Let’s face it, sometimes life happens, but that doesn’t mean we can’t take the appropriate steps to prepare better. The aging process, natural disasters, or even just being in the wrong place at the wrong time, can be stressful. Luckily there are different types of insurances available that help us in the time of need. Are you curious about how you can secure your family’s finances and protect your loved ones when the unexpected happens? Or are you wanting to design a more comfortable living situation and ensure that your family members are safe no matter what? It’s never too early to begin planning for your future. We put together a few insurance options that you may want to consider.
Term life insurance
We should start with term life insurance because it is simple to understand and costs considerably less than whole life insurance. Term life is often referred to as “pure life” insurance because it’s designed to protect your dependents in the unfortunate event you were to pass away prematurely. This protection may be perfect for young people who want to make sure they’re loved ones are protected at an affordable rate and can sign up for a more appropriate plan down the road. Unlike whole life insurance, there is an end date, as a policy typically lasts from 10 to 30 years.
Disability income insurance
Your most valuable asset is your income. By having disability income insurance, you protect yourself as well as your hard work. We never plan to get sick or injured, but unfortunately, studies show that about 25% of workers in the workforce will face disability at some point in their career due. As bills and monthly expenses continue to come, disability insurance replaces the portion of the income you’ll be missing from work. With a minimum 20% loss of time or duties, your disability insurance will help fill your income gap. For example, if a lawyer is forced to work 25% less due to an injury, they meet the definition due to their loss of time and will be protected by their insurance.
Long-term care insurance
Getting older is the inevitable but struggling during our golden years doesn’t have to be. It’s possible we may need assistance eating, dressing, bathing, or even getting in and out of bed. Senior citizens have a 70% chance of requiring long-term care insurance after the age of 65. Long-term care insurance helps provide at home care that’s typically not provided by Medicare, Medicaid, or health insurance. Retirement homes can be expensive and scarce; long-term care insurance helps you maintain your independence and allows you to enjoy retirement.
With all the unnecessary texting and driving going on, car insurance is very beneficial. In fact, almost every state in the US requires you have car insurance if you plan on owning, renting or even driving a car. Car insurance protects you from a substantial financial loss in the unfortunate case of a car accident. You can choose different levels of coverage from property, liability, to full. By paying a monthly premium to your insurance company, you are protecting yourself from any potential loss that may happen in the future. There are several companies out there and getting a quote online or over the phone is very simple.
Homeowners or renters insurance
Home is where the heart is, it’s also where you make memories, keep your belongings and feel the safest. Homeowners and renters insurance help protect what matters most. Hopefully, you never have to experience a flood, house fire or home theft, but if you do, renters insurance offers protection for your belongings like furniture, clothing, and electronics. It also provides liability coverage if you have a clumsy guest over. Homeowners insurance protects not only your belongings and liabilities but for building damages as well. No one can control the weather, but there are ways to prepare for it.
Umbrella liability coverage
We all make mistakes or are just a little unlucky from time to time. An umbrella policy provides an extra layer of protection over existing coverage already offered by your current insurance companies. For example, if you’re involved in a car accident and get sued, your umbrella policy will cover all and any expenses that your car insurance doesn’t. In the case of a lawsuit, a personal umbrella policy protects your assets and future income. The more assets that you have, then the more you should consider umbrella liability coverage. You are worth being protected.
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