Insurance Indispensibles:What You Need to Have

Unexpected things happen every day. There are certain things that we can’t control or stop from occurring. The good things are that we can still opt to be protected through insurance. If we are protected by insurance, it will be a great help financially, in case a disaster happens. but many people are often confused as to what kind of insurance they should get for their family.

Numerous insurance options are available and offered by different insurance providers in places like Taylorsville. There are various types of insurance policy which allows you to opt for a plan that you think you really need. To help you determine and understand the best policy for your needs, we listed the different insurance types below.

1. Life Insurance

The subject matter of life insurance is the life of a human being. If you have life insurance, the insurer will provide financial assistance to those you leave behind. Presently, life insurance, among all other types of insurance coverage, enjoys maximum scope. It is because the life of an individual is the most important property one can have.

As suggested by the experts in the industry, the life insurance policy should cover ten times the yearly income of the insured. The total would be enough to cover the funeral expenses, other existing expenses, and it will also provide the bereaved family with a financial cushion that will assist them in regrouping after the insured’s death.

2. Health Insurance

Based on a study conducted at Harvard, every family is just one serious illness away from bankruptcy. The study also concluded that in 2007, 62% of all personal bankruptcies in the United States were caused by health problems. These figures should already be enough to explain why every individual should have health insurance.

If you’re looking for adequate health insurance coverage, the best thing to do is to shop around. If you want the least expensive coverage, then you can choose to participate in the insurance program of your employer, which is the best option. However, not all businesses, especially those smaller ones, don’t usually offer this benefit.

3. Auto Insurance

Couple getting insurance

In 2009, more than 10 million vehicular accidents were reported in the United States, and in those accidents, 33,808 people died due to motorcycle-related accidents. All these data are released by the FARS or Fatality Analysis Reporting System. In addition, car accidents are also the leading cause of death of Americans between 5 and 34 years old. That same year, more than 1 million passengers and drivers received treatment in emergency rooms. The total costs of those vehicular accidents, disabling injuries, and death was around $70 billion.

The figures above only prove that auto insurance is essential to everyone who owns a vehicle. Although no one wants an accident to happen, it occurs unexpectedly. And if you’re not prepared, it can lead you to bankruptcy and debt. It’s not the fines that will cause your financial burden. It is the car – which most people consider as their second most valuable asset next to their home. If your vehicle is damaged because of an accident and you don’t have auto insurance to back you up, you won’t be able to replace your car or have it repaired unless you have hundreds of thousands on your savings accounts.

Insurance is indeed expensive and will most probably take a big part of your budget. However, having no insurance coverage can lead you to financial ruin. Insurance is an excellent investment to secure your future.