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Top 8 Insurance types you must Need in Life

Insurance types

Type of insurance that you should have is health insurance this is insurance that covers you if you are sick or in some kind of accident have some kind of injury and a lot of times it's through an employer sometimes if you are self-employed or unemployed you have to get this out on the open market on your own.

Coverage so the things that you want to keep in mind obviously if there's something in particular that you need to have coverage for you're gonna want to make sure that that is included in your plan but generally you're gonna want to look at the cost of the premium the monthly premium the cost of your deductible which is the amount that you have to pay before your insurance actually kicks in and starts paying stuff any co-payments you have



Insurance types

Which might be a minimum amount that you have to pay for any particular visit so, for example, $300 for any emergency room visit and then also coinsurance and this is where the insurance pays only a percentage of the total cost and then you pay the other percentage so the insurance might pay 80% and you might pay 20% the last thing that affects the car is there will be a cap on your out-of-pocket maximum that you have to pay.

This only includes services that are actually covered by the insurance but there will be a maximum that if you hit this then the insurance will just kick in and they'll pay for everything that they cover and like Joseph said just keep in mind when it comes to health insurance, not everything is covered not every practitioner is covered.


While your health insurance will cover you in the majority of situations generally speaking just understand that it doesn't cover everything and it may not cover something very specific so it's always worth making sure that the provider that you are using the hospital that you are using is covered before you contract to receive those services and also check any specific kind of thing that you want to be covered make sure that that insurance has it.




Life insurance

Life insurance
Life insurance
This covers you when you die there are two main types of life insurance there's permanent life insurance that covers you for your entire life and then there's term life insurance that covers you for a certain period of time say 20 or 30 years now generally term life insurance tends to be more cost-effective than whole life / permanent life insurance because it covers you at a time when you're less likely to die whereas you will definitely die at some point during the course of your whole life insurance policy so they know for sure that they're going to have to pay out on you now in terms of how much you should have well it depends on how much income you need to replace.


If you need to replace your entire income then you will need 25 times your annual salary that's a lot but then your family can withdraw a 4% from that nest egg for basically ever now if you don't need that much so let's just say you need to pay off your mortgage and your cars well then you can have much less life insurance and have enough to take care of those things and then that and your final expenses for burial those kinds of things and then that would be a.



Disability insurance

Disability insurance and this also comes in two flavors short-term disability and long-term disability short term disability is for shorter-term medical emergencies that keep you out of work so, for example, having a baby so short term disability policies are great options if you're thinking about having a baby and you don't have paid maternity leave where you work now to figure out how much coverage you will need you to need to run budgets and see well in the short term.


Disability insurance
Disability insurance
What are you gonna do or you gonna be able to take in time from your nest egg or do you need a lot of short term disability coverage to replace a certain percentage of your income now long term disability coverage is for like catastrophic illness or accident that will keep you out of work for months or years and they typically have a three or more month waiting period before benefits kick in because they are for big extended illnesses and they can last many years to your entire life and again determining.

How much you need you'll have to put together a budget and one of the things to consider as you're putting together together the budget is figure out whether or not your insurance policy is actually subject to taxes and for in the case of permanent disability consider the impact that it will have on your Social Security disability income sometimes you'll have disability through work sometimes you'll have to go get it on your own but either way you want to make sure that a single policy or a couple of policies cover you.



Dental insurance

Dental insurance
Dental insurance

Dental insurance covers these guys your chompers mm-hmm because going to the dentist can be really expensive especially if we're talking beyond preventative care which would be like your normal checkups to more restorative work or orthodontia or like tea repair work like you have like TMJ or something like that can get really pricey really or need an implant like I need an implant now it can be thousands of dollars saved by having a good dental 

insurance see frequently there will also be a waiting period for the bigger ticket items so it's important that you get dental insurance before you know that you need dental insurance how terrible is that but it's something to think about now so that you don't have to think about it later.



Car insurance

the car insurance so this covers you in three different scenarios one if you hit someone - if someone hits you and they don't have enough to pay for your bills and three if anything else randomly happens to hit your card and that that would be comprehensive so the law in every single state will require that you have coverage called liability coverage in case you hit someone else so that will fix their car and their person and that's gonna be required by law if you have a car obviously now the other two types you will be required but only if you have financed a car and it's gonna be because the lender wants to make sure that their car is back in good shape in case they have to take it back from you.


Car insurance
Car insurance
th your house and the contents in it a renters policy will typically only cover the stuff that's inside now I have lived at an apartment complex that required us to get liability insurance which covered the building in case you know I said you know a fire started in our apartment it would have been the apartment complex would have come after us through our insurance.


Homeowners renters insurance
Homeowners renters insurance
Renters insurance can be really really cheap especially if you don't have to have that liability for the whole building if it's just your stuff it could be twenty-thirty dollars a month something very reasonable and it is really important because if something like Oh somebody throws a brick through your window, not your fault but you would still have to pay for that window.

If it was a really expensive window Richards in church but also cover that so under our homeowners policy so that covers replacing the entire house and all in any attached structures and also covering all of our effects that are in the house so you want to just be careful with that because sometimes the policy will only cover the current value versus the replacement value so you definitely want to go for the replacement value.


That you're not trying to figure out how to find used items in the same condition you had it when you just suffered a catastrophic loss oh that would never be the same so then the other thing is homeowners insurance policies and renters and maybe renters insurance policies often offer riders that will give you additional levels of coverage so if you have a really expensive item so, for example, we have a valuable personal property policy rider on our


Homeowner's insurance policy to cover my ring, for example, our computer and camera equipment just because those high ticket items cost a little bit more to insure but it's great because it also includes accidental damage and theft so we once got a computer replaced


Because I accidentally spilled wine on the keyboard so that's pretty sweet yeah you'll want to make sure that you have all of those extras on your policies the seventh type of insurance that you should have is identity theft insurance now this will cover you


If somebody pretends that they're you and racks up a bunch of debts now we've said in the past you should not pay for this because it can come for free with certain services or be at least really really cheap or rolled into you a homeowner's policy or something like that but it's really important to have in case somebody does pretend they're you and you need an attorney or somebody to help with all the paperwork to get your credit back in order and all the judgments that actually should be on the other person off of you.



An Umbrella policy

An Umbrella policy
An Umbrella policy
an umbrella policy now this policy kicks in after some of your other policies so in this case, it would be like your homeowners or renters and your car insurance policy to protect your assets if there's a judgment beyond those policies our policy covers us up to a million dollars so, for now, that's enough to make sure our assets are safe.



Long-term care insurance

Long-term care insurance

Long-term care insurance
the next type of insurance is long-term care insurance so this covers you if you need to go into an assisted living or a nursing home and need it's extended and serious medical care for quite some time now while you're young you probably don't need this kind of policy though it's gonna be cheap you probably don't need it when you hit 60 though odds are one and three you will need a long term care so at 60 59 take a look at getting this insurance and of course the longer you wait to get it the more expensive it is so seriously considering getting it at 59 before you cross over that nasty 61 third mark.


Travel insurance

Travel insurance
Travel insurance
travel insurance especially if you are going to be traveling outside of the United States or if it's a very expensive trip so when we went to Singapore last year we definitely got travel insurance that included things like medical evac in cases of emergency because we just read so many horror stories of people being in other countries and stuck there for weeks or months because they couldn't afford a medical transport to get back to the United States and so it'll cover other things too if you're sick before you leave on your trip it will reimburse you for things like your really expensive flights and hotels that you've already booked and been saving up for.

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