5 Important Types of Insurance to Consider (and How to Find the Best Deals)

Important Types of Insurance to Consider : Protecting yourself and your most important assets should be an essential step in your personal financial plan. With the right insurance and policy, you won’t just safeguard your possessions, but you’ll also protect your earning power. Here are 5 policies you shouldn’t live without.

How to Search for Insurance Deals Online

The best way to find the cheapest deal online is by comparing rates from registered insurers or insurance brokers. Websites like Policy Scout allow you to scout insurance options in categories like life, health, medicare, home, auto, pet, and more. Plus, you can apply directly on their site.

Before comparing quotes, make sure you input your personal information. All insurance agencies charge their policyholders differently based on their personal metrics and data. If you don’t want to be blindsided by fees, be honest when shopping for your insurance options.

Insurance Policies Everyone Should Have

The best time to get insurance is when you’re young, healthy, or have great credit. Not only will your rates be lower, but you won’t be denied coverage on the following insurance.

1. Life Insurance

Life insurance protects your spouse, children, parents, and loved ones from financial hardship when you pass on. Parents can take out life insurance on their children for the same reason with the added benefit that it reduces the child’s premiums for their insurance in the future.

Your life insurance policy is calculated based on the amount you earn and the number of years you expect to remain employed. The policy will replace that income for your family after you die.

2. Long-Term Disability Insurance

Long-term disability insurance provides a monetary benefit equal to a percentage (70-80%) of your income if you are temporarily or permanently disabled. Your insurer will pay out this money once you’re approved or after a waiting period, depending on the nature of your disability policy.

Insurers also separate their policies based on “Own” and “Any” occupations. Own occupation means you can’t perform your job due to disability, while Any means you can’t perform any job.

3. Health Insurance

If you live in the United States, you can’t afford to go without health insurance. The rising costs of medical care has made health insurance a necessity. If your employer pays for your health insurance, then you’re golden. If they don’t, you’ll need to shop policies based on your needs.

For example, if you’re a senior and you expect to make several hospital visits, find a policy that pays for ambulance rides and hospital stays. Most young people can do with general insurance.

4. Auto Insurance

While most states make auto insurance mandatory, New Hampshire and Virginia don’t. That doesn’t mean you should drive without it, as you’ll pay a premium if you ever get in an accident. If you happen to destroy property or injure someone, there’s a possibility you’ll go bankrupt.

Even great drivers get into accidents. You can’t account for what others do on the road or bad weather, so purchase car insurance that covers more than the bare minimum just to be safe.

5. Homeowner’s Insurance

Purchasing a home is often the biggest financial investment a person will ever make. It’s critical that you protect this asset with home insurance. Most policies will cover damage from weather and theft, but if you have a lot of expensive possessions, you may want the best policy.

To get homeowner’s insurance, you need to calculate what your possessions are worth, followed by expected depreciation. Keep all of your receipts to prove the total cost of your items.

 

 

 

Related Videos about Important Types of Insurance to Consider :

https://www.youtube.com/watch?v=Pmvz3uoQ5xk

 

 

 

 

Important Types of Insurance to Consider

what are the 3 main types of insurance, types of insurance pdf, what are the 4 types of insurance?, what types of insurance are not recommended, types of health insurance, importance of insurance, types of general insurance,