Importance of Insurance - Risk Management and Insurance, Principles of Insurance Video Lecture | Principles of Insurance - B Com

insurance explained why you should
insure you think about who depends on
you your spouse partner children
business partners and extended family
members chances are that many people
depend on you not only for your love and
support but also what you bring home as
part of the family income maybe it's a
lot maybe it's little whatever it is
it's vital to you and the ones you care
about if you can look into a crystal
ball and see how long you live you can
save for the fateful day and have
everything ready for your family but
that isn't reality is it let us explain
to you the four kinds of personal
insurance every Australian should
understand probably the best way to
explain these is to tell you a story of
a claim it involves the couple from
country Victoria who were caught in the
Black Saturday bushfires of 2009 I'll
call them Roger and Judy they were in
their car literally trying to out drive
the bushfires unfortunately they both
got trapped while they both survived
roger suffered third-degree burns to 22%
of his body when this happened Roger had
the four types of insurance life
insurance total and permanent disability
cover income protection he also had
trauma cover while Roger had these four
types of insurance every one is
different and should seek their own
financial planning advice first life
insurance Roger was very fortunate that
he didn't die but if he had then his
life insurance would have protected his
wife from the financial impact most
people understand life insurance and
many of us have it through our super
it's a payment to a beneficiary
generally if you die or become
terminally ill second total and
permanent disability cover the good news
was that Roger was responding to
treatment and would have been able to
return to work soon but if he had been
permanently disabled then his cover
would have paid him
third income protection Rajas income
protection paid him a monthly benefit of
around $8,000 while he was not working
during his recovery fourth trauma
insurance few Australians are aware of
this but Roger head trauma cover and it
was a big help to him with the severity
of his burns he qualified for a benefit
and the insurer paid him six hundred
nine thousand dollars a trauma claim can
be a big help as you adjust your life
whether you're recovering from cancer
heart attack or in Rogers case severe
burns now Roger and Judy were like many
Australians in their prime of life
didn't expect anything bad to happen but
it did
and if they've been like a lot of us and
had never really looked at the insurance
they might need they're being great
financial stress now but the great news
is they did think about it and recognize
that these events might occur and they
insured against them with the benefits
received Roger and Judy were able to buy
a home and Roger didn't have to worry
about money during his recovery process
so for Roger and Judy having these
insurances in place was very very smart
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