A good place to start is to insure the things that you would find hard to cover or replace yourself. For example, you might find it very difficult to replace your main household income if you can't work due to an illness or injury. Especially as even physical illness or injury can have an emotional and mental impact on those around you.
At HSBC, we offer a range of insurance plans to suit your needs, whether you want to save for a rainy day, for retirement or for your child's education. These include insurance plans that cover life, critical illness, and personal accident.
For more information about our products, explore our HSBC Insurance page.
Think about what you need and value most in your life. Is it your health? Your home? Your family travel? A family heirloom? Research what it would cost to protect them with insurance. Remember that all insurance costs money and so you will need to include these costs, or premiums, in your budget.
It's also important to factor in any terms and conditions associated with an insurance policy, for example, any excess that would need to be paid in the event of a claim, existing medical conditions that should be declared, as well as any other exclusions.
A healthy approach to protecting you and your family against risk involves two steps:
Applying for insurance to cover substantial risks that you would find hard to recover from if they occurred, like a fire or permanent injury.
Meeting smaller, unexpected costs by putting aside a regular monthly sum into an emergency savings fund.
Comparing insurance policies from different providers isn't always straightforward. It's important to compare all the elements that make up an insurance policy, including:
coverage, benefits and duration/tenure
cost of premium and cost of excess (if applicable)
exclusions, terms or conditions imposed
fees or penalties for missed payments
tax or other implications
choice of repairer, hospital or vet when making a claim
co-payments (if any)
reputation and services of the insurance company