In life, we all face unexpected things from time to time. Though some of the occurrences are beyond our control, you can choose to give your life some form of protection. One of the ways we can all achieve this is through insurance. This gives you protection against a disaster, especially financially.
Though financial experts recommend insuring ourselves in different ways, the various insurance options can be overwhelming. It makes it difficult to determine which insurance you need and which is optional. Your specific situation should guide you into purchasing the right insurance. As you plan your insurance portfolio, you should consider different factors like your lifestyle, ae, employment benefits, and children. Here are the three insurances that everyone should have.
One of the leading contributors of bankruptcy in our country is medical problems. Statistics reveal that more than 60% of the bankruptcy cases in the US come as a result of health complications. Such numbers should persuade you to apply for health insurance. If you already have coverage, you need to determine if it is time to increase it. You can find adequate health insurance coverage by shopping around and getting quotes from different companies.
Though you can be part of your employer’s insurance program, you should think of getting your own health insurance policy. Confirm with your boss regarding the health care benefits you should receive from the program. Having health insurance can prevent your family from getting broke when you have a medical condition. It makes it easy for you to get the necessary treatment without experiencing financial constraints.
Long-term disability coverage
Most of us tend to overlook this coverage since we assume that being disabled is hard. Research, however, shows that 3 in every ten employees entering the workforce suffer from disabilities before they retire. Being disabled can happen to anyone regardless of their age. The condition can make it hard or one to proceed with their regular working routine. More than half of the mortgage foreclosures come from disability causes.
We should, therefore, avoid ignoring long term disability coverage. This can help you pay your medical bill and cater to your daily expenses if you suffer from a severe condition such as cancer. A lot of employers offer both long term and short term disability coverage. If you are self- employed, you can seek out this coverage from a private insurer. Disability insurance can guarantee income even when you are unable to work.
Auto-accidents cause millions of deaths every year. Buying auto insurance can prevent you from litigation cases. If you happen to cause an accident and lack insurance, you may lose your driving license and be forced to pay hefty fines. Applying for auto insurance can also help you get funds to replace car parts if your car is involved in an accident. The insurance can also protect your vehicle from theft or a natural disaster. Though insurance is costly, living without it can cause financial ruin. Work with the top insurance providers for you to secure the necessary coverage.