3 Types of Insurance Policies That Everyone Needs

health risk

If there’s anything constant in life, it’s change. Life throws us many curveballs; while we cannot predict or always prevent those, we can prepare for the worst. Insurance allows us to have some level of protection, financially speaking.

These days, there are so many insurance options available and it’s difficult to judge which one’s necessary. Insurance provides us financial protection against loss and damage but spending too much on it can deprive you ofspending on other areas.

This blog discusses three main types of insurance policies everyone should have to protect themselves, their assets and createa safe and stable future.

Life Insurance

The basic purpose of life insurance is to provide for those you’ve left behind.  If you have familymembers who’re dependent on you for their expenses, getting a health insurance policy is imperative.

A life insurance plan should cover 10 times your current yearly salary, for it to cover current expenses, funeral expenses and provide a financial cushion for your family after your demise.

There are two basic types of life insurances:Traditional Whole Life and Term Life.

In Whole Life, you pay the insurance amount until your death; in Term Life, you pay the insurance amount for a certain period of time.

When considering a Life Insurance plan, it’s crucial to consider your age, occupation, number of dependents, current expenses etc., to get the best insurance policy that will cover all of your family’s needs.

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Automobile Insurance

6 million car accidents occur in the US every year.Every state in the U.S.—apart from New Hampshire and Virginia—requires that you have automobile insurance. Even in those two states, individuals are responsible for damagesup to $50,000 for liability and $25,000 for property damage, following a car accident.

In some states, driving without car insurance can get you a $500–$1,000 finealong with 45–90 days license suspension. In Florida, you’re looking at a suspension of registration and your driver’s license in the event you fail to provide proof of insurance in court.

In addition, if the accident causes someone personal injury or property damage, they can file a lawsuit against you, costing you a lot more.Auto insurance covers damage to your car against accident, theft, vandalism, etc.

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Health Insurance

Health insurance covers expenses for medical care. It usually covers hospital care, prescription drugs, doctor services, mental health services, pregnancy, childbirth and more.

According to a recent Harvard study, in 2007, 62% of all bankruptcies in the U.S. were due to serious health problems.

Hence, it is extremely important to obtain a health insurance policy. The type of health insurance you can get depends on your age and health. If you don’t have an employer sponsored program or have a health condition, then getting a health insurance policy can be quite expensive.  However, a day in the hospital can cost from $985 to $2,696, so even minimal insurance coverage can make a huge difference.

Getting these basic types of insurances is extremely importantin order to protect any of your assets against damage or loss.

If you plan on getting an insurance policy or upgrading your current plan, we at Manatee Insurance Services, Inc. have got you covered. Get in touch with us at 941.747.7283 to get cheap insurance quotes for home, car and flood insurance,in Bradenton and Sarasota, Florida.


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