When Do You Need Insurance?

Protecting your stream of income is not only for the rich or old.

Sunniva Kolostyak 3 September, 2021 | 4:08AM
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Red umbrella in the rain

If you’re like me, you probably think you’re invincible and won’t end up in a position where you’re unable to work. Most young, healthy people do. So why bother with insurance?

Most people are aware of the basic types of insurance which protect your assets, such as your car,  house or mobile phone. These are easy to understand: they protect a physical asset. But when it comes to protection for yourself and your own ability to continue working and earning a living, things can be more complicated. When do you need to get insurance and, importantly, when do you not?

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About Author

Sunniva Kolostyak  is data journalist for Morningstar.co.uk

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