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5 Reasons Why You Should Have a Life Insurance

What is A Life Insurance?

In essence, life insurance is a policy that safeguards your loved ones against an event that causes the death of the insured or a state of disability that stops them from carrying on with their job. Such a policy guarantees the insured that he/she will be compensated with a specific amount of money, the insured capital, through his direct relatives or the persons he/she chooses as beneficiaries.

Sooner or later, we all have to decide whether we want to have insurance to cover our death. Many individuals are left wondering if it is a worthwhile endeavor to get life insurance or whether it would simply be an additional expense. Are there sufficient incentives to incur that expense each month? Is it a necessity? Well, it is up to you to make the decision, but here are some excellent reasons to have one:

1) Family Protection After Death

Offering compensation for the death of the insured is the basic coverage of Risk Life Insurance. The primary objective of those policies is to minimize the economic effects that arise among the insured’s relatives following his/her death. Hence, in households where people financially rely on the insured, this policy is vital.

2) Covers The Risk Of Disability

Disability Coverage is one of the essential factors to bear in mind when purchasing life insurance. Having a total or permanent disability is potentially life-changing for anyone. Besides the misfortune of being disabled, such circumstances can also bring down and drain family and friends.

With no capacity to work and being occasionally forced to sustain costly treatments and other expenses, disability can result in challenging economic conditions in a family. Seen from this angle, a good life insurance policy can propose options like advancing the insured sum to support these bills.

Wheelchair, Disability, Injured, Disabled, Handicapped

3) Ensure Children’s Future

Parents are often concerned about their children’s future, which also leads to many of them considering an insurance plan. Life insurance provides diverse options to secure both financial independence and sustain the level of education that parents succeeded in providing their children with.

For instance, many life insurance policies may incorporate a condition in their terms that assures the continuity of studies of the insured’s children in case he/she dies. By so doing, parents ensure that the underaged children are not forced to leave the institution due to a lack of tuition fees.

4) Taking Out Insurance To Cancel the Mortgage

A significant reason to take out insurance is the possibility of canceling the mortgage in case of death. Having a home loan imposes substantial stress in any household where the individuals still have to pay for their home. The passing of a loved one can devastate one’s finances and in some cases, even put at risk one’s homeownership.

Life insurance can annul the loan using the insured capital and release the family from banking debt, thereby safeguarding the family’s property. In effect, many banks offer customers better conditions on the loan when they associate it with an insurance policy.

5) Coverage for Serious Illnesses

Another factor prompting the purchase of insurance is the likelihood of a severe illness that could threaten to alter your life and those of your close ones. This coverage can address scenarios where a severe disease stops you from working. Having life insurance will allow you to maintain a particular mode of life and to assume the costs that this new situation brings, such as medical expenses, home modifications, and home care if necessary.

Coins, Currency, Investment, Insurance, Cash, Banking

If you’re looking for trustworthy and supplemental life insurance, the professionals at Mimbs & Associates in Viera, Florida, can help you! Their life insurance is a guaranteed way to ensure your family’s financial security, be it college tuition, essential expenses, mortgages, etc., if anything happens to you. Do not hesitate to contact them!

 

Why Benefits Can My Child Get from Non-Medical Insurance?

The ongoing health crisis has been a wake-up call for many families about the need for robust life insurance. While it appears to make sense for adults to have life insurance, so they can provide for those who rely on them in case the unthinkable happens, there has also been an increase in life insurance purchases for children under the age of 17. In this article, we will explore the reasons for this trend and the pros and cons of life insurance for kids.

First off, what is life insurance for a child?

Similar to an adult’s life insurance policy, a child’s life insurance policy is a contract with an insurance company whereby monthly or annual premiums are paid in exchange for the promise that said insurance company will pay a benefit in the event that the child dies.

Life insurance policies for children typically are whole life insurance policies, which means they will provide lifelong coverage so long as premiums are paid. Premiums tend to be guaranteed, so they won’t increase over time. Plus, a portion of the premium goes toward building cash value, which can be accessed while the child is alive for any reason.

