5 Insurance Policies Everyone Needs

There’s insurance for everything these days.  You can even be insured against alien abductions!  And while the goal is the same -- to protect you, your possessions, and your loved ones -- not all insurance is a good idea.  Although the following list is not exhaustive, here are 5 types of insurance that everyone should have:

Health Insurance

With the rising cost of healthcare, it is important -- now, more than ever -- to have health insurance.  No one wants to be left holding the bill in case of an unfortunate accident; and even the smallest of things could cost thousands of dollars. Without insurance, a simple, routine operation could put you into debt.  And while you’re no longer mandated to have it, health insurance is a must! Get a plan that will encourage you to seek regular check-ups, with a deductible low enough to keep you from avoiding your doctor.

Life Insurance

Health insurance protects you while you’re alive, but life insurance will protect your loved ones after you’re gone.  If a family’s main source of income is suddenly taken away, the spouse and children may be left with no immediate help. An unexpected death can be devastating!  A life insurance policy alleviates this tragedy by providing money for the surviving family while they grieve their loss and figure out a long-term solution. And life insurance is for more than just a breadwinner who has a family; there are several types of people who should carry it.  A life insurance policy can help pay outstanding debt, a mortgage, or funeral costs. This way, your loved ones will have less to deal with during a vulnerable time.

Long-Term Disability Insurance

This policy ensures you and your loved ones are protected in the case of disability.  What if something happens and you can’t work for an extended amount of time? The contractor with back pain can’t lift beams anymore.  The teacher with cancer doesn’t have the strength to complete the day at school. The accountant with depression can’t get himself out of bed.  Long-term disability will provide you and your loved ones with relief -- giving you a percentage of your income to keep you afloat.

Property Insurance

Homeowners’ insurance is mandatory when you have a mortgage.  For most, a home is their greatest asset and investment. This policy provides protection for your home and your possessions inside it.  If you don’t own a home, renters’ insurance provides you with that same protection. And while some landlords mandate it, it’s a policy you should have even if they don’t.  Everything in your home or apartment adds up. For example, in the case of a fire, damage to a sofa, fridge, oven, computer, or entertainment system could easily rack up to $10,000+. This doesn’t even include damage to the house and the cost of repairs. It’s no wonder that banks require this type of policy! If they want you covered, you should be covered!  

Auto Insurance

Unless you live in New Hampshire or Virginia, auto insurance is mandated by law.  And for good reason -- car accidents are common and costly. If you were to be found at fault, damages to the car and the cost of hospital bills could be thousands and thousands of dollars. Even though the two states mentioned above don’t require auto insurance by law, their uninsured rates are below the national average -- which means that most residents still see the need for it!

Get Quotes

In order to learn more about your options and the policies listed above, you should to talk with a licensed insurance broker.  They can provide you with helpful resources and tips in order to determine what is best for you.