Different types of insurance for your family

March 5, 2020

When a person starts a family, he starts getting worried about the future from that day. He is like thinking about what will happen to them if he is not with them? What will happen to them if he suddenly dies? These questions and many other which make him go searching for the best options for his family and the best option is to get the insurance.

Insurance is the way by which a person gets the money if something happens badly with him. But for that, he has to pay premiums every month to keep that insurance valid. Apart from this, insurance is a great way for having some surety that if something bad happens in the future, I have something to back me up in those rainy days.

So what are some affordable coverage options for your family if, god for a bit, something bad happens in the future? You must be assured that you have backing for that rainy day. So here we have some different types of insurances for your family:

DIFFERENT TYPES OF INSURANCES FOR YOUR FAMILY

When we talk about insurance, there is a different kind of insurances available in the market which covers different aspects of a person life. Some insurance providers cover you and your family health, unlike others who focus on your car, home or even some insurance the security of your family after you have left this world. So here are some different types of insurances which you might consider to purchase for your future. Let us dive into them one by one.

HEALTH INSURANCE

Health insurance is by name, evident focus on covering your medical costs starting from a normal physician to surgeries. But according to a report, 60% of personal bankruptcies were reported due to health insurance costs. On the other hand, the medical cost in the US estimated to be the most expensive one in the world. So what to do?

First, identify do you need it or not? You need it if you have a chronic health issue that requires frequent doctor visits. You need it if you are a family man. You need it if you are old. Health insurance is arguably the most important insurance for you and your family. Children covered in one of the insurance plans purchased by the parent.

Just remember, you have to pay premiums for continuously be covered by a health insurance policy that could impact your family money so first look at the details of the policy like what it covers and opt it wisely.  

CAR INSURANCE

By the name, although, it sounds like insuring your car, in reality, it is just a word covering many types of insurance products. Like for instance:

        Liability insurance is a type of insurance that focuses on pedestrians. Like if a pedestrian got hit by a car, this insurance will cover that for you. Or if you hit property and you have to get it repaired, then this can help you also. But you will not be covered by it.

        Personal injury Protection is a type of car insurance which focuses on injuries of driver and passengers. If you got injured, then this insurance will cover your injuries.

        Collision insurance is a type of car insurance that will cover car maintenance and repairs in the event of a collision with another car only. If some other thing happened to it as a tree fall etc. you cannot get a claim. But if you had a collision with a car, it will cover it no matter who was guilty of that accident.

        Comprehensive insurance is a type of car insurance which covers all kinds of collision even with a tree or a tree fall.

You see, under-car insurance you do not have everything covered. You have to select a program very carefully to get the required coverage. But everything costs, so do check and compare the plans before opting one. By the way, if you do not have a car or a driving license, you do not need this insurance.

HOMEOWNERS/RENTERS INSURANCE

Homeowner insurance and renter insurance have a very small difference, but they both target the most valuable asset, your home that is why they both joined together. Homeowner insurance is the insurance offered just to homeowners. It covers your home against theft and damages; however, you have to pay more for getting it covered for natural disasters like earthquakes, wildfire, flood, and so on.

You are eligible for renter insurance if you are going to rent an apartment. But this is not necessary for you. However, it does cover damages and theft. So it is a good option to have a piece of mind and also it is of low cost. However, for homeowners, it is compulsory, and it costs more.

LIFE INSURANCE

Most people want to avoid talking about life insurance because it deals with the condition when you are no more present in this world. People get emotional while talking about this. But this is a very important type of life insurance, especially if you are the primary breadwinner for your family.

It deals with the sudden expiry of yourself. It provides money to your family after you have died so that they could compensate for the lost income as you are not around anymore and there is no one to earn bread for the house or you have children and if you have some spouse who is not working.

However, if you are single, then you probably do not worry about life insurance, but there are some other plans for single people too.

DISABILITY INSURANCE

According to an estimate, one-third population of America gets disabled at any point in your life, so disability insurance makes some sense to be purchased. It is similar to your life insurance, but in this case, you can have the insurance claimed if you get disabled. This insurance covers the income lost due to your disability.

It covers your permanent, temporary, partial or total disability. Disability insurance is relative to low cost and can be affordable. However, it is not a good option if you are a kid as you do not have any income generally.

CONCLUSION

When a person starts his family, he has to make some tough decisions and have to make sure that the future of his loved ones is secure. He mostly refers to his children and wife. So for this, he looks for some insurance plans so that he can have a surety that the future of his kids is secure. So some of the insurance types for a family man we discussed were health, car, homeowner/renter, life and disability insurance. However, every insurance comes with a cost associated, so chose the insurance plan wisely.

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