Safeguarding your most important assets is crucial in having a solid financial plan. Here we cover five types of insurance policies everyone should have and why.
Health Insurance
There’s no arguing that medical care is extremely expensive. However, at some point, you will most likely end up in a doctor’s office or even a hospital. Medical expenses can add up very quickly, especially if you’re uninsured or underinsured. If you are a full-time employee and your employer offers health insurance, then the decision to get health insurance is pretty easy. If you’re unable to get proper health insurance through an employer, it’s important to get it yourself. Although the price tag for getting your own health insurance may seem scary, it is usually nowhere near the cost of medical bills without any type of insurance coverage at all. Shop around and find the best plan to fit your lifestyle and your wallet.
Life Insurance
No one wants to think about something happening to themselves or a loved one. Unfortunately, it is important to plan ahead, just in case. If you have people that are dependent on you and would struggle financially if something were to happen to you, it’s important to consider your life insurance options. This will help ensure your loved ones are financially protected in the event that you are no longer there.
Long-Term Disability Insurance
Another type of insurance policy that it is important to have is a long-term disability plan. This will ensure that if something were to happen and you could no longer work, you would still be financially stable. It is important to do your research and explore your options. Ideally, you should find a plan that will allow you to maintain a lifestyle similar to the one you live today.
Homeowner’s Insurance
One of the first things you should do when purchasing a home is to invest in a good homeowner’s insurance plan. Maintaining a home can be expensive, especially when it comes to unexpected mishaps. Having a good homeowner’s insurance policy will help alleviate some of the financial stress you may feel as a homeowner. Usually, you can even factor the cost into your monthly mortgage payment so that it is more manageable.
Car Insurance
Lastly, there is car insurance. Car insurance is required by law in most states and can be an excellent financial safeguard. A proper plan will make sure your vehicles and loved ones are protected. This should cover you for an accident, whether it’s your fault or not, or any damage that could happen outside of an accident. Vandalism, theft, or acts of nature could leave you with significant damage that would be a costly out-of-pocket expense.
As a member of Kitsap Credit Union, you could save hundreds on your home and auto insurance with Travelers. To learn more, visit our website or call a Member Specialist today at (800)422–5852.
