5 Insurances that You Really Need

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In life, you could find yourself face to face with unwanted events that could affect you financially. These struggles most often are unexpected, which is why it is important to have insurance to back you up in times of need. These are the insurances that you should consider getting, if you don’€™t already have one.

Disability Insurance

Same as Income Protection, disability insurance aims to protect your ability to earn money, which is your most important asset of all. Without an income, how will you live for tomorrow? How can you afford the things you want, let alone pay for the bills and your basic needs? With disability insurance, you will receive a monthly benefit amounting to a certain portion of your salary, which you can use to help you get by the first few weeks or months of not having a paycheck.

Health Insurance

Having good health makes it possible for you to enjoy life and work and earn money for yourself. Although many of us don’€™t realize it, most causes of disabilities result from illnesses. What could possibly be worse than being sick is not having a health insurance to cover for your medical bills, leaving you either in debt or short of treatment. This could further delay your ability to heal and get back to work.

Life Insurance

The most important question to ask yourself if you are unsure if you need a life insurance is ‘€œDo I have any dependents?’€ If you have children, a spouse, or aging parents who are likely to suffer if you suddenly die, then you should consider getting a life insurance. If your income would be gone, you could leave your loved ones short of financial support to keep their previous standard- of- living or at least pay for the rent, mortgage, and other living expenses. Death alone is a major struggle for your family, so don’€™t add to the misery by letting them shoulder unpaid debts and medical or funeral costs.

Property Insurance

Buying a home could be the biggest financial step in one’€™s life. If you have a mortgage, a homeowner’€™s insurance would be necessary not only because it is required by the mortgage company but also because you would like to protect your most important property. On the other hand, if you are renting, a renter’€™s insurance is just as vital, so that you can protect your belongings in the event of disaster, fire, or burglary.

Auto Insurance

Your vehicle could be your most expensive asset second to your home. If you got into an automobile accident, the insurance could pay for the damages or repairs needed which you couldn’€™t afford otherwise. In addition, if you or another passenger gets injured or die because of the accident, the insurance can cover medical and legal costs. Moreover, auto insurance can protect your car from disasters, vandalism, and theft. Not only will you lose these benefits if you drive without auto insurance, but you might also be charged with fines if you got into an accident.

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We do not provide any financial advice relating to insurance or other insurance related topics. IncomeProtectionAdvisor help users get a competitive income protection insurance quote. We do this by working with FSA regulated partners who search and compare insurance policies from dozens of UK insurers. The quote you receive will be based on the information you submit to us. Our service is free and you are under no obligation to accept the quote you receive.
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