In simplest terms, insurance is meant to protect us from the worst-case scenario. Of course, in the case of health insurance, it guards against that and helps pay for other services. But the foundation for insurance is that it’s there “just in case.” For example, hopefully you never get in a very serious car accident. But if you do, your car insurance is there to help with the bills. There is a wide variety of insurance policies available to cover just about anything. Trying to find the ones which are right for you can be a daunting task that could ultimately turn costly, if you don’t make the right decision. While it will differ somewhat by individual, below are the four kinds of insurance everyone should have.
With the advent of Obamacare, Americans will need to purchase health insurance, but it’s still helpful to understand why and what it entails.
Generally speaking, you’ll receive your health insurance through your employer. However, it always pays to shop around as well, especially if you work for a small business. The amount of health insurance you’ll want is a largely personal issue. If you have a family, it will probably be different than if you’re single. Healthy individuals may feel different about it than those with medical issues that run in the family.
One Harvard study on the matter concluded that, on average, any “family is just one serious illness away from bankruptcy.” If that doesn’t get you considering health insurance, I’m not sure what will. While you may already have it, review your budget and see if it doesn’t make sense to increase your coverage.
Long-Term Disability Insurance
This insurance serves you in the case of the unthinkable. Should you be rendered disabled in some way, there’s a good chance you will be unable to return to work for a period of time or maybe forever. Many people mistakenly assume their health insurance is the only measure they need in such a scenario. After all, it will pay for the hospital stay, rehabilitation, prescriptions, etc. While this may be true (it depends on your coverage), you’ll still have other bills to pay. Basic living expenses, for example, will continue to roll in. Long-Term Disability Insurance is meant to help cover these expenses just as you would if you never stopped working and drawing a paycheck.
Even if you have a significant amount of savings, Long-Term Disability Insurance is a measure to help you maintain that instead of draining it over the course of your recovery.
Like every form of insurance, Long-Term Disability is not the same across the board. You’ll need to choose options like income replacement, for example, or other offers that will make up to 50% or 70% of what you used to make. Like health insurance, your options are better if you’re going through a big employer. In fact, depending on the company you work for, your rates can be very affordable.
If you don’t already have auto insurance from http://yourfloridainsurancequotes.com/auto-insurance-quote/, check to see what the specific guidelines are for your state. In many states, driving without auto insurance is actually against the law. It’s as illegal as driving without a license. You could face a serious fine or even jail time. States where it’s illegal will often issue random road checks and anytime you get pulled over, you will be asked to present proof of insurance.
Even if it’s not mandatory where you live, auto insurance is still a highly recommended option. If you’re in an auto accident, obviously the most important thing is that you and everyone involved are ok. However, if that’s the case, your next concern should be your vehicle. Though many of us may take it for granted, there’s no getting around the fact that our vehicles are necessary for day-to-day life. If you suddenly lost your car today, would you have a means to get to work all week? Do you have the necessary funds to replace it soon? While you may be a great driver, others can’t always be so reliable. Auto insurance will also cover things like vandalism and damage from storms.
Unless you have enough in your savings that you’re comfortable your loved ones will have enough without you, you should seriously consider life insurance from http://yourfloridainsurancequotes.com/life-insurance-quote/. Term life insurance will pay your beneficiaries in the event you pass away during a certain period of time. Whole life insurance will pay your beneficiaries when you pass away no matter when that is. This is an especially important kind of insurance if you’re the main breadwinner for your family. If you were to die today, would your family be financially provided for?
Insurance can be a contentious issue given that you’re often paying for protection from an event that will never happen. But that doesn’t mean all insurance is a bad idea. The four kinds listed above are examples of insurance that everyone should consider having.