3 Types of Insurances You Can’t Afford to Ignore

| October 17, 2013

Insurance (1)

You undoubtedly know the importance of having insurance. But like most people, you may focus all efforts on acquiring health insurance, homeowner’s insurance and auto insurance. These are a good start, however, protecting yourself involves much more.

There’s no rule that dictates the types of insurance
s you purchase. But since life can take unexpected turns, the more coverage, the better. Whether you’re looking for life insurance or auto insurance, there is plenty of excellent info available for consumers searching to be covered – such as this detailed guide from Simplified Issue Life Insurance (SILI). Before you can take advantage of different types of coverage, you have to understand the basic benefits of each.

1. Life Insurance

I know, you don’t want to fathom the thought of dying and leaving your family behind. But this is a sad reality. You have a choice: either live in denial, or recognize the possibility of an untimely death and prepare for this event. Don’t think of life insurance as an option, but rather a necessity.

The death benefit your family receives can provide financial support as they cope with the loss. They can use the benefit to pay your funeral expenses, pay off your debt, pay off the house, or save money for some future event, such as your kid’s college tuition. You have options and simplifiedissuelifeinsurance.com can narrow these down. Choose between a whole or term policy, and select an amount that’s best for your family.

2. Renter’s Insurance

Some renters mistakenly think that their landlord’s insurance will cover their personal belongings in the event of a fire or theft. However, these people are sadly mistaken. The landlord’s insurance only covers the cost of the building. Unfortunately, if you’re the victim of a break in, or if your property is damaged by fire or a natural disaster, you’re often liable for the replacement of your belongings. This underscores the importance of having renter’s insurance.

Yet, many renters skip this insurance. Even if you never make a claim, renter’s insurance provides peace of mind. It took years to acquire the things you have – imagine how long it’ll take to replace these belongings. Since renter’s insurance is inexpensive – less than a dollar a day, there’s really no reason to skip coverage.

3. Disability insurance

If your employer offers disability insurance, take advantage of this plan. If this insurance is not offered at your job, look into individual plans. Sure, you may be healthy and anticipate working for years to come. But what if you got in an auto accident and had to take three or six months off from work? How would you survive financially? Do you really want to drain your savings? What if you got pregnant and had to take six to eight weeks off from work? Without disability insurance, you might miss out on maternity leave.

Will you ever use the insurances you purchase? Hopefully not. You can’t predict the future, and you can always skip insurance and hope for the best. But why take this risk? Do a little research, compare prices, and get what you need at an affordable rate.


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