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 monthly 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.
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
How to be in control of what you spend on and what you save
Creative ways to reduce your expenses
Find out about what being financially fit means
How good habits can help you achieve financial wellbeing