An insurance policy can protect against the unexpected events in normal life such as floods, fires, car accidents, and death. We cannot stop disasters from happening but by having good insurance in place it can help with and provide financial coverage for the unexpected expenses.
Here are the 5 insurances you need:
1. Long-Term Disability Insurance. Some people choose to ignore the prospect of a long-term disability. They think that nothing will happen to them, and they rely on hope to protect their future earning power. Not a good idea. By having a disability policy that provides coverage to be able to live your current lifestyle even if you can no longer work. Long-term disability is not limited to disabilities or injuries occurring at work or while working.
2. Life Insurance. This type of insurance protects the loved one that would be financially dependent on you. If parents, spouses, or children would have a financial hardship if you passed away, life insurance would be big on your list of required insurance policies. Think about how much you earn and the number of years you plan to remain an employee and purchase a policy to replace that income in the event of an unexpected event.
3. Health Insurance. With the rising cost of medical care that is enough of a reason to make health insurance a must. A simple doctor’s visit can lead to a large bill. The serious injuries that result in a hospital stay or surgery can create a bill that you would have to pay over time. Health insurance is a financial burden to almost everyone, but the potential cost for not having health insurance is much higher.
4. Homeowners Insurance. Replacing your home is an expensive proposition. But, having the correct coverages in place can make the process less difficult. When you are shopping for a policy make sure you research it out and look for the companies that cover replacement cost of the structure and contents, and the cost of living somewhere else while the home is being repaired. To receive an accurate quote find out what local builders are charging per square foot and multiply that number by the amount of space needed to replace factoring in upgrades and features. You may consider coverages for liability for injuries that may occur on your property.
5. Auto Insurance is required at some level by law in most places. If you are not required to have it and you are driving an older vehicle that has been paid off for a long time, look at what you will need for coverage. Automobile insurance is something you should not skip over. If you are involved in an accident and someone is injured or property is damaged, you may be subject to a lawsuit that could cost everything you own. Having no auto insurance or purchasing what you are required to be covered by law saves you a small amount of money and puts everything you own at risk.
The bottom line in life is losses are unavoidable and how they impact our life varies. Insurance lessens the impact by providing financial benefits for covered losses. There are many different types of insurance available, but there are some that are at the top of importance.
Shop carefully and we at IMOR Financial can assist with finding you the right insurance for your needs. If you are interested in learning more, please email Vickie at This email address is being protected from spambots. You need JavaScript enabled to view it. or call at 717-790-2171.