Monday, 8 June 2015

ERE13-Insurance

You have to have insurance. What kind of insurance is an entirely different question!

If you live outside of the UK or the Nordic countries, you also need health insurance. What kind of health insurance must be analyzed as it is different for each person (what you can get, what you can afford and what you are willing to risk.)

First of all, insure others against yourself.
This goes together with being an adult. Never ever put anybody else in financial risk due to your own actions. So you have traffic insurance on your car, housing insurance for damages caused on neighbors and you make sure you can pay for anything and everything you damage, accidentally or not. Especially if not accidentally.

To take care of yourself, you ensure you are insured. Either through an insurance company or enough savings to cover anything that comes your way. (and then you avoid all that comes your way like the plague, literally, avoid it like the plague. Wash your hands. Eat your greens. Lock your front door.)

This can be called being self-insured (or independent if you prefer that term). Do you have an emergency fund? If it is financial, how long does it last? If it is self-sustainability, it will have to be calculated quite differently.

Keep records of your insurances. Download information and send it to yourself in an email account that you can have access too from anywhere. Scan all essential health documents, medical information and test results and keep it (I do believe in having a no-cost email account with a simple memorable password just for these things.)

If you are strong (and not easily bored) look through them and make a spread sheet of what they cover. Do not over insure and know where you are covered and where you are not. Travel insurance, cars, theft, items, etc. Never have individual insurances for individual items. Get "cover-all-you-own and every-trip-you-take" insurance instead. Much cheaper and much more likely to actually be available the day you need it. Or not - insurance companies are not where I place my trust, so only follow your own advice on what to insure and where.
Do try to avoid having to claim.

Insurance is after all for unavoidable accidents - Do do your part of avoiding them first.

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