Insurance products are financial products that are useful to protect you from the risk of financial losses that occur in life. Regarding this, the protection provided by insurance will certainly make you think more calm and able to work optimally. Who can think of a sudden fire in our house, or you have a certain disease that requires treatment at a low cost. Can't you not? We must manage all of these risks to avoid financial losses. So buying an insurance policy is the most appropriate choice. Well, here are four important types of insurance products that you have.
Health Insurance
Health insurance is easily one of the most important types of insurance to have. Your good health is what allows you to work, earn money and otherwise enjoy life. If you were to develop a serious illness or have an accident without being insured, you may find yourself unable to receive treatment or even find yourself in debt to the hospital. While health insurance is no longer mandated by the government as of 2019, it's not something to discount.
Thankfully, many employers provide health insurance benefits to full-time and even some part-time employees. If you do not currently have health insurance coverage this is the first place to check as it will generally be the most affordable. If you're married, you may both be able to receive coverage under just one of the employer plans. When both employers make health insurance available, a careful comparison can help you decide which plan to use. Consider the co-pays, deductibles, premium costs, network coverage and covered expenses to determine which plan yields the most benefits.
Life Insurance
The greatest factor in having life insurance is providing for those you leave behind. This is extremely important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy should cover "ten times your yearly income." This sum would provide enough money to cover existing expenses, funeral expenses and give your family a financial cushion. That cushion will help them re-group after your death.
When estimating the amount of life insurance coverage you need, remember to factor in not only funeral expenses, but also mortgage payments and living expenses such as loans, credit cards and taxes, but also child care, and future college costs.
Car Insurance
Car insurance provides protection for private cars from the risk of natural disasters, fire, damage and accidents. There are two types of car insurance, all risk car insurance and total loss only (TLO) car insurance. With all risk car insurance, your car will be protected with all types of risks including small collisions until the vehicle is lost. As for TLO car insurance, your vehicle is only protected for major accidents which result in more than 80% accidents or missing vehicles.
If you own a car, it is important to insure it because the risks when driving are very high. Choose a car insurance product with premiums that match the value of your car and adjust it to the protection benefits you want.
Educational Insurance
Educational insurance is very important to ensure children have a quality future. This insurance product is a form of preparation besides providing life protection. In the event of a disaster, education insurance will issue compensation received by the heirs. The benefits that you can get are:
- Ensure your child's education in the future.
- Although the primary income provider dies, the child's education will still be guaranteed.
Life Insurance
The greatest factor in having life insurance is providing for those you leave behind. This is extremely important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy should cover "ten times your yearly income." This sum would provide enough money to cover existing expenses, funeral expenses and give your family a financial cushion. That cushion will help them re-group after your death.
When estimating the amount of life insurance coverage you need, remember to factor in not only funeral expenses, but also mortgage payments and living expenses such as loans, credit cards and taxes, but also child care, and future college costs.
Car Insurance
Car insurance provides protection for private cars from the risk of natural disasters, fire, damage and accidents. There are two types of car insurance, all risk car insurance and total loss only (TLO) car insurance. With all risk car insurance, your car will be protected with all types of risks including small collisions until the vehicle is lost. As for TLO car insurance, your vehicle is only protected for major accidents which result in more than 80% accidents or missing vehicles.
If you own a car, it is important to insure it because the risks when driving are very high. Choose a car insurance product with premiums that match the value of your car and adjust it to the protection benefits you want.
Educational insurance is very important to ensure children have a quality future. This insurance product is a form of preparation besides providing life protection. In the event of a disaster, education insurance will issue compensation received by the heirs. The benefits that you can get are:
- Ensure your child's education in the future.
- Although the primary income provider dies, the child's education will still be guaranteed.