5 Types of Insurance And The Best Must Have Cover

Types of insurance

Insurance is very good, when you don’t need it, it might look like you are wasting money, insurance remains a life jacket, that safe you when you don’t expect it, knowing the best types of insurance to opt-in for will save you a headache.

Without insurance, what you have or need to fixed may remain cracked forever, in terms of illness, life may become lifeless when covered with insurance lots of things may be corrected.

It saves a lot when you least expect it, may hate to hear anything insurance or related but it is part of our financial life that must be taking a crucial look at. 

In this article we have broken down the most essential insurance types will need for our financial well-being.

We felt these 7 types of insurance are must have for us but while you are considering any of these, you may talk to an independent insurance agent to fit you in with insurance that will mash your need.

You may not necessarily need to opt for all these types of insurance at a time, without more delay let go get you the 8 must-have insurance to save a life from scrambling.

Check the 5 types of insurance You Need 

Any of the listed insurance types can help you and your family, go for something the match your need in life.

Auto Insurance

Homeowners/Renters Insurance

Health Insurance

Long-Term Disability Insurance

Life Insurance

Long-Term Care Insurance

1. Auto Insurance

It is very risky to drive around without insurance, aside from being against the law, you should be afraid of ing your car to any occurrence that may claim your car forever, without being insured how you will get a new one or get it fixed.

You may have money in your pocket to fixed damages or buy a new one but what about if you channel that money into something else, how it is going to feel, that is the help Insurance can provide

When it comes to auto insurance, there are several preferences to choose from, at least get one.

We have Liability coverage, Collision coverage, and comprehensive coverage.

The liability coverage, help in term of the accident, this will help you cover the costs of any injuries or property damage caused in the wreck. 

Collision coverage covers the cost to repair or replace a car if it’s harmed or destroyed in a wreck while comprehensive coverage deals with theft, vandalism, flood, fire, and hail losses.

2. Health Insurance

Having no health insurance leaves one miserable when the need arises and it may land your finance in a catastrophe.

An emergency medical need may come up anything, health insurance can help you beat such emergency, there is a need to create a balance between the Medical need and your general finances to avoid bankruptcies.

You can beat down the cost of solving an emergency medical need when you have health insurance in place.

Nobody should let go of health insurance, it helps a lot, sites like Reliancehmo have better three different layers for health coverage.

You will have access to health care through our the year in a very close hospital to where you stay and if your remain healthy throughout the year, you will be given 20% of your total money back at the end of the year.

You can opt for individuals health insurance or full family insurance with Reliancehmo.

Health insurance is not to be joked with, it helps a lot when you least expect it.

3. Homeowners/Renters Insurance

Every homeowner who have their home insured should ensure that their homeowner’s policy includes extended dwelling coverage.

This adds an extra layer of protection above your policy limits.

Extended dwelling coverage allow the  insurance company to replace or rebuild your property even if the cost exceeds your policy’s coverage. 

The problem here is, the higher the home’s value, the higher the need for extended dwelling coverage.

Something like flood Insurance and earthquake coverage are added in some of the extension. 

You need to check with you agent to know about what your homeowners insurance policy covers and what it doesn’t.

4. Long-Term Disability Insurance

Long-term disability insurance can protect you from loss of income if something came up and you couldn’t work for a long period due to an illness or injury. 

If you are in your earning age, it is best to consider long-term disability insurance, to fight up, if later something came up. Tomorrow is unpredictable, we may need to prepare for an unseen.

As we have long-term disability insurance, there is also short-term disability insurance, which is designed to fill in income gaps caused by an illness or injury that keeps you out of work for three to six months. 

You may skip that as there may not be a need for that if you have an emergency fund to cover your need. Long-term may be better than s-term disability insurance.

 5. Life Insurance

 Many of us don’t normally take life insurance too seriously, life insurance helps those we are leaving behind to keep up with life.

When there is life insurance in place, your family will not worry about making changes to their lifestyle when you are no more there to provide for them.

Different life insurance options can be explored, to see what gonna work best for you and your family.

Life Insurance is also beneficial to the singles with no dependents, this can use to trade up debt or burial fees when you go for a small term life insurance policy.

If you’re debt-free and there is sufficient cash to pay for your burial, you can put off life insurance.

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