You've come across from time to time, information about certain kinds of insurance policy that you must do everything in your power to stay away from - rental car insurance, flight safety insurance, extended warranties. You know the drill. What are the types of insurance policy that no one should ever be without though? With not a dime wasted on unnecessary insurance and spending everything on the right kinds of policy, you'll find that life is a whole lot safer - your earning power is protected, all your assets are protected. Here's what you need to know.
It's funny how the insurance companies have the gall to try to sell us useless insurance when there's so much that's important that we should have. Consider the frightening possibility of long-term disability. We all depend for our peace of mind on the idea that we will retain the use of limbs and our senses for as long as we live. Of course, at the back of our minds, we always fear what can happen... blindness, a stroke. It's just too frightening to contemplate. The only insurance most people have against this kind of thing happening is a hope and a prayer. A far better idea would be to simply buy a disability insurance policy. This way, you'll be guaranteed of being able to live life as you've been accustomed to - no matter what happens.
When the worst happens, you'll be glad (or at least, you would be if you could know about it) that those who depend on you won't be let down. No matter who it is - your parents, your husband or wife or your your children - about the cheapest way you have of ensuring that their life is able to go on would be to get life insurance. All you need to do is to calculate how much you make in a year, multiply that with the number of years in a job that you have left, and buy insurance for that sum. Most people who buy life insurance take an added step - they work in the cost of their funeral too as this can be really a terrible expense at such a time.
Health insurance is just something you just cannot do without. You may not be sure that you'll ever need life insurance or disability insurance. But health insurance, you absolutely do know you'll need. Even a couple of x-rays can end up costing several hundred dollars. This is something you may tell yourself you can't afford; in reality, you can't afford not to have this. Not in a world where more people are bankrupted by not having health insurance than they are by having some.
And finally, home insurance, in time full of hurricanes, wildfires and floods, is an absolute essential. Your home is the biggest investment you'll ever make in your life. Make sure that it's protected.
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