Shopping for any insurance plan can be a long and confusing process. There are dozens of key terms and jargon that you’ll need to understand to ensure that you’ve got the coverage protection that you and your loved ones deserve.
There are several kinds of life insurance that every family should have. This article is going to look at several types of coverage and why you should have them.
Life Insurance
Life insurance is one of the most critical safety nets that you’ll ever buy for your loved ones. It’s one of the few ways that you can ensure that your family has the money that need, even if something tragic were to happen.
There are several types of life insurance that you should consider to ensure that you have the best plan possible. The two main types of coverage are term and whole. Each of them has different pros and cons that you will need to compare. If you want to most affordable life insurance available, a term plan is going to be the best option. Term policies are temporary forms of coverage that are only active for the length of the term that you purchase. After that, they are no longer active, and you’ll have to buy a new plan if you still want life insurance.
Whole life insurance, on the other hand, is a permanent form of protection, which means that it’s never going to expire. As long as you pay the premiums, you have life insurance. These policies are excellent for anyone that doesn’t want to have to worry about reapplying in the future, but they are going to be more expensive.
Health Insurance
Health insurance has been the focus of the media for several years now. Regardless of how the government handles life insurance, it’s important that you have a quality plan for both you and your loved ones.
Sadly, about 3 out of 10 Americans don’t have health insurance. You never know when you’ll have an accident or get sick. If you don’t have health insurance, then you’re going to be responsible for paying for all of those bills out-of-pocket. That’s where life insurance comes in. A quality insurance policy will ensure that you get the health care that you deserve, without having to drain your bank account.
Navigating the health insurance waters can be confusing. There are countless plans on the market, and all of them are going to cover different expenses or a portion of expenses. Talk with a licensed agent that you trust to ensure that you’ve got the best insurance coverage for your needs.
Auto Insurance
Not having auto insurance is against the law, which means it’s obvious why you should have a car insurance policy. Every state is different and will have different requirements for the coverage that you need.
While it’s required that you have a certain amount of coverage, you should consider getting some additional auto insurance. There are several types of additional protection that you can add to your auto insurance plan, like comprehensive coverage which will pay for any damage that occurs not in an accident.
Homeowner’s Insurance
Your home is your biggest investment. It’s where you and your family share all of your memories, but you never know what Mother Nature is going to throw at you tomorrow. Homeowner’s insurance coverage gives you the protection that you need in case something damaged your home, like a tornado or fire. Most Americans don’t have the money that they need to pay for any repairs or replacement costs, but that’s where homeowner’s insurance plan comes in.
Disability Insurance
Disability insurance is similar to life insurance, but it kicks in if you ever have a long-term disability. If you’re ever involved in an accident, and you can’t work any longer, then you would struggle to pay for any basic expenses or bills. Not having a steady stream of income can put a serious financial strain on you and your family, but that’s where disability insurance comes in.
Just like life insurance, there are several options for disability insurance that you can choose from. They have short and long-term plans that you can purchase, and you can design them to fit your needs in case something was to happen to you.
Insurance That You Need to Have
Looking at all five of the plans, you might be overwhelmed with the idea of having to purchase each of these policies. Luckily, most insurance companies will sell at least two of the plans, which means that you won’t have to go to five different insurance companies to get all of the plans. In fact, some companies will sell all five of them, and you’ll get a discount for having all of the plans with one company.