While you can’t buy term insurance for children (where the child is only covered for a certain number of years), you can add them to your own term policy as a rider for a certain amount of time, and then convert coverage to permanent policies for them at an additional cost.

Important things to know about buying a child life policy

Compared to an adult’s life insurance policy, the purchasing process is relatively simple and quick – all you need to do is fill out an application form and pay the premium. Unlike purchasing a policy for yourself, your child won’t need to have a medical exam prior to underwriting being completed.

You can usually buy a child insurance policy up to the age of 17, although this does vary from insurer to insurer. For some, the age cap can be as low as 14, where others can go up to age 21 provided the child is still in full-time education and living at home.

The younger your child is when you buy a policy, the cheaper it will be. With a whole life policy, the low rate you lock in at the time of purchase will be guaranteed for the life of the policy. Premiums are also affected by the type of schedule you choose. For example, you could buy a policy for a newborn that is payable until they are 65 or even 100, which can result in ultra-low premiums. On the flip side, some insurers offer an option to pay off the policy within a set period of 10 or 20 years. This may result in higher premiums in the short term, but you can eventually turn over a fully paid-off policy to your child to cover them for the rest of their life.

Pros of Buying Life Insurance for a Child

The biggest advantage of a child insurance policy is the guarantee that your child will still be covered if they develop health conditions later in life. Not only that, but you also ensure your child will still have coverage if they take up a dangerous hobby like scuba diving, which tends to put off a lot of insurers.

Another major advantage, which we touch on earlier, is that a child insurance policy locks in a low premium. Child insurance policies also provide funds for funeral expenses. While this is not a good reason to buy a child insurance policy, it can provide relief to a family if the unthinkable happens.

Lastly, a child insurance policy has a cash value which can be accessed for any reason. You can use it as a complement to any other savings you may be making for your child’s future. It is important to note however that withdrawing cash from the policy could trigger a tax bill and will reduce the death benefit.

Cons of Buying Life Insurance for a Child

While child life insurance does have a great deal of positives, it’s not all peaches and cream. The biggest downside to these policies is the low return on investment they offer. As we mentioned above, child life insurance policies do offer a cash value, this is significantly lower than a more specialized product like a college savings plan.

Coverage limits are also very low, and once your child becomes an adult, it is likely that they will need to buy an adult insurance policy anyway.

In Conclusion

Working with a financial planner can help you decide whether life insurance for your kids is a good fit for your family and your overall financial situation. Also consider working with an independent insurance broker like Nonmed Insurance Inc., who works with several insurance companies and can help you find the best policy at the best rate.

Unbelievable and Riveting Insurance Facts

When you hear the word “insurance”, strange or funny might not be the first thing that pops into your mind, yet, it can actually be a lot more intriguing than you probably imagine. Throughout history, people have invested zillions in saving their most precious assets, and insurance has even had a big chunk of impact on major decisions.

In Japan, golfers took out golf insurance just in case they got a hole-in-one, they would have to spend a fortune on sumptuous drinks and goodies, as well as throwing fancy parties for an awful lot of people (isn’t that crazy). Meanwhile, some people have purchased insurance for their body parts, and others have even taken out a policy just to watch popular movies, in case they died of laughter! (No, your eyes didn’t fool you!) Kiss bassist Gene Simmons had his tongue insured for a million bucks…while “Ugly Betty”‘ TV star America Ferrera (who plays an ugly duckling with braces on her teeth), had her smile insured for $10 million (not so ugly indeed).

While these were just a small foretaste, check out some more hard-to-believe but compelling insurance facts that will totally boggle your mind (some of which may help save a few bucks).

