3 Types Of Insurance Everyone Needs
Life has a way of throwing us curveballs from time to time. As much as we would love to know when to expect the unexpected, we usually have no idea when something is going to happen that will dramatically affect our lives. The best way to prepare for life’s disasters is by equipping yourself with the right kinds of insurance. Having insurance will protect you, at least financially, from unforeseen events.
Not only is health insurance important in protecting your financial stability, but you will soon be in trouble with the law if you don’t have it. The recent changes to healthcare in the United States now require citizens to have health insurance, or risk a penalty. Besides being required, however, health insurance is something you need to have. A large portion of bankruptcies that occur each year are due to health problems, as many people spend thousands of dollars they don’t have to try and cover unexpected medical costs.
By purchasing health insurance, you can at least cut down on the amount you will have to spend in a medical emergency. Ask your employer about the health benefits they offer. If your job doesn’t supply health insurance, there are other options for coverage. Even if you can only afford the minimum coverage, it’s a big step above having no coverage at all.
Like health insurance, many states have laws requiring that you have insurance for your vehicle, and for good reason. A car is one of the most valuable assets you will acquire in your lifetime. You never know when you may get into an accident, causing harm to that asset. By having auto insurance, you will not only protect you car, but you will also keep massive lawsuit charges away from your bank account. You may be able to afford any damage that you do to your car, but paying for any injuries you cause in an accident can be detrimental to someone’s financial well being. If you have auto insurance, these expenses will be covered and your wallet will be spared. Again, like auto insurance, even the lowest amount of coverage is better than none at all.
Although this insurance doesn’t necessarily affect you, it protects the people you love. Life insurance allows you to continue to provide for your family or other dependents after your death. If you don’t have anyone that relies on you financially, it still might be a good idea. When you pass away, someone will be left with your debt and funeral expenses, whether it is your parents or your significant other. To make sure those expenses are covered, put a life insurance plan into place. When calculating how much you will need to put away, think about debts, funeral expenses, and the living costs of the dependent family members that you will leave behind.
Insurance was put into place so that we can enjoy our lives without having to worry about the next unexpected event that could potentially put us in the hole financially. By having adequate insurance, we can live without bracing for the next blow life throws at us. Start protecting yourself and your family, and find the right insurance for you today!
Stephanie Wilmsmeyer is a State Farm auto and life insurance agent in Columbia, Mo. Find her on Google+ and how she can help your insurance needs.