Without a policy of appropriate insurance, all your savings, investments and goals for a better future can be seen destroyed in an instant if some medical emergency, car accident or even death occurs in your family. Keep in mind that your financial security and happiness they need to be secured against any situation adverse. Think not only on yourself but on the needs of your family when you review whether your insurance is adequate to your situation or not.
Types of Insurance
Health insurance or Medical Insurance (Medical Insurance)
It is the most important insurance or policy of all.
Pays medical expenses such as doctors, hospital, emergency room, ambulance, operations that can add up in the thousands of dollars.
The most economic and easy to get, is the medical insurance offered by your company where you work, but always check that it is suitable for you and your family, don’t assume automatically that it is the best.
If you don’t have a job or you are an employee self-employed looking at the internet and compare the different plans or health insurance offered by insurance companies of health.
Policies or insurance does not necessarily have to be expensive. Choosing a high deductible usually lowers your monthly cost and make it quite comfortable.
Always compare policies of insurance for its features and conditions of each.
Disability insurance (Disability Insurance)
This insurance provides a percentage of your income, budget if you’re unable to work due to disability, sickness or accident.
Medical insurance pays only the receipts of physicians, does not pay the costs of life as a house and food if you can’t earn an income for an extended period of time.
Social Security is available only when you have been without work for a year and you’re completely incapacitated.
Worker’s compensation is only for work-related accidents.
Life insurance (Life Insurance)
Critical when your death can create a financial problem to your family.
If you are single and nobody depends on your income, you need life insurance with a minor and enough to cover your funeral expenses and burial.
If you have a wife who stays at home caring for the children, then we also need a life insurance less for her that she is responsible for covering expenses of care of children in the future.
So if you do not you need to do is purchase the policy of life for children. I’m not completely 100% agree with this thought. I imagine that if anything happens to our sons or daughters I would like to be able to leave work and be 100% of the time with my wife.
There are two basic types of life insurance: Term (Term) and Cash-Value (cash-value)
Term Life insurance (Term Insurance) provides the benefit when the death of the insured occurs within a period as stipulated as 10 or 20 years. it is relatively cheap and gives you the most benefit for your money.
Cash-value (Cash value) includes products such as “Whole Life (Whole Life)”, Universal Life (universal life) and Variable Life (variable life) . The idea is to provide a benefit when a death occurs, but also provide an investment. Call it insurance life permanent since they offer cover the duration of your life.
A good start is to buy a policy for the amount of 10 times more than your income.
Auto insurance (Auto Insurance)
Required by most states (in the united States).
Find out the minimum required in your state.
Auto insurance is a collection of policies that protects you against monetary losses of 3 ways:
Property coverage (Property Coverage): pays for damage to your car. the portion of comprehensive (comprehensive) pays for damage that were not the result of an accident such as for example vandalism, damage of storm or theft. Colliding pays for the damage caused in an accident.
Liability coverage (Liability Coverage): pays for your legal obligations to others for damage to their property or their person.
Medical coverage (Medical Coverage) pays for the cost of treating injuries due to the accident, and sometimes by loss of income and funeral expenses and burial.
Every driver should have Liability Coverage (Liability Coverage) and Medical Coverage (Medical Coverage), but not necessarily comprehensive (comprehensive) and colliding depending on the age and condition of your vehicle. for an old car not worth paying every month when the amount to replace it is less.
The payment rates change depending on the type of vehicle you have and your history of driving. For example sports cars at the hands of the young will be more expensive to insure than a minivan driven by an adult.
Remember that choosing high deductibles lower your monthly cost, but of course your cost “out-of-pocket will be higher if something happens.
Home insurance or Home (Homeowners Insurance)
Protects the value of replacing your home and its contents.
It is required when you have a mortgage (mortgage)
Insurance basics pays you when a natural disaster (floods, earthquakes, or tornadoes for example) they damage your property but do not insure your belongings. You can add a “rider” (additional insurance offered as part of the main belongings specified as jewelry, furniture, or art.
There is also a portion of liability) that covers you in case someone is hurt while on your property.
Tenants (renters) also need Renters Insurance (Renter”s Insurance) to cover your belongings in case of fire, flood or theft.
I hope that this quick introduction will give you a better idea of the types of insurance or policies that exist. The financial peace of mind and plans for the future can only get when you know that you are protected in case of a calamity or accident and that your family is protected in case you pass something. No one likes to have to pay every month without getting anything to change or any service, but the protection will be when they most need it.
Insurance are products which you must purchase (even are given on the job) knowing that you are buying and that means every one. Learning what you receive when you purchase your insurance will help you to find the best insurance to your condition and the best price. Then descansaras peace of mind knowing that the protection for which pay is the best and the best price. And it is there where lies the gain.