Insurance Has Been Around for Several Thousand Years…

Yes, you read right! It may be hard to imagine insurance sales clerks and insurance forms existed hundreds of years ago, but that certainly doesn’t mean that insurance was non-existent. In fact, it is believed that insurance made its first historical breakthrough in China around 3000 BC. Merchants who depended on shipping goods by ship were at risk of losing cargo in shipwrecks. For this reason, some of them divided their merchandise among several vessels, so that even if one of the ships was wrecked, traders would not suffer a complete loss. Modern insurance works in more or less the same way, with money being collected and pooled by insurers, ready to be paid out in the event of a claim.

Home Insurance Policies Often Prohibit Some Breeds of Dog!

Many home insurance policies often prohibit you from having certain types of dogs as pets – because they can potentially cause problems (yes, that’s sad!). Some 4.5 million people are bitten by dogs each year, and about 20% of dog bites require medical attention, according to the Centers for Disease Control and Prevention. Dog breeds typically excluded from standard insurance policies are Mastiffs, Akitas, Alaskan Malamutes, Pit Bulls, and Rottweilers. If necessary, you can pay extra to add coverage for your dog, or by going around the market, you may be able to find a policy that covers your dog.

Your Home Insurance Probably Covers Damage Caused By Volcanoes and Meteorites.

While you might know that your home insurance doesn’t protect you against flood damage, it may cover much more than you think. Home insurance policies usually cover damage caused by volcanoes and even meteors, for example. However, calamities like floods, earthquakes are not usually included. It’s best to read your policy carefully or talk to your agent to find out precisely what’s insured and what’s not, so you can decide if you want to add other coverage, such as earthquake coverage.

Credit Ratings Can Have a Significant Impact on Your Insurance Costs.

You are probably aware of the credit scores that influence the mortgage interest rates offered to you. Still, you may not realize that there are “credit-based insurance scores” that can significantly impact the insurance premiums offered to you. According to Fair Isaac, the company behind FICO scores, about 95% of all car insurers and 85% of all home insurers use these scores when they are licensed. A few states, such as California, Maryland, and Massachusetts, restrict or even prohibit their use.

Companies believe that scores that reflect how you manage your money are apt to suggest the likelihood that you will make a claim. A report by TheZebra.com found that: “Drivers with bad credit can pay twice as much for car insurance as those with exceptional credit. Nationally, improving your credit score from “poor” to “outstanding” would save you 53% (over $1,400) per year”. Fortunately, there are steps you can take to improve your credit score.  

Auto Insurance for Teenagers Can Be Astonishingly Pricey.

It’s not just the cost of education that is covered when your teenagers start driving: You’ll need to get them covered by car insurance, which can be pretty costly. A parent who adds an adolescent to their policy can expect their new rate to be $6,186, and in some cases, 227 % more than insurance for a single adult driver, and a teen who buys their own policy can be even more expensive. 16-year-old are involved in twice as many accidents as 18- and 19-year-old, therefore, adding a 16-year-old to your insurance plan can cost you up to $3,000 or $4,000 or more. (If you need this kind of insurance, look around the market, as rates can vary widely.)                                                   

Starbucks Spent More on Health Coverage for Its Employees Than It Did on Coffee!

Many Americans enjoy employer-sponsored health care – for themselves, their spouses, and their children. That’ s a no-brainer. In China, though, Starbucks has taken employer-sponsored health insurance even further by offering coverage for workers’ parents. It is limited to workers who have been with the company for at least two years and provides coverage for up to 30 critical illnesses for parents under 75 years of age who live in China. This sounds like a good idea in a country where many workers feel responsible for their parents, and it can make Starbucks a more competitive employer. It’s not unthinkable that new types of insurance will also be offered to Americans. We did not always have pet insurance, for example.

These are just a few of the surprisingly cool things to learn about the world of insurance. The more you know, the more you can save! Are you looking for a reputable insurance agent or insurance quote in Rockledge? Have Mimbs & Associates Insurance on your speed dial. Backed by years of experience, they are experts in protecting your property and your family’s belongings.

