Personal Insurance That You Absolutely Must Have
The 5 Types of Personal Insurance That You Absolutely Must Have
Personal insurance policies go a long way toward securing your possessions as well as your earning power. Let’s have a look at five kinds of policies that are absolute must-haves.
- Long-Term Disability Insurance
Because this is the easiest kind of insurance to forget, this article’s placing it at the top of the list. Of course, it’s easier to just ignore the possibility of long-term disability. However, it’s simply not a good idea to leave your earning power in the future up to chance. Select a disability policy that will allow you to continue living your current lifestyle even if you’re no longer able to work.
- Health Insurance
Just a glance at the ever increasing costs of medical care should be enough to hurtle you towards a health insurance policy. When even a short visit to the doctor can lead to an immense bill, more serious illnesses or injuries can set you back by hundred, or even thousands of dollars. Yes, it’s a financial burden to have health insurance, but the potential cost of not having this in place could amount to much higher.
- Life Insurance
Life insurance policies are meant to take care of any people that are financially dependent on you. If your earnings are what separate your spouse, parents or children from financial difficulty, you should prioritize life insurance policies so they’re provided for in the case of your death. Consider the amount you earn every year, and then buy a policy that will ably replace this income in case you were to die before your time.
- Automobile Insurance
There are quite a few places that require some form of automobile insurance by law, but you should have this even if you aren’t legally obligated to. If you get involved in an accident or someone is injured, you might be sued for everything you own. Accidents can happen to anyone, and if you don’t have any automobile insurance, you’d only be saving a little bit of money while placing everything else you own at risk.
- Homeowners Insurance
With the right homeowners insurance, you can make the process of replacing your home a less difficult one. Look for a policy that will not only cover the replacement of the structure and contents, but also the cost of living somewhere else while your house undergoes repairs.