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4 Insurance Policies You Definitely Need

Insurance is there to protect you against the risk of the unknown and unexpected. Unforeseen circumstances can be costly and you might not readily have the cash in hand to handle the situation. The right insurance policies will cover you and your possessions, safeguarding your financial future. Though there is a variety of insurance policies available, there are some you simply can’t go without. Find out which Insurance Policies are essential for your well-being. 


Health Insurance

Your health is the most important asset you have, and health insurance will make it easier for you to preserve it. Although Malta offers public healthcare, not all treatments are free and there are many benefits to having such a policy. Among these benefits is the choice of where and who provides the treatment for you. Having this policy also means you have immediate access to medical treatment and facilities, rather than waiting months for an appointment, leaving your condition to further deteriorate. Your health insurance may also cover you for treatment overseas, in case you wish to seek a renowned specialist outside of Malta.

 

Life Insurance

Life insurance is there to protect the people that are financially dependent on you. How would your spouse or family cope with the financial hardship in the unlikely event of your loss? If you are the prime benefactor for your family, a life insurance policy is a must. It will cover your loved ones and help them get back on their feet after your passing, even help cover funeral and burial costs. This policy is especially important if your family has outstanding debts, such as a home or business loan.  

 

Home Insurance

Home insurance is necessary if you plan to own a house. Banks will require this insurance policy to be able to give you a loan. It is there to protect your property and investment. Buying and paying off a house takes a lot of hard work and time. This policy will help protect your home and unforeseen damages and expenses till it is paid off. When you eventually pay off your home loan, you should still hold onto your home insurance policy in the event that you would need to repair or replace things that are too expensive to pay by yourself. Make sure to include your contents under your home insurance policy – banks usually do not require this so you may oversee it, only to be disappointed in the case of damage to your contents when you learn that they’re not covered.

 

Motor Insurance

Motor Insurance is a must-have by law. Apart from avoiding a hefty fine and a suspended driver’s license, motor insurance is important to cover costs of accident damages, which can be quite high. Unfortunately, accidents happen on a daily basis and it might not necessarily be you who is to blame. Regardless, motor insurance will cover the expenses. There are a variety of different policies, but everyone should have at least the bare minimum coverage. Consider taking fully comprehensive insurance if your vehicle is eligible for this level of cover. Although the law states you only need third party, in the event of an accident, the cost of repairing your car could be significantly higher than the insurance policy.

 

Insurance Policies you should consider

Now that we’ve outlined the necessary policies to have, there are a few other coverages to consider:

Pension Plan

When you eventually retire, you may face a substantial amount of reduction in your finances which can lead to unwanted changes to your lifestyle. With a pension plan, you can avoid this situation by making a small investment that will pay off in the long run.

Pet Insurance

Owning a pet is like having another family member, and should be treated as such. It’s a good idea to get a pet insurance plan for your cat or dog to cover medical expenses. Unlike Maltese citizens, pets have no public healthcare and their medical costs tend to be quite expensive. 

Wedding Insurance

What’s worse than having your special day cancelled? Plan for the unexpected and protect your investment, should anything go wrong a wedding insurance policy will cover the cost for most of the expenses.

Contact us today to find out more about our variety of insurance coverages and how Laferla can help secure your financial future.

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