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5 Different Types of Insurance and Why They’re Important

11/20/2020

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We generally aren’t able to keep the unexpected from occurring, but we can prepare for it at times. The purpose of insurance is to keep us financially safe in the event that certain things actually happen. However, there are quite a few different types of insurance and a lot of financial experts will tell you that you need to have all of them. That can make it difficult to tell which ones you need. For that reason, we’re here to tell you about a few of them.

Life Insurance

When it comes to life insurance, there are two types to choose from – term vs whole life insurance. In a nutshell, whole life insurance might be used as a tool for income as well as being an instrument of insurance. If you continue paying the premium, it will cover you until the end of your life. Term life insurance is a type of life insurance that only covers you for a certain amount of time. Both will provide a financial cushion for your family in the event you die while covered.

Homeowners' Insurance

Everyone who owns a home needs to have homeowners' insurance. This can cover not only your home but everything in your home or any outbuildings. Additionally, it can cover you in the event that anyone is injured while in your home or on your property. If you happen to be later in life and plan to remain in your home while receiving elderly home care in Orange County or nearby, you need to make sure your home is protected. Repairs or damages to those out of the workforce without modern day income can’t afford to pay out of pocket in the event of an earthquake, flood, fire, or worse.

Health Insurance

​It only takes a single serious injury or illness to put families in jeopardy of bankruptcy. Because of this, health insurance is paramount. If you already have this type of insurance, you might want to have a look at your policy to make sure that you have enough coverage. That said, things like rising copays, dropped coverage, and increased deductibles mean that this type of insurance is quickly becoming one that a lot of people just can’t afford.  The question, though, is whether you can afford to do without it.

Long Term Disability

Disability insurance is something that a lot of people might not think they’ll ever be in need of. However, about a quarter of those entering the workforce might end up becoming disabled for one reason or another and won’t be able to work until retirement age. If they don’t have fantastic health insurance, a great whole life insurance policy, and a nest egg, they might be okay for a while, but even then, they’ll still need disability coverage to pick up the slack and pay for things like the daily expenses that a regular paycheck tends to pay for.

Car Insurance

​There are millions of car accidents each year in the US. If you own a car, most states require you by law to have car insurance. This will protect you financially in the event that you’re in an accident. Depending on the type of coverage you have, it can even protect you in the event your vehicle is stolen. To ensure you get the coverage you need at prices you can afford, you should get quotes from a number of providers and compare them carefully.

In the end, insurance is a necessity. Check with your employer to see which types they offer, and if they don’t offer what you’re in search of, get quotes from several different providers. The ones that offer coverage in numerous areas might provide a discount or two if you purchase policies in more than one of them.
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