Factors to Consider When Opting for An Insurance Plan

Opting for the right health insurance plan is crucial as this will help you get the best treatment for yourself, your entire family as well as your four-legged family members. However, deciding which health insurance to choose isn’t an easy task! There are tons of insurance companies in every city these days that provide high-quality insurance plans. Nearly half of all employers with 250 or more employees offer more than one policy, all with different copayments, benefits, premiums and deductibles. But how do you go ahead and pick the right insurer? Here are a few things to keep in mind when selecting the best health insurance plans for your family –

Look at Out-Of-Pocket Costs

Focusing on the monthly premium is one thing, but keeping track of the deductible, copayments and co-insurance is also a key factor. These three elements are your maximum expenses. Under the Affordable Care Act, the maximum reimbursable expenses are $7,150 for a single person and $14,300 for a family policy.

Consider Your Life Stage

Let’s assume the next coming years turn out to be just like the past five. You go for regular medical checkups two to three times. Your partner is as healthy a horse (as long as he/she swallows his cholesterol pill every day). And your kids, well, let’s just say they have an average of one cast and 15 stitches a year. And therefore, choosing an appropriate insurance plan tailored to your individual needs is crucial.

While taking cheap health insurance plans, it is essential to consider your health, age and financial situation. Selecting a policy with a lower deductible and copayments is recommended if you’re suffering from one or more health problems that require ongoing care (such as heart disease or diabetes) or expecting a baby. Of course, you’ll be paying a higher premium, but your overall out-of-pocket costs may be lower. The insurance agent can help you make a better decision with your health insurance based on all of this information.

Number of Family Members

Are you taking health insurance or term insurance that covers all your family members? Along with the number of family members, their life stages matter too. The cover amount needs to be able to support everyone’s lifestyle and spending capacity in case of any unfortunate incident where the insurance will be used.

Check the Drug List

All insurance plans generally provide a detailed medication list and copayment covered. So, be sure to buy an insurance plan that offers a prescription drug benefit high enough to cover all your needs. If your drug isn’t on the list of medications covered, you may have to pay 100% of the cost. It is also an excellent idea to check whether your insurance plan includes a mail-in prescription option; it can save you some bucks on your regular prescriptions.

The benefit should typically cover at least $1,000 per year. With only a few prescriptions, you can easily reach this amount, especially if your doctor prescribes a medicine with no generic substitutes.

Go Over the List of Benefits

Usually, all individual and small business plans should cover prescription drugs, hospitalization, emergency services, mental health and addiction treatment, preventative services and rehabilitation services, maternity and newborn care, pediatric services (including vision and dental care), laboratory tests and out-patient care. However, the specifications of the plans available through your employer may vary, so make sure to read the plan’s Evidence of Coverage.

Also, don’t forget to double-check your prescription coverage each year when re-enrolling in your insurance plan. Many insurance brokers tend to amend their policies and drug coverage frequently. So, it is wise to look for another insurance provider if your daily medications are abruptly withdrawn from your coverage.

Maximum Age Renewal Option

Although you don’t really use your health insurance when you are young, as you get older, health care costs increase and you will have a greater need for health insurance coverage. So, make sure to check whether your health insurance plan features a more comprehensive renewal option with the best pricing. Opt for lifetime plans with renewability options available beyond age 65 – it will pay off in the long run for you and your family.

Choose the Right Insurer Too

While you’re reviewing all these policies and benefits, it’s also wise to choose the right insurer. Look for insurance companies with higher stakes settlement rates (so you don’t have to fight over your claims). Are you looking for a trusted insurance agent or an insurance quote in Florida? Get in touch with BREVARD INSURANCE & MARKETING – they are experts in the protection of your possessions and those of your family.

When shopping for the best insurance policy, you’ll surely be spoilt for choice. Therefore, if you want to pick the crème de la crème, simply do your homework! Hopefully, these smart tips can help simplify your selection process.

