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Financial Tips

The Importance Of Insurance

Not many of us understand the importance of insurance and how significant a role it can play in our day-to-day- lives. It is crucial that we try as best as possible to be prepared for any unforeseen situations that may arise. It is certainly better to be caught prepared than unprepared, because it puts us in a position that will allow us to take control of the situation and use it to our benefit.

If you haven't already done so, here are five reasons why you should consider getting insurance for different aspects of your life.

Insurance puts you in a position to secure the lives of your loved one by using your own. How does this work? When you invest in a life insurance policy, it gives you the financial resources that you will need to take care of your family members depending on your income, then it would be wise to invest in life insurance. In this case, your insurance company will pay the agreed amount to your beneficiary/beneficiaries in the event of your death.

Secure your health while you grow older. We can all agree how important our health is to us. We all get sick at sometime and if it is anything serious, then we probably know too well how expensive it can be to cover all the associated medical expenses. Having a good health insurance policy will therefore, ensure that we won't have to worry about covering all our medical costs from our pockets.

You have the chance to cover your favorite or maybe your only car. If you own a car then it goes without saying that insurance is essentially a 'must-have' once you intend to drive on public roads. With auto insurance you pay regular fees to your insurance company who then agrees to cover the cost in the event of an accident.

Secure protection from your home from disaster. Your home is probably one of your most prized possessions; therefore, it would be wise to protect it in the event of a disaster. Homeowners insurance is certainly a good way to protect your home. A standard home insurance usually covers the structure of your home as it relates to hurricane, lightning or other listed disasters; personal belongings such as furniture, clothes or other items that have been stolen or destroyed by hurricane or fire; liability including damage to your neighbor or other people by you or your pet; additional living expenditure which pays for the costs of staying away from your home in the event of destruction caused by fire or any listed disasters by your insurance company.

Setup yourself to get an income in case you are disabled. If you become unable to work as a result of a disability caused by an accident or illness, then disability insurance ultimately pays you an income. If you have family members who depend on you then it would be wise to safeguard your income in the event t5yhta you become unable to earn. This type of insurance can be had individually or may be offered by an employer as an employee benefit. Disability insurance rates can be determined using age, gender, occupation and susceptibility to disability. Insurance premiums may also be higher depending on how high risk your job is. That is, a construction worker versus someone who sits inside an office all day.

Insurance is important, not only for you but for your loved ones. Whichever insurance type or policy you decide to choose, it is crucial that you get as much information as possible so that you secure the best coverage for you and your family.

 

Loan Products

Are you contemplating purchasing a home? Do you want to buy a car, take a vacation, get a computer, or pay school fees? AAMM can help. We provide loans at very competitive rates, extremely manageable payment terms, and with very convenient repayment options to our members.

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Savings Products

As with all other Credit Unions, a Share Savings account is the main account offered by AAMM.  This account is a prerequisite for membership and allows access to all the diverse financial services we offer. There are two types of Shares available.

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