Most people don’t realize how many aspects of their lives insurance can cover until they need it.
If you think you don’t need insurance because you are young and healthy, think again! The truth is that most people find they need some type of insurance at one point or another, whether it’s life insurance to protect your family in the event of your death or health insurance if you have an unexpected illness or accident that prevents you from working for several weeks.
Here are few examples
Homeowners
Having homeowners insurance can help you recover from the unexpected. If your home is damaged by a natural disaster, fire, or vandalism, this type of insurance can help you rebuild it to its pre loss condition.
It also protects you from liability if someone is injured in your home and you’re found responsible for their injuries.If you rent out rooms in your home, renters insurance may be a good idea.
If your tenants are legally on the premises when there’s an incident that causes damage, they may be liable for that damage and not have any personal coverage to cover it.
That leaves you with the burden to pay for repairs yourself. So if renting out a room in your home is something you do, keep these tips in mind
Renters
If you’re a renter who doesn’t own their home, you’re not as likely to have insurance coverage for things like broken windows or theft.
A renters policy can help protect you from financial loss, and it’s surprisingly affordable.They typically cover the cost of your personal property in the event of a disaster.
Plus, if someone gets hurt on your premises because they were visiting you (think guests at a dinner party), your homeowners’ insurance might not kick in to pay for any medical bills.
Whether you’re renting or owning, make sure that you have enough liability coverage so that if someone is injured on your property and sues, they don’t go after your life savings.
You might be surprised to learn that, according to the Society of Actuaries’ (SOA) 2017 Retirement Readiness Report, nearly half of U.S.households do not have enough savings for a comfortable retirement.
If this is true for your family, you may want to consider insurance coverage in case you don’t have enough saved up or if you are unable to work due to an illness or accident.
It’s also possible that you could need life insurance to provide financial security for your spouse and children.
In order to purchase life insurance, there are three important factors: 1) age; 2) health; 3) lifestyle.
Age affects how much life insurance you can buy because it determines how likely you are to die within the next 10 years. The healthier you are and the less dangerous your lifestyle, the more life insurance protection you can buy.
A change in either area will affect what type of policy is available for purchase.
For example, many insurers will stop selling certain types of policies once someone reaches their 80th birthday because it becomes too risky for them to offer coverage on someone who has an increased chance of dying soon after buying a policy.
Business owner
If you’re a small business owner, an independent contractor, or a freelancer, you might not have considered buying insurance coverage.
But if you’re earning money from your work in any capacity, then it’s worth considering whether or not to get insurance.
Professionals
Some professions that might be surprised to know they need some type of coverage are: photographers, copywriters, designers and web developers.
Professionals in these fields should ask themselves two questions before deciding on their professional insurance needs:
1) What is the total value of my income earning assets (things like computer equipment and software)?
2) Am I using this income earning asset as part of my day-to-day job duties?
If the answer to both questions is yes, then you should probably purchase professional liability insurance.
Students
Student insurance is a great way for students to protect themselves from unforeseen circumstances.
Whether you are a full-time student, part-time student or a graduate student, there are many factors that determine your eligibility for student insurance coverage.
If you’re looking for a flexible plan that can be tailored to meet your specific needs, the Live Healthy 365 Dental and Medical Plan might be the perfect choice.
Live Healthy 365 provides flexible benefits which can help cover expenses such as: doctor visits, prescription medications, dental care and more! It also includes an emergency room benefit, so if you need immediate medical attention, it won’t cost a thing.
Military Personnel
When you go into the military, you’re automatically enrolled in the Tricare program. It’s a health insurance program that covers most military members, their families and survivors.
It’s one of the few programs that cover spouses and children of service members who die on active duty.And it offers the widest range of providers and hospitals for those who need specialized care.
However, Tricare can be expensive for retirees and their family members because there is no employer contribution to this coverage like other private plans have.
For example, if a retiree enrolls his/her child in Tricare while they are working at a civilian job, then once they retire, the child will not be able to keep his or her health benefits through their parent’s plan without joining the military.
In addition, dental coverage is not available with any type of Tricare plan and prescription drug coverage varies depending on which level of TRICARE you choose.
Parents
We all know that we need to have car insurance, but did you know that your children may also need coverage? In the event of an accident, they are covered by their parents’ policy.
But what if they’re not with their parents or something happens when they’re on the school bus? That’s where our student insurance comes in.
It covers them for any accidents that happen when they’re at school, on the playground, or going to and from school.
For example, if a child falls off the monkey bars, gets hurt during recess, or is injured while walking to and from school, it’s covered! If your child has health issues like asthma and needs medical attention for a condition other than sports injuries , it will cover trips to the ER when accidents happen outside of school hours or during weekends.