Top Reasons to Purchase No Medical Life Insurance

Life is full of surprises over which we have no control…and life insurance has got to be a part of your plan, whether you like it or not. For many people, medical exam is one of the most headache-inducing parts of the life insurance application process. Sure, those pesky medical exams may seem to stand in the way, but did you know that even though you’re hard to insure or have been declined, there is still coverage available to you? Yes, you read it right! Some insurance doesn’t need medical exams! Here’s what you need to know…

But What Is No Medical Exam Insurance?

Before I dive into the reasons why you should consider a no medical exam life insurance, let’s start with the basics. Most people purchase life insurance to secure the financial stability of their loved ones after their death. However, buying an insurance plan can be very challenging for several reasons!

Many insurance companies would want to assess the risks involved in insuring you through strict medical exams. The good news is that some insurance companies also provide life insurance policies without the need to go through all the medical exam stuff to qualify (ideal for those scared of doctors, needles and anything doctor-ish). But how do these policies differ from those that require a medical exam?

Get Rid of Useless Stress

Without a doubt, obtaining life insurance by bypassing medical examinations and medical history checks can be a real solace. You no longer have to bother scheduling a visit with a nurse, fasting for 12 straight hours and trying to have a healthy diet in the days leading up to the exam (oh yes, you can use these tips to ace your medical test if you decide to go that route).

And who says no medical checks says no needle to suck up your blood (doctors won’t steal your blood), no need to provide a urine specimen, no scale to take your weight (your weight can be kept a secret) and no blood pressure meter thing on your arm! However, no medical exam policies still ask your health history and look at your public reports.

You Are Fully Covered Without Any Fuss

Whether you are suffering from depression, life-threatening cancer (or any other illnesses) or you are overweight or a heavy smoker or simply happen to have a risky job; you might have a hard time finding an insurance plan that uses a comprehensive underwriting process! Why? Based on your family’s medical history, age and physical and mental health, insurance brokers often assume that there is a higher chance you will die during the term of your life policy. They might charge higher monthly premiums, or worse, your insurance request can get rejected. (Yes, unfortunately, insurance can be harsh and ruthless!).

Thankfully with No Medical Insurance, you can benefit an insurance plan anytime! From leaving your loved ones a financial legacy, paying off lawyer’s fees, taxes and outstanding loans to covering final expenses (such as funerals or cremation costs), you are fully covered without any fuss! However, if these circumstances don’t apply to you and you want to cover more than just the final expenses, then medical exam life insurance is probably not for you. Young, healthy people with families generally need enough life insurance to pay off debts and provide some income support for their spouses and children.

Protecting Your Little Ones’ Future

Purchasing No Medical Child Insurance guarantees your kids’ future and insure them against unforeseen events, even beyond your lifetime. It offers financial security, flexibility and a head start for any financial need in life, whether it’s education, buying a home or starting a business.

Oh-So-Convenient!

If you can’t have fully purchased life insurance but need coverage over $55,000, term life insurance without a medical exam is the best option for you! This insurance policy offers a maximum term of 30 years and can generally be purchased up until you turn 75, although some insurers limit the term based on your age. What’s more convenient than that?

Available Riders

Most life insurance policies without a medical examination include built-in riders. These riders are frequently described as “living benefits.” This means that having life insurance with a living benefit allows you to kind of speed up your death benefit while still alive. In other words, death is not necessary for life insurance to payout (which is a tremendous advantage). Thanks to modern medical technology, you could survive a heart attack, but could you afford it?

Secure the Policy You Need in A Jiffy

Life insurance policies without a medical examination tend to be processed more quickly. Numerous policies can be instantly issued or within 48 hours, and thus, you can say goodbye to the long and tedious waiting hours and days for your lab results to come back!

Are you looking for no medical and simplified issue life Insurance in the surrounding of Toronto and the GTA? Contact Nonmed Insurance Inc. to have your own personal plan!

Homeowner’s Insurance: What Is It, What Does It Cover and What Does It NOT Cover?

