Life tosses numerous unforeseen things at all of us. While we normally can’t prevent this stuff from happening, we will opt to give our lives a piece of protection. insurance is supposed to present us a few degree of protection, at least financially,
Risk is everywhere: When you drive your car to work, when you visit a new country, when you ride your bike to a nearby shop, when there’s a new bug going around in town.
Bottomline: You need the security of insurance.
Buying the correct protection is constantly controlled by your particular circumstance. Factors such as children, age, lifestyle and employment benefits are all points to consider when planning your insurance portfolio.
The greatest factor in having life insurance is providing for those you leave behind. It can also be a good idea to insure your life, even if you aren’t the primary breadwinner. If you do not currently have life insurance your best bet is to check with your employer first. This is extremely important if you have a family that is dependent on your salary to pay the bills. That cushion will help them re-group after your death.
Remember, that with most types of life insurance your ability to get covered depends on your age and health profile.
Your home represents a huge, expensive asset. If it’s damaged, it’ll cost you, big time. If you borrow money from the bank to purchase a home they will require the asset to be insured. Homeowners insurance can help you pay for home repairs, short-term lodging, or even a new home . without a huge outlay of capital all at once.
This type of general insurance covers the cost of medical care. Health insurance is easily one of the most important types of insurance to have. Your good health is what allows you to work, earn money and otherwise enjoy life. Finding affordable health insurance is difficult, particularly without an employer-sponsored program or if you have a pre-existing condition.
Thankfully, many employers provide health insurance benefits to full-time and even some part-time employees. With rising co-payments, yearly deductibles and dropped coverage’s, health insurance has become a luxury less and less can afford, yet even a minimal policy is better than having no coverage. Even if you are in good health, and rarely use health care services, it can be a good idea to at least have a policy that covers major medical problems, just in case an accident befalls you. It pays for or reimburses the amount you pay towards the treatment of any injury or illness. If you do not currently have health insurance coverage this is the first place to check as it will generally be the most affordable.
If you have a car, you need auto insurance – and not only because every state law requires that you carry it. The number one cause of death for American’s between the ages of 5 and 34 were auto accidents. If you drive without auto insurance and have an accident, the fines will probably be the least of your financial burden.
For many people, their car is their only way to get to work; if it becomes un-drivable due to an accident, and the money isn’t available to buy a new one, it can be hard to earn a living. If you, a passenger or the other driver is injured in the accident, your auto insurance will pay those expenses, and help guard you against any litigation that might result from the accident.
The most common reason to have auto insurance is to cover the replacement of an expensive asset.