Insurance, it is something that most people don’t want to talk about. Given the current environment in Washington, the conversation often leads to feelings of fear and dread. But having the right insurance can be critical, because it’s what protects your assets. With that in mind here are five policies that everyone should have; it doesn’t matter if you a multimillionaire or working entry-level at your first job, these policies will help protect you and your family when you most need it.
Vehicle Insurance
As you know, car insurance is required by law. You should have a good idea of how much you drive in order to properly assess the coverage options you’ll need to protect you and your passengers. You want to make sure you have enough coverage for yourself, your car, and the people who either drive or ride with you. In addition, make sure you understand what will happen if your car is totaled in an accident. Even though you might be covered, this does not guarantee that you will receive a speedy payment or even a full reimbursement, so it’s important to ask questions and fully understand what your insurance policy covers, no matter what the policy is for.
Homeowners Insurance
For most people, their home is the most expensive asset they have, so it makes sense to protect this asset against loss. It doesn’t matter if you are the victim of a fire, burglary, or something else, you want to make sure your home is covered. If not, you will end up owing the bank for a home which is no longer worth what you paid for it and you could lose everything inside your home as well.
This doesn’t mean that all homeowner’s policies are the same. You really need to go over the details of your policy to understand what it covers, how replacement value is determined, and the process by which to collect on a claim. In addition, claims against a homeowner’s policy can be a cumbersome process and you might want to consider retaining an advocate to help you.
It’s also important to remember that you don’t need to own a home to purchase insurance. If you rent, you should also seriously consider buying renters insurance, so that your belongings are protected in the event disaster strikes. And the best part about renters insurance is that it can be very inexpensive, costing as little as $0.40 a day.
Don’t get caught without coverage, make sure you have a homeowner’s policy and know what it covers.
Life Insurance
Even though life insurance is probably the most important insurance you can have, a recent survey by Fidelity Investments indicates that fewer than half of all Americans currently have a life insurance policy.
Why is life insurance so important?
Because it helps to protect those who are financially dependent on you if something happens to you. In the unfortunate event that it is needed, the policy will help your children, your spouse, your parents, or your business – to continue in your absence. You want to make sure those most important to you are taken care of in the event that you cannot provide for them.
Health Insurance
Politicians in both parties are trying their hardest to make health insurance impossible to manage, but given the high cost of healthcare in the U.S., this is another policy you can’t do without.
Did you know that before Obamacare (also known as the Affordable Care Act) medical costs were the leading cause of bankruptcies? This is a shame as it means that not only is healthcare too expensive, but it also means that many people could not afford insurance, or could not afford enough to cover their bills.
Don’t get caught off guard, make sure you have enough insurance to cover your medical expenses.
Long-Term Disability Insurance
This policy falls under the category of insurance categories that a lot of people have never heard of. However, long-term disability insurance is not some obscure financial trick, it is a policy that will cover disability and care should you be unable to work.
Given the potential loss if someone faces a long-term disability, this is one that should not be overlooked. One helpful tip to keep in mind when choosing a long-term disability policy is that it should provide enough to ensure that you can sustain your current standard of living.
There you have it, five policies that everyone should have. Cover your assets and get insured.
Hey, Thanks for the informative article on this Insurance topic. Very well explained. Looking forward to more articles. Best wishes and regards.
The proper insurance is capable for protecting our assets. First, it concerns the owners of the vehicles and the real estate. These are the primary objects for insurance.
Pauline,
Very good explanation of the different types of insurance each of us should have. Having adequate insurance for when something DOES go wrong can mean the difference between a simple headache to financial bankruptcy!
Thanks Pauline for your info.
Insurance is a nontangable asset which ensures high return depending upon a small investment.An ideal life insurance identification needs to require some serious brainstorming to determine the best outcome.
I was simply stumped on choosing the best life insurance service which could work effectively for me.Even tried a different online search but I failed.I found your article more interesting and useful as a tool which could help me explore my insurance planning ideas in this sector.
It’s weird how so many people refuse to pay for insurance. You can’t guarantee anything these days.
Insurance is very important for a car. I like your advice. Thank you for shear a very helpful and informative idea.
Insurance is an important investment. “Millennials” need to realize this. Thanks for sharing this. This is very helpful. xoxo
You should always ask about who they have worked with and how successful the project was. Some consultants may be great at pitching you but have no track record of success.
Hello, This article definitely makes for a handy checklist to go through as you start shopping for insurance — I wish I would’ve known about being able to qualify for the safety features; it would’ve saved me a bundle on my current plan.
Thanks
Hello, I think insurance is a great way to ensure that if the disaster were to strike you are covered. Looking into the different types of coverage could be perfect in helping you get an insurance plan that best suits you. I like your advice about how to use insurance to save you money.
Will my life insurance pay for the mortgage loan in case the unexpected happens?
You should always ask about who they have worked with and how successful the project was. Some consultants may be great at pitching you but have no track record of success.
Thanks for this post explaining deep pints about saving money dollars on Insurance of our Vehicle or Home. All these Discount getting options are necessary for us to follow, because we all want to save as much bucks as we can. So, thanks a lot again. Cheers.
Thanks for all these tips! It is so true that you want to do your research and take your time before buying auto insurance. There are many things you can do to save money when your purchase car insurance. You could bundle your insurance, raise your deductible, or take advantage of low mileage discounts. Thank you especially for telling me about renters insurance!
Thanks for such an informative post with us. great explained about insurance.
This is a very useful article. it can be very helpful for everyone..thanks
Hello, I totaly agree with you. This article definitely makes for a handy checklist to go through as you start shopping for insurance — I wish I would’ve known about being able to qualify for the safety features; it would’ve saved me a bundle on my current plan.
First car owners are often required to have insurance, they require liability insurance at least and if you have an accident and you don’t have any to present, you can lose your license.life insurance
Your article is very useful and has good knowledge. I appreciate your efforts and all the best. It’s very useful information. I will be waiting for your next post.
I’m glad to know there are different types of insurances to cover up the asset for the future. You should utilize your income the income to ensure you can get the right insurance for your needs. For me, I’m considering those valuable insurances like health and life insurance, and vehicle and homeowners insurance. There is more way to get a frugal living in our way.
Hello, You should always ask about who they have worked with and how successful the project was. Some consultants may be great at pitching you but have no track record of success.401k
There is so many info in this post and I have gained little idea about health insurance which is unknown for me. After reading the post like me, any one’s opinion will be such that everyone should take the advantages of health insurance.
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Hello, I’m not a fan of insurance because I prefer to put my trust in Our Creator rather than corporations who do their best to overcharge and never payout even when they should. It is a decision each person must make for themselves.insurance