We can't prevent the unexpected from happening, taking out insurance is a way to protect both ourselves and our family financially, in the unexpected event that something should something happen. There are many different types of insurance policies, and it can be a difficult decision to decide what insurance you really need.
Why should I buy life insurance?
One of the benefits of life insurance is the peace of mind that your funeral expenses, unpaid medical bills or other debts will be taken care when you die, and your family will not be left with the burden of paying any debts or unpaid bills. It’s advisable to have a life insurance policy that provides security, especially if you have a family who depend on you. A Life Insurance Policy will protect you, your assets and your loved ones when you no longer can.
The money paid out from a policy could help with medical bills, mortgage payments, outstanding debt, or provide a monthly income for your family. It is important to make sure that you check what you are covered for will take care of them financially.
Auto Insurance
No matter how many precautions you take, road collisions and accidents can happen to anyone. The best thing that you can do is make sure that you are covered with appropriate car insurance, for these kinds of situations.
Depending on the cover you take out, Auto Insurance can provide you with financial security no matter who is at fault. The degree of security you have depends on which kind of coverage plan you opt for, and with so much choice on the market, this can be confusing.
What are the different types of cover on offer:
- Liability coverage. Required in most US states as a legal requirement to drive a car.
- Collision insurance.
- Comprehensive insurance.
- Uninsured motorist insurance.
- Medical payments coverage.
- Personal injury protection insurance.
- Gap insurance.
Health insurance
Taking out health insurance will help pay for medical expenses, providing protection against the costs of medical costs in the event that you need medical care. In addition to medical expense insurance, health insurance may also refer to insurance covering disability and long-term care. Depending on the cover you choose, there are different levels of health insurance to provide you with financial protection. Like any insurance policy, coverage can vary widely, so it is important to make sure that you meet your needs in the instance you need to make a claim.
Since 2013, many of the reforms instituted by the affordable Care Act has meant that more people are protected with a health insurance policy.
Home Insurance
Homeowners insurance policies generally cover damage to the interior and exterior of your property, the loss or theft of possessions, and personal liability for harm to others.
There are 3 basic levels of coverage:
- Actual cash value.
- Replacement cost
- Extended replacement cost/value.
Policy rates are largely determined by the insurer's risk that you'll file a claim and what you need to insure, for example high value jewellry would increase the policy premium. An insurer will also assess the risk based on past claims, the area that you live in and the condition of your home.
It is a good idea to shop around and get quotations from a few different companies. If you are already insured, make sure you that you are getting the best deal each year, rather than automatically renewing without checking first.