In modern society, insurance is paramount for every family. It is no longer just for the privileged who can afford to invest in these types of protection. In fact, it is all the more necessary for families looking for some sort of protection from financial losses. Whether it’s for your house, car, health, or life in general, insurance can provide you and your family with financial security.
In this article, we’ll share with you five types of insurance that every family must get.
1. Life Insurance
Life insurance is the most important among various types of insurances. For the most part, you think of this insurance type as having one primary benefit-your family gets some money in the event of your death. Yes, its greatest benefit is how it provides for those you leave behind, apart from covering your funeral expenses.
But did you know that other benefits come with life insurance? Apart from your family’s financial stability in your absence, they can benefit from its other practical benefits. These include paying off their mortgage loan and covering debts such as credit cards, car loans, and even student loans. Life insurance can even go as far as funding your children’s education and covering other obligations such as elderly care.
2. Health Insurance
The COVID-19 crisis has even led to a lot of families seeking health care. In fact, this crisis has all the more compelled the need for health care reform. The ultimate goal this time is to foster universal access to affordable care. On a micro-level, you must be wary of the kind of health insurance you currently have or are looking to obtain.
Whether you get this through an employer or it’s an individual plan, be sure it covers your health needs, particularly if you have an underlying health condition. Most importantly, make sure that your spouse and all your children are covered as dependents. When choosing a policy, check the plan’s copayments, deductibles, and other member’s responsibilities. After all, your health insurance is supposed to cover you, not make you financially liable.
3. Long-term Disability Coverage
Long-term disability coverage is probably one insurance you think you won’t ever need. But recent statistics will make you think otherwise. Why? The Social Security Administration says that disability is very unpredictable as it can strike anyone. In fact, one in four employees who get employed will eventually become disabled. The worst part is that they won’t be able to work till their retirement age.
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For this reason, it’s a good idea to get long-term disability insurance. Do so if and when you are already physically challenged or if you think that your work type is of high risk. Before signing for one, be sure to read the fine print. While most policies pay about 55 percent of the income in case of disability, they have a three-month waiting period before coverage starts. Hence, be wary of the terms and conditions, particularly some policy exclusions.
4. Auto Insurance
Did you know that the U.S. traffic deaths hit 38,680 last year? According to the National Highway Traffic Safety Administration (NHTSA), this figure is a 7.2 percent increase from the year 2019.
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Also, think of the number of injuries as a result of car-related accidents. If you own a car, it’s safe to say that you need to have auto insurance.
It’s a good thing that most states in the U.S. require drivers to have auto insurance. If you live in one of these states and were caught having no coverage, you will be penalized. But even if your state doesn’t require one, it’s better to have auto insurance as a responsible driver. Should you get into an accident, your medical expenses for the injury and vehicle repairs will be covered.
5. Home Insurance
If you own a property, it’s practical to get home insurance, as you have all the good reasons to do so. Think of fire, flood, or any accident that canoccur on your property. Homeowner’s insurance will cover the losses and damages to your residential property. In most cases, this includes the furnishings and other assets in your home.
But what if you own a condominium? That is where an HO6 policy comes into the picture. You have to know what HO6 insurance is. For the uninitiated, it is condo insurance designed to meet the specific needs of condo owners. As a type of homeowner’s insurance, this policy covers the individual unit itself, along with the things inside such as fixtures, appliances, and other property possessions.
As losses are quite inevitable in life, insurance is deemed necessary. Whether life, health, disability, auto, or home insurance, they can provide you with some benefits by covering your financial losses. Be sure to obtain them from highly reliable insurance providers, and be highly selective of the kinds of policies to choose from. All these will help protect you and your family in the long run.
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