Insurance is not the sexiest topic when it comes to, well, anything.
The truth is insurance is there to protect us from an event that our finances are not able to handle.
While planning for bad news is not something any of us enjoys, having proper policies in place is a necessary part of protecting our families and our finances.
Instead of being afraid to think about the future, we need to empower ourselves by planning for worst-case scenarios. To help you get the best information available, I have put together guides for several types of insurance that are offered by top-rated insurance companies.
Life
The sudden loss of a loved one can be devastating to a family. What can compound that loss is losing the income that person has been providing and having no plan in place to replace that income. With proper life insurance, you can make sure that you and your loved ones are financially prepared for a worst-case scenario.
A good life insurance policy is key to any financial plan, so learn more about your options and the importance of life insurance.
Auto
Every state requires you to purchase auto insurance. The problem people run into is that we don’t exactly know how much insurance is enough or what type of policy to get. With each state having different rules and a jumble of terms like deductibles, premiums, uninsured drivers, collision, comprehensive, etc., it is difficult to know exactly what you need in a policy.
Get a better grasp on all the details of a car insurance policy and get detailed information about the coverage needed for your specific state from our guide for auto insurance.
Homeowner’s
If you buy a house, you’ll likely want (need) homeowner’s insurance. Especially if you buy a home by using a mortgage, the lender will want you to have coverage to protect the investment.
As with several other types of insurance, you’ll need to understand exactly how much you’ll need, what type of policy you might require, and the different nuances with deductibles, maximums, and more.
Medicare
Seniors and those on disability have great difficulty in getting a health insurance policy. Because of this, the government set up Medicare as a means of providing coverage to these individuals. What is frustrating is that Medicare is not complete coverage, and the terminology is difficult to understand.
Between parts, plans, and advantage coverage, most seniors get very frustrated with navigating the Medicare landscape. To help you with getting through the tough transition, I put together a guide to Medicare.
Health
With the passage of the Affordable Care Act, health insurance has gotten even more difficult to understand. The good news is that the basic principles are still the same. The bad news is that how we pay for health insurance has gotten more complicated. Whether you have an employer plan or are purchasing your policy as an individual, you can get a better grasp on your options for health insurance.
Disability
There was a time when I didn’t think disability was worth the cost, but the statistics for being out of work for an extended period of time are eye-opening and will quickly push you to get this type of coverage. As with all types of insurance, you need to learn the terminology before you can make the best decision for your needs. See our detailed guide to disability insurance.
Burial
Burial or final expense insurance is designed specifically to take care of the expenses of your funeral and any expenses that may pop-up as a result of your untimely death. Because it can be purchased in various different ways, it is slightly different than Life Insurance. Get a better grasp in our guide for burial insurance.
Business
If you own a business, you know you have a lot at stake, especially if you’re the owner and/or key operator. If something were to happen where your business would be dropped into a legal battle, would you be prepared financially?
This is why business insurance is so important; mistakes can happen, but a business insurance policy can help you alleviate the worries of having to close your business down because of an at-fault hazard or otherwise. It’s a safe investment for your business and your future income.
Other Types
Surprisingly, all of those kinds of insurance above aren’t all! There are even more.
Some of these policies might be new to you. You might be surprised to see you’re missing some coverage.
Travel
If you’ve got the travel bug, you might consider putting some cash into travel insurance. Travel insurance can cover A LOT of unexpected costs, like medical bills while you’re traveling, lost luggage, delayed luggage, travel delay costs, and much more.
If you want to see the world, you should see a travel insurance agent first.
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Pet
Pets are a part of our family; why shouldn’t they be insured like one of them? Think of pet insurance as a health insurance policy for your furry friend (don’t worry, they aren’t as expensive as a health insurance plan).
LTC
Around 70 percent of people over the age of 65 are going to need some long-term care. That specialized assistance can be expensive. This is where long-term care insurance policies bring value. If you or someone you love needs in-home assistance or has to go to a nursing home, you won’t be responsible for paying all those bills yourself.
Renters
Renters insurance is an affordable way to protect all of your belongings from theft or natural disasters. Because renters insurance doesn’t have to cover the physical building itself, it’s much more affordable than homeowners insurance. That’s another benefit of renting instead of owning.
Umbrella
No, this policy doesn’t give you insurance ON your umbrella. Umbrella insurance is designed to fill in the gaps and give additional coverage beyond your standard policies. These plans protect you against major lawsuits and give you additional liability.
Boat
Just imagine hitting the water on your boat. Wind running through your hair and enjoying the sun. What happens if something happens to your boat and you’re stuck on shore? Don’t get sunk paying for those repair bills yourself.
RV
There are few things better than hitting the open road. More and more people are selling their homes and packing everything into an RV. If you’re one of them (or you just like to see the country in your RV), you need to get the same protection you give your home. Your RV is your home on wheels.
Motorcycle
Just because motorcycles have two fewer wheels doesn’t mean they need any less coverage. Motorcycles give you freedom and adrenaline you won’t get with a minivan. If you’re in an accident, don’t get stuck riding around on four wheels. Motorcycle insurance can get you back on that bike.
Final Thoughts
In the grand scheme of financial planning, insurance plays a crucial role in keeping life’s unexpected curveballs from knocking you off balance. As we wrap up this dive into finding the best insurance, just remember: it’s like having a reliable umbrella on a rainy day. Take the time to understand what you need, shop around for the right coverage, and don’t hesitate to ask questions when you’re unsure.
Whether you’re new to this or just giving your policies a tune-up, these insights should help you steer your insurance ship in the right direction. Your peace of mind is the ultimate goal, and with a bit of know-how, you’re well on your way to securing it.
