Looking Ahead: Five Types of Insurance That Save You Big in the Long Run


Insurance is a necessity to safeguard your assets. In the event of a car accident, fire, or medical emergency, having insurance is a way to make sure you don’t have to cover the costs yourself. So what kind of insurance policies should you have? These five types of insurance are important for everyone.

Looking AheadAutomobile Insurance
At least some level of auto insurance is required in all U.S. states, but you should consider purchasing more than the minimum liability insurance. If you are involved in an accident that causes injury or property damage, you could face an extremely costly lawsuit. Even if you are a phenomenal driver, accidents do happen and you will want to be insured. Choosing to skimp on your auto insurance saves a small amount of money in the short-term, but it could potentially cost you a lot more money in the long run.

Homeowner’s or Renter’s Insurance
Protecting your home or apartment is equally important. If you are a homeowner, replacing your home after a tragedy could be disastrous for your finances – the cost of insurance is miniscule in comparison. In addition, if your home is financed through a home mortgage, you may be required to purchase homeowner’s insurance. If you are renting, insurance is equally important. Even if your landlord doesn’t require you to purchase renter’s insurance, there are many other reasons you should open a renter’s insurance policy. For example, in the event of a fire in your apartment building, your landlord’s insurance policy will only cover the structural building. If your possessions are destroyed, being uninsured means you will have to pay the entire cost of replacing your property.

Health Insurance
Many young, healthy individuals neglect to purchase health insurance, but unfortunately this can have detrimental financial consequences in the future. A medical emergency or serious illness can rack up thousands of dollars in medical bills, and being uninsured means that you will have to cover these bills on your own. Furthermore, many health insurance companies can negotiate discounts with healthcare providers for their policyholders – meaning you also save money on your regular doctor’s visits and prescriptions. Check out healthcare.gov to get going.

Long-Term Disability Insurance
Nobody wants to think about the possibility of needing long-term disability insurance. It’s easier to think, “Oh that will never happen to me!” However, it would be a safe practice to have disability coverage that will allow you to continue your current lifestyle if you are unable to work.

Life Insurance
In the event of your death, you want to safeguard the financial security for the people who are dependent on you. If your parents, spouse, or children would suffer financially after your death, take out a life insurance policy that will replace the amount of your income. In addition, do not forget the cost of your burial, which can be an unexpected hardship.

Many people neglect their insurance needs. Buying insurance isn’t exciting, and it can be easy to think insurance is something you’ll never need. However, in the event of an emergency, you’ll be thankful that you planned ahead and purchased insurance.

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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