Most experts agree that the four types of insurance everyone should have are life insurance, health insurance, long-term disability insurance, and car insurance. Losses are inevitable in life, and the degree to which they affect our lives varies. Insurance reduces the impact by providing financial benefits for covered losses. There are many types of insurance available, but these four are the most important.
When it comes to protecting yourself and your family from financial losses, having the right insurance coverage is essential. Home or property insurance, life insurance, disability insurance, health insurance, and car insurance are five types that everyone should have. Don't put it off any longer. Talk to an independent insurance agent about term life insurance today.
It doesn't cost much, but the peace of mind it gives you is priceless. When you buy life insurance, don't forget to choose term life insurance. Comprehensive life insurance is a long-term trick. And if you think you don't need life insurance just because you're young and single, think twice. If you have a lot of debt and don't have savings in your name, look for a short-term life insurance policy.
It's pretty easy for a healthy 30-year-old to find a cheap policy that will at least pay off their debt and cover the costs of burial. Contact Zander Insurance, one of our trusted providers in Ramsey, for a term life insurance quote now. Trying to figure out what your car insurance needs are can be complicated, so talk to an insurance agent to help you get the proper protection you need for your car. Another very important type of insurance that you can't do without? Health insurance coverage. A study by academic researchers showed that about 67% of people who file for bankruptcy do so because they are drowning in medical debt. The high cost of health insurance is no excuse for running out of coverage, even if you don't go to the doctor much.
To help lower the cost of health insurance, you could take out a high-deductible health insurance plan. Sure, you'll have to pay more of your initial health care costs, but you'll pay a lower monthly premium. Some companies now offer high-deductible health plans with HSA accounts, as well as traditional health insurance plans. Take a look at your options and see if a plan with high deductibles could end up saving you money. An independent insurance agent can help you discuss high-deductible health plan options that you can combine with an HSA.
Long-term disability insuranceprotects you from losing your income if you can't work for a long period of time due to illness or injury.
Don't you think that a permanent disability could jeopardize your ability to work? Think about it again. The Social Security Administration says that just over 1 in 4 people in their 20s today will be disabled before they turn 67. Those odds are too high for you to skimp on long-term disability insurance. If you're in your prime income-generating years, a permanent disability could derail your dreams of owning a home or even paying for your child's college. In short? Make sure you're covered.
Nowadays, many companies offer long-term disability insurance to their employees, so start there.
Long-term care insurancecovers a lot of services, such as nursing home care and home help with basic personal tasks (bathing, grooming and eating). Long-term care generally means that people who have a chronic illness or disability need ongoing help. If it sounds expensive, that's because it is. And long-term care costs aren't usually covered by Medicare either. A supplemental policy adds an extra layer of protection for you and your assets when you need coverage that goes beyond your home or car insurance. Let's say you end up being the culprit of a multi-vehicle accident (that's not fun).
Your medical bills and property damage could quickly amount to more than what your car insurance will cover. And if you're sued for the difference, your savings, your house, and even your future salary could be in jeopardy. They say there's insurance for everything, no matter what the coverage actually entails. Buying the right type and amount of coverage will always depend on factors specific to your particular situation; these factors are usually children, age, lifestyle and work benefits.
With the wide variety of insurances available today, many experts recommend buying at least four types: life, health, long-term disability, and auto. Unlike car insurance, no state law stipulates that you must have homeowners coverage; however, if you financed your home, your lender will normally require coverage to protect their interests in your property. This way, if your home is damaged or destroyed, you have the funds to rebuild it and won't abandon your mortgage. Even if you don't have a mortgage and have paid for your home directly, you are responsible for repair or replacement costs if something damages or destroys your home and you don't have home insurance.
It is wise to purchase a home insurance policy; remember that a standard home policy doesn't cover damage caused by floods or earthquakes but separate policies are available for these issues. If you don't own a home, that doesn't mean you don't need coverage; renters' policies help replace belongings such as electronics, furniture and clothing if they are stolen or damaged due to fires, tornados or explosions. Auto, home and renters' policies include liability coverage that protects assets from lawsuits brought against them; however all policies have limits of liability. If someone depends on you financially it's essential to find the best life policy for your situation; households would face financial difficulties within six months if the main wage earner died according to LIMRA research firm.
Life Insurance is a way to ensure financial security even after death; it's wise to purchase at least four types: life health long-term disability and auto insurances.