Insurance – Help with Health, Home, Life and Auto
Most everyone carries some type of insurance coverage. for example, if you drive an automobile chances are your state has a law that requires you to buy car insurance and carry minimum coverages. With the recent passage of the health care bill all Americans will be required to carry health insurance, even if that is at a basic level. Many will need help with insurance. However, that only scratches the surface of what types of insurance are available to the general public. with that thought in mind let’s take a look at some of the insurance policies that you should carry and some of those optional insurance policies that you could probably live without.
The Five Most Important Insurance Policies that Everyone Should Own
Having ample insurance can be the most important way that anyone can protect themselves in case of an unfortunate event. All of these insurance policies should be purchased with ample coverage to help with insurance and make sure that you and your assets are protected. When you purchase insurance make sure that you get quotes from more than one company. You may also want to get various quotes based on different variables to give you an idea of which policy may be the best for your personal situation.
Health insurance ranks at the top of our list of the most important insurance policies that everyone should own. Health care costs have skyrocketed and will continue to go up in the near future. If you do not own health insurance you are putting yourself at risk in case of any form of illness. This type of insurance is an absolute must if you have a family or loved ones that are depending on you. The most important thing that you must protect in your lifetime is your health. Having the right health insurance policy can be the difference in the quality of life you live.
Long-term disability insurance can be another very important policy for anyone that has a family. If you are the breadwinner in your household you must have some type of long-term disability coverage. This protects you in case you are disabled or cannot work in any way. The insurance policy helps you make your monthly payments while you are recovering from your injury or other form of disability. Long-term disability insurance can help you protect your family and your assets.
There are different types of life insurance policies that you should be aware of. Term life insurance can be very beneficial for young adults who are looking to take care of their loved ones. Term life insurance has a set period of time which gives policyholders the opportunity to build up a nice nest egg. Whole life insurance should be another consideration for anyone that has a family that they need to protect. These policies are much more expensive than term life policies but last as long as the premiums are paid. Whole life insurance policies can also be used as an investment account which can be used by you or your loved ones while you are still alive. Both of these life insurance policies are great ways to protect your assets and to make sure that the people you leave behind our taking care of.
In most cases your home is your biggest asset. Having the proper homeowners insurance protects your biggest asset against any unfortunate situation. Having the proper coverage means attacking your personal property as well. Make sure that you have ample coverage and that any additions that you make to the house are added to the policy.
Car insurance is the final type of insurance on our list. If you own a car you must protect yourself from an accident. A good car insurance policy protects your car from theft, damage, or any other accident. If you have an expensive car you want to make sure that you are fully covered. Having the proper coverage can also protect you if you are at fault during an accident. Many people do not know that a lack of car insurance can cause you to lose all of the money that you have accumulated. You can be sued if you do not have the proper coverage during an accident. This puts all of your financial assets in danger.
Insurance policies can be very expensive. They can also be very beneficial in case of unfortunate situation. Protecting yourself and your loved ones can be one of the most important decisions that you make in your lifetime. This is why these policies made our list of the top five most important insurance policies that everyone should own.
Five Insurance Policies That You Don’t Really Need
Insurance premiums can be very expensive. Insurance companies use many different scare tactics to make you feel that you need to own every form of coverage known to man. In most cases this is far from the truth. Here are a few examples of insurance policies that you really don’t need.
Rental Car Insurance
If you have rented a car recently, then you know how extremely expensive rental car insurance can be. In some cases rental car insurance can cost 35% of the total rental cost. If you own a car and already have car insurance then you should automatically be covered for a rental. There is absolutely no need to pay for rental car insurance. Save your money and know that you have all the coverage that you need.
Private Mortgage Insurance
Private mortgage insurance is another waste of money. Banks or moneylenders love to tack on private mortgage insurance when you are purchasing a house. This type of insurance protects them in case you default on the loan. In some states private mortgage insurance is a must if you put less than a 20% down payment on the home. Even if you are forced to purchase private mortgage insurance make sure that you cancel it after you have exceeded the equity limit required in your home. Many people do not know that they can cancel their private mortgage insurance after a period of time. Do not fall into the same trap.
Credit Card Insurance
Credit card insurance is supposed to protect you in case of fraud. This type of insurance is quite redundant. Most credit card companies like Visa and American Express already have some sort of insurance already attached to the count. Do not pay excessive fees or be scared into some sort of credit card insurance.
Accidental Death Insurance
Accidental death insurance is another type of insurance policy that you really do not need. If you have life insurance then accidental death coverage is pointless. These policies are rarely sold but in some cases unfortunate consumers are preyed upon to purchase them. We highly recommend that you purchase life insurance but we also believe that accidental death insurance is an extreme waste of money.
Unemployment insurance has become very popular with the economic downturn. Policies have increased by more than 25% in the last five years. This unnecessary insurance should not be something that you should consider purchasing. If you happen to lose your job you automatically qualify for unemployment benefits. In most cases the government helps you get back on your feet for at least one year. Unemployment insurance premiums are also very expensive which makes them not worth the money.
Most of these insurance policies are a complete waste of money. Do not be scared into buying any of these policies. This is why they made our list of the five insurance policies that you don’t really need.