Throughout your life, you are going to need to buy insurance of one kind or another. The reasons why you will need to or want to buy insurance will be varied, as will the time when you want to buy them. Here are six types of insurance as well as when and why you might want to buy them.
If you own and drive a car, then you need to have car insurance. It is a legal requirement and neglecting to get car insurance will land you in trouble with the police. When you buy a car, then you need to get car insurance for that car. Usually, your car insurance will need to be updated yearly. This is when you can shop around and get quotes from various insurance companies and try to get the best possible deal.
If you are without car insurance and you are driving your car, then you might lose your license and be banned from driving. This won’t ever be a good thing, so make sure that you are insured. You also need insurance in case you are in an accident or crash. Your insurance (depending on your coverage) will pay for your car to be fixed and as well as any other costs involved with the incident. This means that you won’t need to pay out of pocket for the cost of your car being fixed.
If you have a pet, then you should have pet insurance for it. Visiting the vet can be very expensive and having insurance helps to mitigate this cost. If you have pet insurance then it means that if they become sick or are injured that you can take care of them and have them nursed back to health without it costing you insane amounts of money. It means that you never need to choose between money and your beloved pet. After all, your pet is likely an important part of your family and as such you need to make sure that is insured the same way that you would have medical and health insurance.
Health and Medical Insurance
Speaking of health and medical insurance, you will almost always need this as well. Medical insurance covers you and your family in case you become sick or injure yourself. If something does happen to you, then you want to know that you are going to be taken care of and won’t need to pay excessive amounts for procedures, operations and medications. Medical insurance is one of those things where it is better to have it and not need it, than not have it and desperately need it. You might be fit and healthy for years and year, but eventually get sick and need to visit a hospital. If and when this does happen, you want to feel safe in the knowledge that your insurance covers all of the bills and that you will receive the highest possible standard of care. If you don’t have medical or health insurance, then you won’t be able to access certain procedures, operations or medications unless you pay a large amount of money. This is not something that you want to worry about when you are ill. The last thing you want is to get better only to be saddled with a large debt that you then need to pay off. Or for you not to be able to get better due to not being able to afford treatment. You should always have medical insurance just in case.
Life insurance is one of those types of insurance that you might not see why you need it. You might be young, in perfectly good health and of the opinion that death is a lifetime away. However, life insurance is there just in case. Just in case something happens and you do die before your time, you want to ensure that your family is taken care of. Life insurance will give your family a payout upon your death so that they can continue to pay for things like food and housing. It will also cover the cost of your funeral and follow your wishes as to what you want done with your body. It might sound morbid and grim, but life insurance is actually about sensibly planning ahead and understanding likes one certainty. There are plenty of different types of life insurance for you to consider and you can even get no medical exam life insurance. It might be something that you consider a more important type of insurance to get as you grow older, but it shouldn’t be ignored when you are young as you never know what can happen.
Home insurance covers your house and the things in it from damage and theft. This means that if you get burgled and you have home insurance then the insurance company will pay to have those items replaced. If you don’t have home insurance, then you are flat out of luck. If you own a lot of expensive items such as gadgets, TVs, gaming consoles and computers, then home insurance is a must-have. Home insurance also covers against damage to the house. This means that is something happens and the house falls apart, then the items in the house and the house itself are covered. Without house insurance, in a situation like this you might end up being homeless. In order to avoid this, you should ensure that you get home insurance. Certain kinds of home insurance will also cover general damage and breakage of items in the home. This means that if you have electronic devices and you break one, then your home insurance might cover the replacement of that device. However, you should consult your specific policy as it will depend on what type of coverage your insurance has.
When you travel, you need insurance. If you are going abroad, then travel insurance is a must-have.
You want it for similar reasons to medical and health insurance – if you get ill you want to be able to get better. If you are get sick in another country, then you want to be able to go to the hospital and be treated for whatever is wrong with you. You might think nothing is going to happen and that you will be fine, but just in case something happens you should get travel insurance.