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Life is most uncertain and at any time in your life, an untoward incident can happen. Most of the time, preventing these untoward incidents is not in your hands. But preparing for it financially is definitely in your hands. Having insurance policies is one such preparation that will give peace of mind as that keeps you and your family financially protected. There are many types of insurance policies covering almost everything you can imagine. But there are a few that are a must-have in your portfolio while the others are on a need-basis. Listed below are a few insurance policies that everyone should have for a secure future.
The cost of medical care is soaring and that is a major reason for having health insurance. Even a small injury and a visit to a doctor can result in a huge bill. Imagine, the cost of staying in the hospital for days for a serious illness or injury. Though the cost of paying a health insurance premium is overhead and a burden, not having enough coverage can prove very costly.
Most people have the misconception that having health insurance from an employer is enough. Think of the situation when you are out of work or are between jobs, in case of an accident or illness during that period you will end up paying huge bills. Hence it is best to have a health insurance policy that is not tied to the employer. You can check out a health insurance broker like Steve Thill for instance to help you out.
This is an essential policy to have especially if you have dependents. These life insurance policies payout death benefits in case of the death of the insurer. A person who receives the payout is called a beneficiary. There can be more than one beneficiary too who will get a part of the money as per the instructions provided by the insurer. If you are not sure about the right amount of life cover or the number of years that you need to take the insurance for, a Life Insurance Hero can simplify it for you. So if you have no life insurance policies right now, invest in one right away. It is not just for married people with dependents it is also for businesses and single people too. For example, key person life insurance provides cover for businesses in the event of the untimely death or disability of a key employee. If this is something you require, using a key person insurance calculator will provide you with an instant quote. In summary, depending on the choice of policy, life insurance can pay for your funeral, your burial, clear your debts, and cover the death of a key person in your business.
It can further be divided into homeowner’s insurance and renter’s insurance. Having a home owner’s insurance is mandatory if you are borrowing a loan from a bank to purchase a home. In most cases, the insurance premium is included in the mortgage payment. But even after the repayment of the mortgage, having home insurance means that you are protecting your most important asset, your home.
A renter will need renter’s insurance to protect the belongings inside the house. It can come in handy in case of a burglary or a fire.
In most places, it is required by law to have auto insurance. Even if it is not a law having one will help. If you are involved in an automobile accident and injured someone or damaged property you will become liable to a lawsuit. It is also useful for costly repairs and fixes. By buying auto insurance, damage to automobiles or injury to a person is covered.
Investing in an insurance policy may cost you a little extra every month, but it can help in the time of crisis.