4 Kinds of Insurance You Need
You might have been two decades into life before you started to learn what insurance was for yourself or how important it is to have. If you want to protect yourself and your family, then you need four kinds of insurance at a minimum in most cases. In doing so, you’re tapping into group spending power where collective money makes emergency expenses manageable.
If you own a home, you probably need this to cover your house. It might even be mandated by law, HoA bylaws, or your mortgage. If you don’t own your home, then you need renter’s insurance to cover your physical possessions and possibly some legal matters. For the most part, they both do the same thing in terms of giving you coverage for certain residential emergencies and situations not covered by other insurance.
For many young adults, this is their first exposure to the insurance industry. They might still be living at home and under their parent’s insurance plans for healthcare. However, once they get a driver’s license or permit, they likely need car insurance to legally be on the roadway of their local town or city safely. That’s why you’ll want to talk to an office like Mike Pierce Insurance to get that sorted out.
Whether you bundle policies or not, you need to make sure that your total coverage includes life insurance. This can make sure that your family is financially protected if you pass away prematurely. It might even cover you for disability if you have to stop working. You can get different benefits with a choice of whole life insurance vs term life insurance. Each has its benefits and downsides.
This can be the most expensive insurance you might ever get, and yet it’s also the most important. If you don’t have your physical health, then you really don’t have anything at all, do you? Many people get this through employer-sponsored plans that the companies they work for seriously subsidize or can make more affordable based on sheer buying power. However, government exchanges do make it possible to get insurance at relatively affordable levels individually if your income level qualifies for tax breaks and subsidies.
Knowing the four kinds of insurance you need is a good starting point for fiscal safety in adult life. However, depending on your specific and unique circumstances, there might be other policies you need. Fortunately, insurance agents should be able to help you figure out what policies you need and then work with you in balancing premiums and rates you can afford versus effective coverage.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber; https://www.facebook.com/people/Rachelle-Wilber/100009221637700/