The Importance of Insurance
Have you talked to your insurance agent lately? There are insurance options for everything you could imagine. So, how do you know which types of insurance you really need? The purpose of insurance is to protect something of value to you. Any item that would be a financial loss if destroyed or stolen should be insured.
Here are four types of insurance everyone should have:
Home
Do you own your own home, or do you rent? Either way, you need insurance. If you have a mortgage on your home, homeowner’s insurance is usually required. If you have paid off your home loan, you should still retain insurance in case of an emergency. Where would you live if your home was destroyed and you didn’t have the money to replace it?
If you rent an apartment or house, you should have renter’s insurance. Even if your landlord has insurance, it will not cover the cost of your belongings in the case of a fire or other disaster.
Car
Do you rely on your car to get you to work each day? Your car is an important part of maintaining a steady income. Liability car insurance is required by law. You should also have full coverage, which will pay to fix your car if you are the one at fault in a wreck. If you do not have full coverage to repair the damage, it may impact your ability to get to work.
Health
Large medical bills are often a source of debt for many people. Since sickness is a part of life and injury could happen at any time, health insurance is vital to your well being. If you don’t have health insurance you will either have to forego medical care or deal with the huge expense of health care.
Many employers offer health insurance. If your employer does not, speak with an insurance agent to set up a policy. Health insurance may help you to prolong your life and enjoy many happy retirement years.
Life
Death is a guarantee for us all. Life insurance is a great way to help our family deal with the loss of financial earning power that your death could bring. If you make at least half of the income for your family, you should have enough life insurance to replace those earnings for a lengthy period of time. What would your family do if their income was cut in half? What would your kids do to pay for a college? If you should die, a life insurance policy can help replace your income.