5 Types of Insurance All Working Adults Need to Carry

Insurance is one of those commodities that you hope you never have to use, but you’re glad when you are covered. Life can change in an instant. Whether it is a health issue, a car accident or property damage caused by a storm, insurance can help pay the expenses. All working adults should have a variety of insurance policies “just in case.”

Health Insurance
The goal of a comprehensive health insurance policy is to provide wellness benefits. This allows you to keep up with doctor exams in order to prevent serious ailments. If those ailments do occur, then a health insurance policy can help defer costs for treatment and recovery. Health insurance also can help with medical expenses as a result of an injury due to an accident. In the moment of a health crisis, you don’t want to worry about how you’ll pay your bills.

Term Life Insurance
Term life insurance is meant to protect your family in the advent of your passing. The benefits paid through this type of policy should provide for mortgage payments and living expenses. It can also cover college tuition. Essentially, it will cover all the things that you would cover if you were still providing an income for your family. A term policy lasts for a specific amount of time. When the term is up, you might be able to renew the policy or start a new one.

Long-Term Disability Insurance
Any adult child who has dealt with the issue of long-term care for their parents knows how expensive a situation this can become. This should also inspire you to take action and consider your own care. No one wants to be a burden on their family, and this type of policy can help whether in-home care or transitioning to an assisted living facility is required. This is in contrast to temporary disability, which is probably covered under your employer's workers comp insurance.

Auto Insurance
What would happen if your car was involved in an accident? Would you have a way of getting to work and supporting your family? Auto insurance can help pay for repairs to a car. It can also cover certain liability issues with regard to personal injuries. In extreme cases when the car has been deemed a total loss, auto insurance can pay for the current value of that car. That amount can be used towards the purchase of a new car. Auto insurance also makes payments for accidents where you might be at fault.

Homeowner’s Insurance
A home is the biggest financial investment that you will probably make in your life. Shouldn’t that investment be protected? A thorough homeowner’s insurance policy can help cover the loss of property because of theft or vandalism. More importantly, it can pay for repairs as a result of damaged caused by storms. Depending on where you live, you might consider getting additional policies for floods and earthquakes as not every homeowner’s policy covers those types of disasters.
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Having insurance is all about having peace of mind. Every working adult should have these types of insurance at the very least.  In any situation, when asked, “Are you covered?” the answer should always be, “yes.”