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Life can be scary and uncertain. Even if you’re feeling grounded and confident in your current life circumstances, there’s nothing wrong with preparing for unforeseen circumstances such as an accident. If something catastrophic happens in the future, it doesn’t need to undermine your entire future. In this blog post, you’ll learn about the different kinds of insurance you need in your life and why it’s so important to have.
According to the National Academy of Actuaries, almost one-third of Americans will die without a life insurance policy. Life insurance needs to be an essential part of many people’s financial planning. If nothing else, get a small policy that can cover the basics of a funeral. A funeral can cost anywhere from $7,000 to $12,000. It’s tough when a loved one passes away but even worse if people have to worry about money during such a difficult time. Plus, people literally can spend way too much on funerals because they are in an emotional state. Make it easier on your family and/or friends and be sure to have life insurance to cover costs.
If you have dependents (children or other people who would rely on you financially), then you need life insurance so that your dependents can survive if anything happens to you. You also need to think about what would happen to your loved ones if you died unexpectedly with no warning and they weren’t prepared financially. Around the time my dad passed away, one of my mom’s friend’s husband passed away. My mom’s friend lost her house because there was no insurance to help her get by. So not only did she lose her husband but lost the home they had so many memories in.
Auto insurance is a type of insurance that protects you in an accident. It’s designed to protect your property and minimize liabilities when someone gets hurt or damages their property. This type of insurance is essential because accidents happen, and the aftermath can be costly when they do. If you’re in an accident and don’t have auto insurance, you may be liable for damages up to $10,000 for injuries and $1 million for death. That sounds like a pretty scary scenario. Plus, it is the law to at least have basic auto insurance.
Disability coverage can make all the difference when it counts most. You never know when you might have to take time off work for unforeseen circumstances. If something happens and you’re not able to work, some disability insurance will ensure that your income is still intact. Some disability insurance can help pay for living expenses if you cannot work due to a sickness or an injury.
Homeowners Insurance or Renters Insurance
Your home is usually your biggest asset, and this is an investment that needs protecting. One of the most important types of insurance is homeowners insurance. Homeowners insurance should help you protect the physical structure of your house and the contents inside, like furniture and appliances. This type of coverage also provides liability protection if someone gets hurt on your property or sustains property damage. Most mortgage companies require you to have homeowners insurance.
If you are renting where you live or even if you have a storage unit while owning your own home, it is important to have rental insurance. If there is a fire or someone breaks into your home or storage unit, depending on the insurance you use, you could be reimbursed and not out any money.
Health insurance is an essential kind of insurance. It makes sure that you have resources to cover medical expenses if you or your family become sick and need care. Health insurance also protects in the event of an accident or life-changing illness. Health care can be costly in the US. As a result, if you’re not insured, there’s a good chance you could end up with overwhelming debt from medical bills. That’s just one reasons why it’s so important to invest in health insurance.
It’s just as important to choose a health plan that suits your needs to make sure the plan covers any potential emergency or chronic illness. For example, if you have diabetes, you need a plan covering your condition and medication needs. If you want your plan to include prescription drugs, make sure the individual plan covers those drugs before signing up for coverage.
These are the major general types of insurances that are available. There are also types of insurance such as travel, business, liability, pet, and more. Be sure when you are looking for an insurance provider to research, and research, and then research again about your provider. I’m a fan of USAA as we’ve used them for over 25 years. I’ve heard of people that had to take insurance companies to court to pay what they are suppose to for car accidents. Check with the Better Business Bureau to research and find out as much information as possible through word of mouth as well.
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