The main types of insurance that everyone should have:
Long-term disability insurance
The point of investing in long-term disability insurance is to still be able to support yourself financially if anything were to happen that would not allow you to make an income any longer. Most disability insurance will provide up to 60% of the current income if anything were to happen that would disable the person investing in the plan. This type of insurance is similar to worker’s compensation, but it is worth investing in because it is not limited to injuries that happen at work.
Life insurance is mainly meant to financially cover your loved ones if the policyholder were to die. It is important to buy a policy that will adequately make up for the loss of income and potential financial hardships your family would face without you.
Health insurance is essential because even one simple check-up can cost hundreds! Investing in even a simple health insurance plan will save a lot of money in the long run, especially if anything serious were to happen to the policyholder.
Home owner’s or Renter’s insurance
Whether you’re a homeowner or you’re renting, having a backup for your home and its contents if your home were to burn down, flood, or be broken into can provide you with a lot of peace of mind.
Auto insurance is required by law in most places, but even if it’s not required where you live, it is still essential if you own a car because getting in an accident could potentially end up costing everything you own depending on the severity of the damage. Paying for a basic car insurance policy each month could (and will most likely) end up saving you thousands in the long run.