Nobody likes to think that something bad may happen to them. Unfortunately, life throws unexpected emergencies our way. If unprepared, we can be left with a heavy financial burden.
Do you have the proper insurance coverage for such an emergency?
Insurance is an important tool for protecting you and your family from unexpected financial burdens. Let’s look at different insurance coverage types that most people need.
Health Insurance
Healthcare is not cheap. Even a basic preventative care visit can cost as much as $200 if you do not have insurance coverage. Add in tests or imaging, and those numbers skyrocket.
If you need care for a significant disease or accident, medical bills can spiral out of control.
Having health insurance provides predictable pricing for you with deductibles and co-pays. You’ll know how much money you can expect to pay based on who you are seeing.
Perhaps the most important function of health insurance is to protect you from medical debt.
Nearly half of bankruptcies in the US occur because of medical debt, so this is a type of insurance that everyone should have.
Auto Insurance
If you own a car, your state probably requires that you have auto insurance. Having auto insurance is not just legally required, it’s also a smart financial decision. Car accidents occur daily, and most drivers will be involved in one.
If your car gets damaged, repair costs could run in the thousands of dollars.
Liability protection covers personal and property damage in the event of an accident that you’re responsible for. Collision coverage ensures that your costs for replacing or repairing your car will be taken care of. Comprehensive coverage takes care of damages not related to a collision, such as vandalism or hail.
Life Insurance
As any financial expert will tell you, it’s important to be prepared for an untimely death. What would happen to your family if you suddenly passed away?
When your family is grieving, the last thing they should worry about is how to pay their bills. Life insurance covers funeral expenses and ensures that your family will still be able to afford living expenses.
One place to find helpful insurance agents is insurancehub.com. They can help you navigate life insurance options to determine what the best option for your family is.
Other Insurance Coverage Types
Depending on your situation in life, you may need other types of insurance. If you own a home, you’ll need homeowner’s insurance to protect you in the case of damage to your home from natural disasters.
There are different types of insurance necessary if you are a business owner. Identity theft and disability insurance are options you may consider looking into.
Get the Right Coverage for You
A proper insurance policy provides you with the peace of mind that an unexpected life event won’t leave you facing bankruptcy. Contact an insurance agent today to help you find the insurance coverage types that are right for you.
Check out more articles in our money section for financial planning advice.
