Most people are familiar with insurance. Are you a car owner? Then you know you need to carry coverage to be on the road. Ever borrow money to buy a home? Your lender likely required you get homeowner’s insurance to protect this big purchase.
While these may seem like enough, the truth is there are five other types of insurance that you should consider in order to adequately protect yourself and future income.
We’ll go over them, but first, let’s talk about why insurance is so important.
Why is it important to have insurance coverage?
Think of insurance as protection for your wallet.
Having the right coverage can potentially save you a ton of money in the event of an emergency, unplanned life occurrence, or a medical need. Car insurance can pay for the costs of a car wreck, like repairs and medical bills. A homeowner’s policy can help you rebuild your home after a devastating fire. Health insurance can pay for expensive emergency room bills after an injury or illness.
In exchange for paying money (premiums) to an insurance company, you get coverage. It means you can protect yourself without having to impact your long term financial plans. Not having enough insurance can derail your financial goals, and you definitely don’t want that.
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