1. What is a homeowner’s insurance?

A type of property insurance, homeowner’s insurance not only covers losses and damages to your house and the assets in your home but also provides coverage against accidents that occurs in the house or on the property.

Buying or constructing a house is a huge investment. Considering the amount of money you’ve injected in this project and the fact that your residence is probably your largest asset, it is normal to want to protect it. A homeowner’s insurance is ideal if you want to secure your house and all the things that are inside, including furniture, appliances, family heirlooms, and other valuable assets.

2. What does the homeowner’s insurance cover?

This type of insurance policy covers a wide range of things. These can be split into four major categories:
i. Interior damage
ii. Exterior damage
iii. Loss of or damage to personal belongings
iv. Injury on the property

Each insurance company has their own sets of policies. But usually, the following is applicable for most policies:
• The policy will have a liability limit.
• This limit dictates the amount of coverage you will have access to for replacing or repairing damaged property.
• Some institutions offer their clients the possibility of opting for a higher limit.

While homeowner’s policy used to cover only the risk of fire, today it provides protection against various incidents under one policy. It usually provides insurance protection for the following:

i. The house
The homeowner’s insurance, as is self-evident by the name, protects the physical dwelling structure in the event of an accident.

ii. Other structures attached to the house
The type of insurance also provides insurance protection for other structures, such as a detached garage, pool house, and everything in between.

iii. Personal belongings
Personal belongings or personal property refers to the contents of the home. The policy covers items such as furniture and appliances. These contents are also sometimes subject to a liability limit.

iv. Loss-of-use and/or extra living expenses
Depending on the type of damage the house has been subject to, homeowners may qualify for a loss-of-use coverage. It can help you meet the costs of apartment, hotel or rental home bills, and any other living expenses while you wait for repairs to be completed.

Some institutions also offer insurance cover for lost income if a room in the house were rented out. Be sure to look into that if you have tenants living in the same house.

v. Personal liability
The policy provides insurance protection against legal liability for bodily injury in the event that a third party gets hurt accidentally but decides to sue.

vi. Medical payments
Medical payments, or guest-medical payments, provide insurance coverage if a guest is accidentally wounded and needs urgent medical treatment.

3. What is excluded from homeowner insurance?

No matter where you go for a homeowner’s insurance, remember to read your insurance policy carefully before affixing your signature to any legal documents. You need to thoroughly read the documents, so you know:
i. The limits of the coverage.
ii. The policy exclusions (a number of perils, such as acts of war, are often excluded from coverage).
iii. What events that could possibly affect your home the policy will cover.

If necessary, do not hesitate to double-check with your insurance carrier. You can also renegotiate and ask them to update your coverage. In some cases, you might need to pay an additional premium if you want to increase the amount of the events you want protection for.

Typical exclusions might include the following (some of which are called ‘acts of God’:

i. Earth movement
The term ‘earth movement’ refers to landslides, earthquakes, and sinkholes. These types of incidents are usually not included in a standard home insurance policy. But you can still choose to get a separate policy for these types of events.

ii. Water damage
Water damage usually occurs because of water seeping through walls or sewer backups. These are usually not covered in a standard homeowner’s insurance policy. This is because water back up from drains or sewers occurs due to incidents, such as main blockages and outdated sewer systems.

iii. Flood damage
Flood damage refers to any damage that your house incurs as a result of rising water, wave action or mudslide. Standard insurance policies typically do not cover this type of damage.

iv. Canine Attacks
This generally impacts personal liability and medical payments in the case that a guest gets bitten by your dog. Some policies will not cover you if you own dogs that belong to (what is considered) an aggressive breed. Insurance carriers usually include German Shepherd and Pit Bull in that category.

v. Lack of maintenance
If you have neglected to maintain your home and as a result have a pest infestation or mold damage, your insurance policy might not cover you. And if you think about it, it is fair. The insurance carrier cannot be expected to cover damage that has occurred only as a consequence of negligence.

Insurance 101: Insurance I Need to Get and Those I Don’t

Why do I need to get insurance?

