Insurance is like a safety jacket. It feels like a burden when you do not require it. But, when you are in dire need of it, insurance is the greatest friend a man can have. If you do not have insurance, you are in an extremely vulnerable situation, financially. How? Without insurance, you are one house fire, car wreck, or illness away from getting drowned – not in any ocean, but in severe debt.
Kinds of insurances every man must have
But, for middle-class people, insurance is an uncomfortable and complicated topic. if you are unsure which insurances can benefit you in the long run and which ones will be a total waste of money, this article is for you. We are here to tell you about the eight best kinds of insurances that can save your back in difficult times. Here is the complete list for you:
- Auto Insurance- Driving around uninsured is a huge risk. Firstly, it is prohibited by the law. Moreover, you will have a pay a lot of money in case an accident happens. But, auto insurance can save you in such an unfortunate situation. This is the reason why you should have car insurance at the earliest.
- Term Life Insurance- There are many who do not take life insurance seriously. Suppose you are the main or only earning member of the family. If you die suddenly, how will your family manage in your absence? Opt for life insurance now to be there for your family even after death.
- Identity Theft Protection- This is again important in case an identity theft takes place.
- Health Insurance- Medical bills are extremely expensive at present. And you never know when a medical emergency invades your family. It could be an accident or any type of sickness. Having medical insurance for you and your family members will ensure that you do not face any money-related troubles in times of medical emergency.
- Renters/ Homeowners Insurance- Dwelling coverage is again a must as a person spends majority of his income on his house. So, protect your home now. Make sure you ask beforehand what types of natural calamities your policy covers:
- Earthquake Coverage- Depending on the location of your house, you might not get earthquake coverage if it is not an earthquake prone zone.
- Flood Insurance- Most people forget to ask about flood insurance protection from their agents. But, this is extremely important.
- Umbrella Policy- An umbrella policy is one type of insurance policy that gives an additional protection layer for a person and his assets.
- Long-Term Care Insurance- This is for people suffering from chronic disability or illness. It is expensive and so you might skip this one.
- Disability Insurance (Long Term)- This type of insurance will save your back if you become unable to go to work due to injury or illness. Having this policy will make sure that you are not at a loss of income.