Insurance is a long-term investment. It might not help you tomorrow, or the day after, but it could help you immensely over a ten year span. If your employer, or your spouse’ employer, does not offer you insurance, you’re going to want to consider investing through an independent provider.
What should you consider purchasing insurance for? Below are five types of insurance policies you should always invest in.
Health Insurance
Whether it’s third party, universal or through your employer or spouse, everyone should always be covered with health insurance. Medical care naturally garners a large bill and could become a major financial burden on someone if left uncovered. The potential cost of going without health insurance largely outweighs the upfront fees of a health care insurance policy. This should be the first type of insurance policy you invest in.
Auto Insurance
Although most countries around the world require an auto insurance policy to drive on the road, or proof that you can pay for car repairs or replacements in the event of an accident, you should never be without auto insurance. Auto insurance will save you a ton of stress, headaches and possible court or hospital fees if you are ever involved in an automobile accident.
Some vehicles, like vans, require a specific type of auto insurance. If you own a van that you’d like to get auto insurance for, find out more, here. Auto insurance can also protect your car from unexpected elements, like natural disasters, inclement weather, or theft. When your vehicle is your livelihood, you want to take all the steps possible to make sure it is safe from disastrous moments.
Homeowners Insurance
When you have finally purchased a home and settled in, it is easy to get swept away by the What If’s. What if you lost everything you have invested your blood, sweat and tears in tomorrow? The fate of your home is unknown. A wildfire could break out, someone could break in, or there could be potential damage to the structure of the home.
Homeowners insurance gives homeowners some piece of mind with their largest asset. Not having homeowner’s insurance can lead to major regret and more out-of-pocket costs that can have long standing repercussions. A standard roof repair can cost nearly a quarter thousand dollars. If a burglar takes all of your belongings, you are left to replace it all out of your own pocket. Homeowner’s insurance is the safest choice for your best tomorrow.
Life Insurance
Although it may be depressing to consider, we want to make sure our loved ones are taken care of in case anything happens to us. Life insurance protects the people who are financially dependent on you if you die. If you would like to avoid your spouse, children, parents, or loved ones falling on financial hardship in the event of your death, consider a life insurance policy.
Take your annual income, multiply it by how many years you plan to work up until retirement, and talk to an insurance broker. You can purchase a policy to replace that income in the event of your untimely demise.
Long Term Disability Coverage
Consider the possibility that you have a major injury or a chronic illness that prevents you from working for a long period of time. Possibly three to six months, or maybe even a year. How would you supplement that income, especially if you’re the financial provider in your family? Long term disability insurance can fill in those wage gaps while you’re out of work, which you’ll want to make sure you have if your employer doesn’t offer you insurance.
These are especially important financial questions to consider when becoming independent. You want to ensure you, your assets, and your loved ones are protected. Insurance policies allow you to feel more secure in whatever happens to you in the future.
