Life throws many unexpected things at us. When that happens, we
can't stop those things from occurring, but we can give ourselves a bit
of protection through insurance. Insurance is meant to give us financial
protection should a disaster happen. So many different insurance
coverage's and policies are available that it might seem overwhelming
for you to understand. The truth is some of these insurance policies are
not essential. So let us discuss the four types of insurance everyone
should have.
Health Insurance
A recent Harvard University study concluded 62 percent of bankruptcies in the U.S. were caused by health problems. The study also found 78% of those who declared bankruptcy had medical insurance when their illness started.
Finding affordable health insurance is a bit difficult, particularly if you are not in an employer-sponsored program or if you have a pre-existing condition. Health insurance has become a luxury that fewer and fewer people are able to afford. For an employee in an employer-sponsored program to obtain the most comprehensive insurance, he or she must spend more than $5,000 in premiums.
The cost of a hospital stay is around $900 to $2,000. So investing in health insurance, even with minimal coverage, is better than having none at all.
Life Insurance
If your family is dependent on your salary to pay the bills, it is very important you have life insurance. A typical life insurance policy should cover at least ten times your annual income. This sum will provide enough money to cover existing expenses, funeral expenses, and give your family financial support when you leave them behind. To get the most out of your insurance coverage, remember that it does not just cover your funeral expenses. It also covers your mortgage payments, living expenses, child care, and future college costs.
The two types of life insurance are traditional whole life and term life. Traditional whole life is a policy you pay for until you die. Term life is a policy with a set amount of time. When deciding between traditional and whole life, consider your age, occupation, number of dependent children and other factors to ensure you get the coverage necessary to protect your family.
Homeowner's insurance
Homeowner's insurance covers your home in an event of an accident or (in some cases) an "Act of God." When you obligate yourself to borrowing tens of thousands of dollars for 15 to 30 years, you need homeowner's insurance. Also, you might need flood, earthquake, or other specialty coverages in your policy.
Auto Insurance
Traffic accidents are common. The U.S. has more than 10 million traffic accidents every year and 33,808 people die from them. Traffic accidents also are the number one cause of death for people between the ages of 5 and 34.
If you drive with auto insurance and have an accident, the fines will be covered by your auto insurance company. If your car is damaged due to a car accident, auto insurance also will cover the repairs. It also will pay the expenses if your passenger or the other driver gets injured in the accident.
Health Insurance
A recent Harvard University study concluded 62 percent of bankruptcies in the U.S. were caused by health problems. The study also found 78% of those who declared bankruptcy had medical insurance when their illness started.
Finding affordable health insurance is a bit difficult, particularly if you are not in an employer-sponsored program or if you have a pre-existing condition. Health insurance has become a luxury that fewer and fewer people are able to afford. For an employee in an employer-sponsored program to obtain the most comprehensive insurance, he or she must spend more than $5,000 in premiums.
The cost of a hospital stay is around $900 to $2,000. So investing in health insurance, even with minimal coverage, is better than having none at all.
Life Insurance
If your family is dependent on your salary to pay the bills, it is very important you have life insurance. A typical life insurance policy should cover at least ten times your annual income. This sum will provide enough money to cover existing expenses, funeral expenses, and give your family financial support when you leave them behind. To get the most out of your insurance coverage, remember that it does not just cover your funeral expenses. It also covers your mortgage payments, living expenses, child care, and future college costs.
The two types of life insurance are traditional whole life and term life. Traditional whole life is a policy you pay for until you die. Term life is a policy with a set amount of time. When deciding between traditional and whole life, consider your age, occupation, number of dependent children and other factors to ensure you get the coverage necessary to protect your family.
Homeowner's insurance
Homeowner's insurance covers your home in an event of an accident or (in some cases) an "Act of God." When you obligate yourself to borrowing tens of thousands of dollars for 15 to 30 years, you need homeowner's insurance. Also, you might need flood, earthquake, or other specialty coverages in your policy.
Auto Insurance
Traffic accidents are common. The U.S. has more than 10 million traffic accidents every year and 33,808 people die from them. Traffic accidents also are the number one cause of death for people between the ages of 5 and 34.
If you drive with auto insurance and have an accident, the fines will be covered by your auto insurance company. If your car is damaged due to a car accident, auto insurance also will cover the repairs. It also will pay the expenses if your passenger or the other driver gets injured in the accident.
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