll be financially protected if something were to occur.
4. Take care of your family and dependents
Insurance isn’t just about you. Insurance is also about everyone around you. What’s going to happen to your family after you’re gone? What will you do to protect your loved ones? If something were to happen to you, your family will need to find a way to survive. You want to ensure that their future gets safeguarded.
That’s why you need life insurance. I know that it’s tempting to try to save money. I just don’t want you to feel like a fool when you experience a disaster and you have no back-up plan. I’ve been saved by insurance a few times. It might seem like you’re wasting money on insurance at first. Then one day you realize that you were lucky for purchasing the right insurance policies for your financial protection.