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5 Important Insurance Plans Your Family Should Have

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obama-1301891_640Navigating the various insurance policies can be a little more than confusing. It’s essential to sift through varying coverage options to ensure your family is covered in the case of any emergency or disaster. Consider incorporating these insurance plans into your financials and keep your family protected no matter what comes your way.

  1. Life Insurance

Every family needs to have life insurance, on both spouses regardless of employment status. Should the worst happen, and death occur prematurely or suddenly, your family will feel the loss of income in the years to come. Generally, an estate planning lawyer would recommend appointing a financial durable power of attorney, so you want to be sure you are appointing someone who is familiar with you and your assets, and who has the financial acumen to properly manage your financial affairs. While Life insurance is an important estate planning tool, without certain protections in place, there’s no guarantee that your spouse or children will receive the benefit of your purchase of life insurance. In the end, the payout can be put towards daily living expenses, education funding, and more, and luckily, there’s no federal income tax on any life insurance benefits. Whether you have children or not, you don’t want any dependent struggling financially in the case of your death.

  1. Burial Insurance

Burial insurance is a lesser-known option for coverage, but a worthy one to consider. Funerals are getting more and more costly, with the average funeral costing upwards of $10,000. If you don’t have an existing life insurance policy, burial insurance can be a lower cost option to handle the burial and funeral expensed. Burial and funeral insurance can be used to pay for your funeral by itself, or put towards final expenses that may be outstanding after death, including medical costs, legal bills, and even credit card debt. If you have no savings dedicated toward funeral expenses, and don’t have life insurance, your family will be saddled with huge expenditures, so having burial insurance can protect those you love most from heavy monetary burdens during a hard time. Setting up a burial insurance policy could see you making small, affordable payments that help your loved ones immensely when the time comes. Check out www.burialinsurance.org to consider your insurance options.

  1. Health Insurance

Health insurance is essential for every member of your family. Medical, dental, and vision insurance all play a large role in overall health maintenance, and insane hospital costs and bills could see your family suffering from monetary struggles for a lifetime if you’re not covered. Many health insurance policies bundle catastrophic medical insurance and normal coverage in one package. The first is essential in case the worst happens—just a single week in the ICU could cost you upwards of hundreds of thousands of dollars, very often slipping into the million dollar mark. The second handles visits to the doctor, prescriptions, and the like. It’s important to find an affordable plan that will ensure you can see the medical professionals you need to when necessity arises. Check out PremiumHealthQuotes.com to find a plan that works for you.

  1. Disability Insurance

There has been an influx of individuals choosing to purchase disability insurance. According to Social Security, “one in four of today’s 20-year-olds will become disabled before reaching age 67.” While the SSA offers disability benefits, these often aren’t enough to cover the cost of living that you may have enjoyed previously. With scary statistics like this, disability insurance has become more tempting. Instead of losing out on a few months of income or living on a slashed portion of your paycheck, the right disability coverage can see you maintaining your quality of life, and keep you safe should the worst happen and see you sick or injured and unable to work.

  1. Renter’s Insurance

If you own a home, you’re required to have homeowner’s insurance through your mortgage company, unless on the off-chance you paid for your home with straight cash. However, if you’re renting, insurance is an entirely different story. Renting has become the norm; more Americans are renting than purchasing these days, for a variety of reasons. Renting provides more flexibility for families who may be growing or on the move, some saturated markets make purchasing a home a financial impossibility, and the amenities often offered through rentals are enticing. If you are one of the millions that is choosing to rent a home for your family to live in, you absolutely must purchase renter’s insurance.  Many landlords are now making it mandatory, and for good reason. Renter’s insurance is generally inexpensive, and covers all of the belongings found within the building; the house itself is covered by a landlord’s insurance. It’s always a good idea to have the peace of mind that your family’s belongings are protected, and should the worst happen, you’ll be assured that you can replace anything damaged or lost.

 

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