6 Things to Have Insurance On in Your Life

Insurance policies are a fact of life in today’s world. Sometimes, it may seem as though there is a type of insurance for just about everything. If you want the money in your paycheck to buy all your necessities and to leave a little left over for fun, you may wonder which of all those insurance types is truly necessary. Here are some types of insurance which can benefit just about everyone.

1. Life Insurance

Life insurance is meant to provide money, after you die, to help those who depend on you financially. When you buy life insurance, you will name one person (or more than one) as your beneficiary. When you die, the money from your policy goes to the beneficiary for funeral expenses or to help with their living expenses. According to Investopedia, to figure out how much life insurance you need to buy, a typical amount to choose is the sum of your yearly income plus estimated burial expenses.

2. Health Insurance

Health Insurance is intended to help you to cover the expenses of visiting your doctor or dentist. Healthcare expenses today are very high – and seem likely to continue to increase as time passes. Some people get health insurance from their employer, while others must buy it online or from an agent. Today’s health insurance policies often expand to cover medication, eyeglasses, physical therapy, and mental health services.

3. Long-Term Disability Insurance

Some people confuse disability insurance with health insurance, but it is intended to replace your income if you cannot work due to a disability. According to Investopedia, one-fourth of workers will have a disabling accident before they retire. To be more specific, an average of over 11,000 accidental injuries occur every hour, every year. For those who incur those injuries and have insurance, their income replacement from disability insurance will be invaluable.

4. Auto Insurance

If you drive a car, you must have auto insurance to provide you with financial help if you have a car accident. Auto insurance will also pay for the costs of damages to the other vehicle involved in the accident. If medical expenses are incurred by the other driver in the accident, your policy can pay for those, too. When an accident leaves your car needing repair or replacement, you’ll be glad to know that, according to Zippia, over 920,000 Americans have jobs that create motor vehicles and their parts.

5. Home or Renters’ Insurance

When you’re a homeowner, you are responsible for protecting your home. Statistics show that over 80% of U.S. homeowners buy home insurance. Homeowners insurance will pay you if a storm, fire, or theft damages your home. If you are renting an apartment or a home, you’ll need rental insurance to cover the same types of occurrences.

6. Identity Protection Insurance

The rise of technology has brought benefits to most people across the world. Unfortunately, technology has also given opportunities to dishonest people who use the internet to steal personal and financial information. Cybercriminals can pretend to be anyone – and then can use stolen information to take money or purchase items online, take over corporate decisions, or access clients’ private records. Identity protection services can reimburse stolen cash and may help the authorities find the criminals and inform the police.

Another valuable type of policy many people buy is long-term care insurance. These policies can cover expenses you or a family member would have if they must stay at a long-term care facility. There are other types of insurance available (such as fire or flood insurance), and a professional insurance agent or financial adviser can advise you on all the types of insurance that may prove of value to you. Consider your family’s long-term needs and which of your financial responsibilities require insurance coverage, and buy the ones your family needs.