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The worst time to discover you aren’t properly insured is after an accident or medical emergency. While you are likely familiar with some types of insurance, like for your car or health, you may not know the importance of other policies, such as disability coverage.
Here are seven types of insurance that could benefit you.
Disability coverage
Becoming sick or injured can drastically affect your income, and disability coverage helps you pay for what you need while you cannot work.
“The chance of losing your home because you don’t have your income protected through disability insurance is one out of 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.
Auto insurance
Insuring your vehicle is not only important, but it is also the law. Because a single accident could wipe out your savings and put you into debt, auto insurance can protect you and your family from financial problems.
Major medical health insurance
Beyond regular health insurance, you can also sign up for major medical insurance to supplement your policy in case of large expenses from, for example, a medical disaster.
“Major medical insurance typically covers very large medical expenses, such as prolonged hospital stays,” according toInsuranceopedia.
Life insurance
Life insurance provides for your loved ones after you die. This is especially important if you have people depending on you, such as a spouse or children.
“Life insurance is more of a love product,” Alfred said.
Grieving the loss of a family member can be all-encompassing, so buying 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 injured on your property.
“A homeowners insurance policy usually covers four kinds of incidents on the insured property: interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that occurs while on the property,” according toInvestopedia.
Pet insurance
Pet health insurance is particularly helpful when a sudden medical issue comes with a high bill for the pet you love so much.
“If you don’t have two-legged children, oftentimes you have four-legged children,” 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 preventive care.
Retirement savings
While this isn’t a type of insurance policy, having a retirement plan is a way for you to prepare for the time when you won’t be working anymore.
“So many people depend just on Social Security, and Social Security was never intended to be your sole source of retirement,” Alfred said. “It’s structured to only give you 40% of your retirement plan so you, as an individual, need 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 is taxed up front, 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.
