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Types of Insurance – It’s impossible to make accurate predictions so we all are waiting for unforeseen things to come up.
4 Types of Insurance
There are various types of insurance which were designed to give us financial protection when the unexpected happens. Deciding which one to apply for depends on several factors including your children, age, lifestyle and employment benefits, etc.
These four types of the best insurances mentioned in that article are the most recommended and popular ones.
- Life Insurance
- Health or Disability Insurance
- Auto Insurance
- Property Insurance
Types of Life Insurance
If you have a family that is financially dependent on you, you have to think about life insurance. How will they go on with their lives without your financial facilities and provide enough money to cover some expenses. Including mortgage payments, funeral expenses, bills, loans, credit cards, education expenses, etc.
There are also two main types of life insurance which are Traditional Whole Life and Term Life. In Traditional Whole Life Insurance you keep paying off until the end of your life. In Term Life Insurance you pay for a set amount of time.
Deciding which one you should choose depends on several factors such as your age, job, number of your children, etc.
Health insurance Or Disability Insurance
If you do not want to pay medical bills for long years because of an illness or an accident, you need to get health insurance. Since health insurance only pays for your hospital costs and medical bills, you should also be ready for the days you may not be able to work or not being able to return your job at all if you become disabled before your retirement.
Auto Insurance Or Property Insurance
Considering the huge number of traffic accidents happening everyday and the enormous number of people who injury or die in these unfortunate accidents. No one could guarantee you would not be one of them. Besides, in most states having auto insurance is mandatory and periodic checks are being done to see if you have coverage.
An auto insurance protects both your car against theft, vandalism or a natural disaster and you in case of an accident by paying medical expenses. Also, if you are a renter or homeowner, you should get a property policy which provides protection aganist several risks and covers your personal property for theft, damage, fire or lightning.