Having Insurance is something that most people take for granted. However, without insurance, you could find yourself out of a lot of money very quickly if something unexpected occurs. If you don’t have insurance, you could find yourself having to file bankruptcy to clear your name from all your debts.
Types of Insurance Needed. Different types of Insurance are needed. You could ensure just about anything under the sun, but certain items have to be properly covered. This insurance usually includes your medical, your home, and even your property. It is important to have auto insurance to protect you in an accident at a bare minimum. It’s the law!
Long-Term Disability. Long-term Disability Insurance will help pay for your medical bills when you become unable to work because of an illness or injury. In the event of your death, this insurance will kick in and provide for your dependents for a reasonable period of time. A good example would be your spouse or long-term dependent. If you have kids, they may also want some Life insurance coverage as well.
Comprehensive Coverage. If you own a boat or other type of watercraft, you may want to consider getting comprehensive coverage on that. Basically, comprehensive coverage will help pay for any damages you cause to another person’s car or vehicle, including medical bills. Typically, the insurance company will want to see a comprehensive coverage policy listed on your vehicle’s title. However, you’ll want to consult with your agent to determine what sort of coverage you need, how much you will pay, and what sort of limits you may have.
Critical Illness/ Injury Coverage. If you are diagnosed with a critical illness, you can usually get coverage from life insurance companies quickly. Typically, you can start getting treatment within days of being diagnosed, and you can often get treatment while you are still in the hospital. Of course, the premiums for critical illness policies are typically quite high, so it is important to consider this carefully. You may want to wait until your condition has stabilized before you begin using critical illness policies, as these premiums can then be lowered once you have recovered.
Auto Insurance. If you own your own vehicle, you can usually obtain an auto insurance policy to help cover your repair costs and other expenses in the case of an accident. In many cases, this type of insurance is not a part of your homeowner’s insurance policy, which means it is normally more affordable. However, if your homeowner’s policy has not yet included auto insurance, you may want to check your auto insurance agent about adding this coverage to your car insurance policy.
Health Insurance. Most health insurance policies offer some prescription drug benefits. For people suffering from chronic health problems or who have gone through serious illnesses, health insurance is often the most important insurance consideration. Some health insurance companies require that the insured person is a smoker or allow a smoker to be insured under certain conditions. Also, many health insurance plans offer preventive care coverage, such as cholesterol testing and vision coverage. You may also find that your health insurance company offers a lower deductible, which can make annual insurance costs lower than you might pay without a plan.
Long-Term Disability Insurance. Sometimes, long-term disability insurance is required by federal law or because of a change in a person’s condition or circumstances. Usually, long-term disability insurance coverage is available only to those working in a professional capacity; someone who works in a place where he or she will need long-term assistance due to a medical condition may not be eligible for long-term disability insurance. In addition, long-term disability insurance usually does not cover pre-existing medical conditions. If your current long-term disability insurance coverage is ending, you may want to review it to determine any better rates from other insurance companies. In particular, you may want to compare rates for inflation protection and the length of coverage.