8 different Types of Insurance Everyone Should Have
Introduction
You never know when something bad might happen to you or your loved ones, so it's important to be prepared.
While many people know they need insurance of some sort, they sometimes need to learn what kinds are out there or how they can help you protect yourself and your family from the financial crisis if a disaster strikes.
To ensure you're covered in all aspects of life, look over these 8 types of insurance everyone should have.
Health insurance
Consider health insurance. Without it, you may be left with huge medical bills in case of an accident or sickness not covered by your employer's insurance. Health insurance can also help you get lower rates on other types of coverage, like life and disability insurance, because it is required for many plans.
Benefits of Health insurance
To have the best quality of life, it's important to be healthy. Health insurance helps cover the cost of medical care and medications. With health insurance, you may be able to afford treatments that will allow you to maintain good health.
Most people are only required by law to have certain types of health insurance like Medicare or Medicaid.
Life insurance
A life insurance policy can provide financial security for you and your family in the event of a death. Life insurance is typically inexpensive to protect against an unknown future event and can be tailored to meet the needs of the individual or family.
There are two types of life insurance:
term and permanent.
Term insurance protects a specific time, such as 10, 20, or 30 years.
Permanent insurance provides lifelong protection in exchange for yearly premiums that increase with age.
Term life insurance is usually cheaper than permanent because it doesn't last as long and carries less risk that it will be used; however, permanent coverage may be more appropriate if you have dependents who would rely on your income should something happen to you.
Auto insurance
If you own a vehicle, then you should invest in auto insurance. Not only does this protect you from being responsible for any damages incurred to your car, but it also protects other drivers on the road. It is important to look for a company that offers affordable coverage.
Benefits of Auto insurance
Protecting yourself in the event, you are involved in an accident can be a daunting task. But it doesn't have to be! With auto insurance, you can insure your vehicle, which is a significant investment, and protect yourself financially if you're involved in an accident.
You'll also be protected against theft, vandalism and other events that could ruin your day.
Homeowners/renters insurance
If you own or rent a home, it's important to have homeowners insurance. Homeowners insurance covers your home and personal property against covered and non-covered perils. A covered peril is something that is expected to happen in the course of owning a home, like fire, theft, or vandalism.
Non-covered hazards include acts of war or terrorism. Some examples of how homeowners insurance can protect you are if someone breaks into your house and steals your belongings, a pipe bursts and floods the lower level of your house, or if you accidentally cause damage to someone else's property while doing repairs on your home.
Long-Term Disability insurance
For those who work for a living, disability insurance is one of the most important types. After all, you can't work if you're disabled, and it's not just about your income. It's also about being able to pay for the things that make life worthwhile, like your mortgage or rent, groceries and gas.
An accident or illness could change everything in an instant. That's why long-term disability insurance is so important - it helps you continue to live a normal life while dealing with a disability.
Long-term care insurance
Many people don't want to think about the possibility of needing long-term care. Still, statistics show that one in every three adults over 65 will need assistance with activities like dressing, bathing or eating.
As our population ages, it's more important than ever for Americans to consider getting long-term care insurance before they need it.
Pet insurance
If you're a pet owner, it's important to have pet insurance. Pet insurance provides coverage for all types of injuries and illnesses, including accidents at home or during a visit to the veterinarian.
It also covers necessary medical treatments, such as surgeries and prescription medication, no matter how expensive. In most cases, pet insurance can even cover behavioural therapy if your animal needs it.
It's also worth noting that many companies offer discounts for dogs that have been spayed or neutered and for animals over seven or eight years old.
Reading the fine print before signing up for any policy would be best.
Identity theft insurance
Identity theft is a criminal offence when someone steals your personal information, like your name, address, and social security number.
Identity thieves may use your information to create new credit cards or other accounts to commit fraud. Unfortunately, it can be difficult for the identity theft victim to prove what happened. That's why you should consider purchasing identity theft insurance.
This type of insurance will help cover the cost of any necessary legal fees and give you access to a team that will work with you to restore your credit score as quickly as possible.
