The following contribution is from another author.
Have you ever wondered what type of insurance you need in your life? With insurances for seemingly for pretty much anything and everything, knowing exactly what types of cover you need and for what can be like looking for a needle in a haystack.
In this article, we cover four different types of insurance that most people will need as standard at some point in their lives.
Did you know, statistically, most families are one illness away from bankruptcy? Between 2013 and 2016, around a third of people surveyed who filed for bankruptcy citing medical bills as a reason. Looking after your health is essential, so make sure you have adequate health insurance will mean that you have cover should you need medical intervention at any point.
Look at joining your employer’s insurance program if you can, via trade organizations or associations for group coverage. If this isn’t a possibility, then you may need to take out private healthcare insurance.
If you drive or ride a motorbike, then making sure you have the correct insurance could work in your favor. While having auto insurance isn’t required in every state, with over 6 million car accidents in the US every year, this is an insurance that could pay dividends when it comes to protecting you should you find yourself in an accident.
The same goes for if you ride a motorcycle too. Did you know over 80% of motorcycle accidents result in injury or death to the rider? If you are in an accident, an appropriate insurance cover will help to protect you and cover for the loss of your bike if it is damaged beyond repair.
Most of us insure our phones or gadgets – these can be expensive to replace when damaged or lost, but not nearly as many people will have life insurance. The thing with life insurance is that it only pays out upon your death, and even this will have some exclusions. A good life insurance policy isn’t something you will be able to use. This is something for your loved ones once you are no longer here with them.
This can help to cover mortgage payments, funeral costs, and outstanding medical bills and debts in the event of your death. Life cover can start from a relatively small amount each month and increase depending on the coverage you opt for and the figure you insure yourself for.
Long Term Disability Insurance.
No one ever thinks that one day, they will be injured badly at work and will no longer be able to do the job they once did. In this event, how will you manage financially? Who will pay the bills? A long term disability cover could give you peace of mind should the worst happen, and you not be able to work as you plan to. The average cost of this type of insurance in 2018 was around $2,700. Most covers will payout 50-60% of your income; however, before taking out any protection, check for limitations and exclusions and know precisely how much of your income will be covered in the event of a payout.