Types Of Insurance Everyone Needs To Have

Life is full of disasters that can't be avoided, but there are several types of insurance policies than can help should some of these events occur. The right insurance plan can be the difference between living life comfortably or losing everything you have worked so hard to achieve. Several factors influence the insurance plans needed including lifestyles, ages, and whether children are part of the family's scenario.

Life Insurance        

If you have a family that depends on your salary for living expenses, life insurance is a policy that is extremely important. Most companies figure the 'ten times income' rule. This is merely a cushion, so the family left behind can pay for final expenses and any other bills that may exist at the time of death. If you choose the traditional Whole Life policy, the payments will be made until the time of your death. Choosing a Term Life policy, you will only make payments for a set amount of time.

Health Insurance           

Health insurance is a necessary insurance but can be difficult to acquire if you have a pre-existing condition. If you don't have an employer that sponsors a healthcare program, it is even more difficult to afford. Costs continue to rise for doctors and hospital services, making it essential to have coverage to cover at least part of the expenses.

With the passing of the Obama Healthcare bill in 2010, Medicaid was expanded to many Americans. With this plan, low and middle-income families were aided in receiving quality care.

Automobile Insurance               

Accidents happen and it may not be your fault, but you need to be prepared for financial responsibility to the other driver in case it is. You also need to have coverage for personal injury.

Why take the chance of losing valuable assets? Your vehicle is an essential part of your family's financial security. Without it, maintaining a job and the family's livelihood will be much more difficult.        

Long-Term Disability

Disability is one of the events in life no one wants to have to face, and you never know what can happen to change your stability. Whether it is for a few weeks or months, your financial security can be damaged. What happens if it is a permanent issue? It is much safer to have the coverage before you are faced with the pile of hospital bills, doctor's bills, and every day livings expenses you can't pay.

These are four of the main types of insurance you need to have. Life is unpredictable, and you need to be prepared for the unknown. Never think it cannot happen to you because it can. To learn more about insurance, check it out here. 


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