- Business

4 Must-Have Insurance Types

Insurance serves as protection from the unexpected, and many different policies exist to cover all imaginable situations. Not all are a must, depending on your lifestyle.

However, four types of policies are necessary for peace of mind, as well as financial well being in case of emergency. Let’s take a brief look at them.

Health Insurance

Health insurance is critical. If you develop an illness or suffer an injury without being covered, you may not be able to receive treatment. For example, Infertility is common and many couples can’t get pregnant. IVF is the most expensive infertility treatment. Unfortunately, if you have no health insurance that covers ivf, best case scenario, you’ll have an expensive medical bill to pay.

Most employers offer a health plan for their employees. If you’re not currently covered, this is your first stop, as it’s generally the most affordable. Couples may also get coverage under one employer plan.

For those self-employed, insurance companies are the best option. Consider everything covered within a policy to its cost to choose the best one.

Home Insurance

Once you purchase a home, it becomes your greatest asset. You must protect it. Getting coverage for your property is extremely important, although not always mandatory. Only those under a mortgage are required by law to have it insured. 

Insuring your home keeps your finances safe against natural disasters, burglaries, fires, and more. It will, in the worst cases, only cover the replacement costs. At best, it will provide you with extra money for the stress you suffered. 

When choosing a policy, consider your living area. Not all packages cover all scenarios, and your first concern should be those most likely to happen. For example, if you live in an area close to water, you may want to get a package dealing with flood damage.

Car Insurance

Although not as valuable as property, cars are expensive, and you will want to keep them safe. Auto insurance covers the replacement in case of an emergency. Besides, it deals with possible injuries in the vehicle, as well as legal defense costs if an accident occurs.

Many companies, such as BrokerLink, offer ways to lower the price of your policy. It depends on several factors, such as your experience, living area, and more.

Life Insurance

This type of policy matters more to those married with children. It can stand in place of lost income, pay off any debts remaining, and finance the college education of your children. However, even for single people, life insurance covers lingering debts and burial price.

Again, your employer may cover the basics of life insurance. Furthermore, hundreds of companies tackle this type of coverage. 

Remember that there are two types of life coverage – term and permanent. Read up on the types and choose the right one for your situation. You will take a medical examination either way, and your health and life status will determine the cost of your policy.

The Bottom Line

Although getting a policy may seem like a daunting task, especially when you take those pushy salespeople into account, it’s important to get one. 

Always make sure you’ve read everything before you sign the dotted line. Then, breathe a little easier, knowing your finances and your family won’t suffer if anything happens.