You may be wondering what insurance policies you should make your top priorities when you are set to make an insurance decision. To help the confusion going on in your mind and knowing that protecting your most important assets is an important step in building a solid personal financial plan and that finding a good one will go a long way in helping you achieve it, we have outlined five must-have policies you should have.
Before you shop for insurance policies
Before you go shopping for insurance policies that come in a variety of shapes and sizes and boast of various features, benefits, and prices, make sure you read through the fine prints. This is to ensure you buy a policy that is adequate for your needs.
5 Insurance Policies Everyone Should Have & Why You Need Them
Life Insurance
Life Insurance is one insurance that a breadwinner who has people who are financially dependent on him/her should have. What we mean is that if your parents, spouse, children or other loved ones are probably going to face financial hardship in the event of your demise, life insurance should be a top priority on your to-do list.
What you should do is, analyze how much you earn each year (and the number of years you plan to remain employed), factor in your burial cost too so as to purchase a policy to replace that income in the event of your demise.
Homeowners Insurance
The right homeowner’s insurance can make replacing your home an inexpensive proposition. Take your time, and shop for a policy that covers the replacement of the structure as well as the contents, in addition to the cost of living somewhere else while your home is undergoing repairs.
Get an accurate estimate, by finding out how much local builders charge per square foot and multiply that number by the amount of space you will need to replace. Factor in also the cost of upgrades and special features and ensure the policy covers the cost of any liability for injuries that might occur on your property.
Health Insurance
Health is wealth, and with the overwhelming cost of medical care currently, it is enough to make health insurance a priority. Even though the cost of health insurance can be a financial burden for just about everyone, health issues are known to pop up uninvited, which necessitates your adequate preparation for one. For whatever cost you rack up after paying for health insurance, it is best to have one than not to have at all.
Long-Term Disability Insurance
While we pray to stay safe and live a long and healthy life, there’s no ruling out emergencies. Thus it has become imperative that you choose a disability policy, which offers enough coverage to enable you enjoy your current lifestyle even if you can no longer continue working.
Automobile Insurance
Even though the law in some states mandates some level of automobile insurance, and in some it is not mandatory, it is still important that you have automobile insurance coverage. Automobile insurance can help you in an event where you are involved in an accident and someone gets injured or their property is damaged.
When this happens, you may be subject to a lawsuit that could cost you everything you have worked for. Having automobile insurance can save you a huge amount of money and protect what you have worked for.
There, you have the 5 must-have policies everyone should think of having in order to ensure living a freer and better life, knowing that you are protected in case of any eventualities.
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