When you hear the word 'insurance' what comes to mind? For most young people I know today the response would probably be - motor vehicle insurance, and I assume this is only because its a requirement by law to secure motor vehicle insurance prior to driving on the roads. For the rest of us even if we are exposed to the knowledge of insurance we join the wagon and say "insurance a tief" and dismiss the idea altogether. In a nutshell, the concept of insurance is "the collective contribution of many paying for the misfortune of a few". Now, because no one knows the future, we are uncertain of the misfortune that may befall us... so we protect ourselves against that risk.

Now let's put things into perspective. When it comes to insurance it's NOT a one size fits all kind of thing. The insurance needs amongst individuals vary depending on their current circumstances. For example, the insurance needs of a young single working man may differ from the needs of a married businessman. There are also other financial considerations that one should examine to determine your risk portfolio and it is best to discuss your insurance options with a registered insurance advisor.

Let's look at a few of such risks that one should include in their insurance portfolio.

Life Insurance - If you currently have dependents - what would happen to them in the event that you die? God forbid! We don't necessarily plan to die but people die every day... and one of these days it could be you. How will your children, widow/widower, parents cope?

Health Insurance - I am convinced that everyone should have an active health insurance plan since sickness, accidents and the like have a way of sneaking up on us especially when funds are low.

Critical Illness Insurance - Ok, so you already have health insurance... what if you should be diagnosed with some terminal illness? Consultations, tests, therapy, surgery, etc; your health insurance alone may not be sufficient if you are diagnosed with a terminal illness.

Let me point out that the above is not an exhaustive list of risks to gain indemnity against but it is a good place to start for someone who has no insurance. Remember, if you fail to plan; plan to fail because if you don't have insurance you don't have a chance if/when the worst should happen. Get insured now and have the peace of mind that you can claim later when you need it most.

In my line of business as a virtual assistant, I have had the opportunity of working with professionals from diverse industries and have been able to learn a thing or two. So if you need help to get a qualified insurance advisor, I will be glad to refer one to you.

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