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Tuesday, 4 September 2012

Your Personal Insurance Portfolio

By Sirius Grant


Personal insurance deals with a variety of different types of coverage and insurance contracts that are broadly devoted to providing the individual as well as their families with a range of insurance cover intended to relieve financial risks to the person resulting from a full variety of likely losses that could happen. Even though people refer to private insurance, it is in fact a really wide term that consists of a wide selection of varied insurance contracts.

With an effective personal insurance programme, as with all others, the starting place is to identify the areas where claims can happen and assess the monetary consequence of a claim on the person. You are then in a position to decide whether or not you want to transfer this risk to an insurance company and whether or not the premium the insurer needs for offering the coverage is cost effective for you.

You will find of course exceptions to this, certainly in the case where you will have a mandatory duty to hold insurance, the most relevant and often the only case of this applying to the person is in the legal requisite for motor insurance if you own and use a car or some other motor vehicle.

Even with car insurance, you still have to think about the risks that apply to yourself beyond the compulsory insurance, for instance whether or not you wish to be protected against losses arising from theft of the car, before determining which policy to finally purchase.

Most people's approach to insurance isn't determined by this early consideration in the decision process but is solely based on an acceptance that they should have car insurance and probably should have home insurance and beyond that, what is the lowest premium they could buy it for.

This method does not really enable you to understand the true value of the insurance product as being a risk transfer device and does lend itself to cutting corners in the extent of coverage and leaving yourself exposed to economic risks together with perhaps not obtaining the full comprehension of what insurance is actually available to you. For a lot of people spending the amounts of money which is spent on say car insurance without a thought of why you happen to be purchasing it and what are you really getting for your hard earned pounds compared to what might be available is a totally strange idea for almost any other product.

Proper deliberation of your insurance needs does lend itself to a greater knowledge of the policy you are purchasing and a much clearer sense of the value that you really receive from the policy.

It is the person alone that can make the decision regarding what risks they face and whether or not they should set up insurance to lessen these losses, yes it may be assisted by discussions with a specialist insurance intermediary, such as insurance broker, who can offer potential solutions for the areas you have identified and bring up issues that perhaps been pertinent to other people in your position previously, but it is just the person that is fully alert to their very own situation.

This isn't to say that price just isn't an important factor, it is extremely significant and indeed forms a vital part of your decision making process but it is by no means the only real factor that you ought to be considering when you purchase personal insurance also it shouldn't be the starting place for your considerations.




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