Types of Insurance That You Should Have

The unexpected things can happen anytime – serious illness, accidents, disability and even death. While we can’t predict and stop these things from happening, you could get some protection to secure you and your family’s finances when the unexpected happens. An insurance policy is what you need to keep yourself secure during those hard times. 

However, with so many insurance types to choose from, it could be confusing to decide which one to get especially when it’s your first time buying an insurance policy. Choosing the right insurance depends on your current situation and what you really need. To help you decide wisely, you could seek the help of a financial advisor to know the right insurance policy that is best for you. 

Here are some of the essential types of insurance that each one should have no matter what your current status is.

Life Insurance

A life insurance is the most basic type of insurance that everyone should have. It is even better to buy it earlier in life while you could still enjoy the perks of low-price premiums. Basically, a life insurance policy provides financial benefits to the beneficiaries in case the insured person passes away. 

This could be used to cover funeral expenses, debts, replacement for lost income, or anything the family needs. You could also add more features into your life policy to increase its coverage and provide more financial support to the ones left behind. You could also insure the rest of your family with a family life insurance to secure the finances on unexpected events.  

Long-Term Disability Insurance

A lot of people think that they don’t really need this insurance. However, it is the exact opposite. Anything could happen anytime and there are chances that you’ll be unable to work and earn for a while because of a temporary or permanent disability. 

While you could cover the medical expenses using your health insurance, there are still other expenses to cover like the daily needs for your family especially if you’re the breadwinner. With a long-term disability insurance, you can secure the finances of your family in case you can’t be able to work due to a disability. 

Health Insurance

Although getting sick is a normal part of life, this event could surely drain your family’s savings in worst cases. One of the most common causes of sudden bankruptcy is due to serious illness. With the medical bills piling up and loss of income due to illness, your savings could get used up in the long run. 

With a health insurance, you don’t need to worry about the hospital bills and everything needed for your healing and recovery since this policy will cover it all. Since health insurances are mostly costly, you could opt to join in your employer’s insurance program if you can’t get a regular one. 

These insurance policies are a must-have to secure your finances in the long-term. If your employer doesn’t offer these policies, you could get one from your local trusted insurance provider to secure the future. 

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