5 Insurance Products You Didn't Know You Needed

There are many insurance products out there that you can benefit from. Some of the most common that people are aware of are health insurance, car insurance, and life insurance. But there are other valuable insurance policies that you may not think about or be aware of. Here are five insurance products that you didn't know you needed.

Disability insurance
There's a good chance that you could be forced to miss work for an extended period of time at some point in your career, especially as you get older, due to illness or injury. If and when that happens, having disability insurance will help you financially. Disability insurance pays a portion of your salary while you are out of work. There is both short- and long-term disability coverage, and many businesses offer these policies to their employees.

Long-term care insurance
As you age in retirement, you may get to a point where you need help with daily living tasks. Hiring even part-time help can be expensive, and moving to an assisted-living facility or nursing home can eat up your savings quickly. Long-term care insurance will help pay for a large portion of these costs. You can buy a standalone long-term insurance policy or you can buy a hybrid policy that combines long-term care and life insurance.

Renters insurance
Many renters go without insurance, and some mistakenly believe that their landlord's insurance will cover them. This isn't the case, however. Landlord insurance only insures the building. To make sure your personal possessions are covered in the event of a fire or some other disaster, you need renters insurance. As insurance policies go, renters insurance is one of the most inexpensive considering the amount of coverage you get for the premiums you pay.

High-deductible health insurance
More and more employers are offering high-deductible health insurance policies, which offer lower monthly premiums. The trade-off is that you pay more of the bill when you need care. These are good policies for young, healthy adults who don't need care often. Another advantage to high-deductible policies is that they allow you to save money completely tax-free in a health savings account.

​Collision insurance
If your car is worth $5,000 or more, you definitely should carry collision insurance. This coverage pays to fix your car for damage caused in a collision that isn't covered by another driver's insurance.

Carrying these different types of insurance will help to supplement other coverage you may have, which helps to make sure your financial well-being is protected.

George Beach Insurance Services believes in providing the best insurance coverage to our clients. Contact us today to see what our policies can do to benefit you!

References:
The Motley Fool
Bankrate
InsureStat
WalletHub