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The worst time to discover that you are not properly insured is after an accident or medical emergency. While you’re probably familiar with some types of insurance, such as your auto or health, you may not know the importance of other policies, such as disability coverage.
Here are seven types of insurance that can benefit you.
Getting sick or injured can dramatically affect your income, and disability coverage helps pay for what you need while you can’t work.
“The chance of losing your home because your income is not protected by disability insurance is one in three,” said Pam Hansen Alfred, a State Farm Insurance agent in Great Falls.
Compared to the risk of losing your home or other financial security, the cost of disability insurance is well worth it.
Insuring your car is not only important, it is also the law. Since an accident can wipe out your savings and put you in debt, car insurance can protect you and your family from financial problems.
Basic medical health insurance
In addition to regular health insurance, you can also sign up for major medical insurance to supplement your policy in the event of a major expense, such as a medical accident.
“Basic medical insurance usually covers very large medical expenses, such as an extended hospital stay,” according to Insuranceopedia.
Life insurance provides for your loved ones after your death. This is especially important if you have people who depend on you, such as a spouse or children.
“Life insurance is more of a labor of love,” Alfred said.
The grief of losing a family member can be overwhelming, so purchasing a policy now can save your loved ones the stress of worrying about logistics in the future.
Renters or Homeowners Insurance
Whether you rent or own your home, insurance can help pay for any damage to it or your belongings. It is also important if someone gets hurt on your property.
“A homeowner’s insurance policy typically covers four types of incidents to the insured property: interior damage, exterior damage, loss or damage to personal assets/belongings, and injury that occurs while you are on the property,” according to Investopedia.
Pet health insurance is especially helpful when a sudden medical problem comes with a high bill for the pet you love so much.
“If you don’t have kids with two legs, you often have kids with four legs,” Alfred said.
Pet insurance can help you get the care your pet needs during medical emergencies and often helps cover the cost of regular checkups and other preventative care.
Savings for retirement
Although it’s not a type of insurance policy, having a retirement plan is a way to prepare for when you’re no longer working.
“So many people depend on Social Security alone, and Social Security was never intended to be your only source of retirement,” Alfred said. “It’s structured to only give you 40% of your pension plan, so you, as an individual, have to be responsible for the other 60%. And it’s best to start when you’re young.”
Alfred suggested starting with a Roth IRA, a type of individual retirement account that’s tax-deferred so you don’t have to pay taxes on withdrawals in retirement.
No matter what type of insurance policy you need, an insurance agent will help you choose the right policy and navigate the claims process during what is often a stressful time, Alfred said.