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The 5 Types of Insurance Everyone Should Have

Estimated reading time: 3 mins

Being prepared for the unexpected is usually the last thing on most people’s minds on a day-to-day basis. There’s just so much more to worry about, like what’s for dinner tonight, or what to do this weekend. Many of us often forget about the long-term situations that can drastically or even inconveniently unsettle our lives.

The benefits of insurance are for those times that can feel are out of our control. When it comes to your health, sometimes being prepared in advance is the only way to protect yourself and your loved ones from being completely flooded with stress. Here are five types of insurance to consider for an all-purpose life safety plan.

  1. Burial Insurance

When you know someone may pass sooner rather than later, it can be to your benefit to purchase burial insurance. Because funerals can cost tens of thousands of dollars, it is best to make a good search for cheap burial insurance that will cover complete funeral costs.

When the time comes, the last thing you and your relatives will want to do is to debate on who is paying for what. Therefore taking initiative early on can save the trouble and heartache when decision-making won’t be an easy task.

  1. Life Insurance

It may be hard to think about now, but everyone’s lives are only temporary, and one day you won’t be around to love and protect those that you currently care for.

Life insurance is there to help you in the case of unexpected death so that the income that you provided can still be there for your family in the long run. Because it is mostly based on a financial agreement, it is not necessary for children to get this type of coverage, mainly adults only.

  1. Health Insurance

In the course of normal life, health insurance is a must for any and everything that could go wrong. From a random infection to a car accident that wasn’t even your fault, health insurance will have you taken care of no matter what.

The basics with this type are to choose one that fits your age range.

For younger folks, major coverage plans aren’t absolutely necessary as your health should not be much of a risk at this point in your life. However, for older adults who are facing the test of time, it may be desirable to consider plans that cover more regular check-ups and tests for your health.

  1. Disability Insurance

If your life depends on a paycheck, then you may want to consider disability insurance.

What this covers is if you lose your job, your income will still be there to provide for you. It is similar to life insurance except it’s your own personal situation that will be taken care of.

This protection pertains to all individuals, young and old. Cases in which this will be necessary may be if you injure a body part and cannot work for up to six months. The insurance providers will have you covered.

Other instances may be if you get a long-term, health-related disability such as diabetes, cancer, or an autoimmune disease. In these cases, you may not be able to work due to your health, so it will be good to get insured.

  1. Travel-Health Insurance

With everyone wanting to travel nowadays and the accessibility becoming easier and easier, we don’t even think of all the benefits our own country provides that will be non- existent once we step outside the borders.

Making sure your travel insurance package contains health coverage is very important. Hospitals in other countries most likely will not accept your regular health insurance. In most cases, they will make you stay at the hospital until you pay the bill.

When purchasing a package, your policy should include health/accident insurance, medical evacuation, and trip cancellation.  Along with this, they should also provide additional benefits such as coverage even in the event of losing your passport.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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