Insurance is essentially preparing for the eventuality of a disaster striking. And while some disasters can be predicted, such as floods or storms, others give little to no warning. Since calamities can happen at any time of the year and on different scales, you may find all your savings being drained because you didn’t make any prior arrangements to safeguard you from a catastrophe.

Hence, getting insurance well ahead of time protects you during these situations, gives you peace of mind and covers your family if ever something happens to you. It can also help you own a home and car, maintain your standard of living if ever you are the victim of an accident and become disabled, or have a critical illness. You can also rely on it to pay for medical bills or to provide for your family in the event of a death. That’s why we recommend being proactive and taking out insurance to protect yourself, your loved ones and your assets.

To help you in the process of choosing the most appropriate insurance for your needs, we’ve put together a list of insurance policies that you should consider taking and those we believe you can do without.

Life Insurance: Get it.

There are two types of life insurance: whole life insurance and term life insurance. The term ‘whole life insurance’ is pretty self-explanatory: it covers you for your entire life. Usually, the cash-out at death is fixed, which means you have a guaranteed premium, interest rate, and death benefit. You can also borrow loans against this type of policy.

Term life insurance, on the other hand, is exactly what it sounds like—the life insurance covers only a specific term, which can last anywhere from five to thirty years. In this category though, the policy pays a death benefit to your beneficiaries only if you pass away within that time period. It is generally the most affordable type of life insurance.

Extended Warranties: Not a priority.

An extended warranty is a type of insurance that is meant to cover a host of appliances and electronics. However, this type of insurance is rarely used by customers. This is mostly because reputable products tend to work as advertised. The warranty you paid for will, therefore, most likely be unnecessary.

Health Insurance: Most definitely!

Statistically and historically, the main reason people in some countries file for bankruptcy is because of medical issues. Health insurance can offer the financial protection you may need both for unexpected health needs and for extras such as regular trips to the dentist or the need for glasses. Since medical insurance can help protect you from high medical costs, choosing to get one reduces the risk of going bankrupt.

Car Rental Insurance: Only in some cases.

Car rental insurance can be an overkill if you already have health insurance. Additionally, if you already have a car insurance policy that covers rental, you’ll be paying for the same thing twice. So, check the policies you already have, including homeowners’ or renters’ insurance.

You can consider getting this type of policy if you don’t have any policy that already covers you, if you are traveling abroad or if you are traveling for business and your company doesn’t cover rental insurance.

Automobile Insurance: This is a must.

As mentioned above, car insurance can also cover you for car rental. While in some countries getting automobile insurance is required by law, you should consider getting one even if it is not the case where you live. This policy will cover you if you are subject to a lawsuit for an accident you have been involved in and where someone got hurt or where their property was damaged.

This is the type of policy you do not want to skimp on. Accidents can happen at any time and anywhere and can end up costing quite a lot.

Flight Insurance? No!

Unless you are traveling somewhere that requires you to be covered by one, skip it. Despite what the media will have you believe it is extremely rare for airplanes to be involved in accidents.

Besides, the life insurance policy you’ve got will provide necessary coverage in the event of a catastrophe. In almost all cases, flight insurance coverages are completely redundant.

Homeowner’s Insurance: Don’t think twice about it, go buy one.

Because buying a new house or repairing one are expensive options, consider getting a policy that makes the repairs process less difficult. This form of property insurance usually provides coverage for the following: loss or damage of personal assets, interior damage, exterior damage, and injury that arises while on the property.

Contact an expert to get an accurate estimate of how much it will cost to repair or replace the house.

Unemployment Insurance: Not worth it.

While this coverage will partly pay some of your bills if you are out of work, there’s also the possibility of you never being out of work and hence never using that money. It would be a better idea to create a savings plan and an emergency fund instead. If you are unemployed for some time, you can draw from that fund to sustain you during that time. Otherwise, the money stays in your bank account and you can always use whenever you need it.

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