4 types of insurance policies every adult should have

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Insurance protects you and your loved ones in the event of an emergency or accident.

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Insurance policies can be a nuisance to pay for each month, especially if your budget is tight.

Paying in advance, however, will ensure you don’t get stuck in the future. You can’t prevent emergencies, accidents, or deaths, but you can make sure you’re financially protected if the worst-case scenario occurs.

That’s why it’s so important to have insurance — and the right amount — to cover you in a variety of circumstances.

4 Insurance Policies Every Adult Should Have

Here are four types of insurance every adult should seriously consider getting.

  1. Life insurance
  2. Animal insurance
  3. Travel insurance
  4. Car insurance

Life insurance

Life insurance protect your loved ones by paying a lump sum of money to your beneficiaries after your death. Payment amounts range from tens of thousands of dollars to millions, depending on what you are paying and the type of life insurance you have.

Some working adults may already have minimal life insurance coverage from their employer. However, depending on their situation, this may not be enough. Complementary life insurance may also be needed to help fill in the gaps.

Speak to a life insurance expert who can help you develop a comprehensive plan.

Animal insurance

If you don’t have a cat or dog, skip this one. If you live in one of 48 million households who have dogs or 31 million who have cats, then this insurance can probably save you money.

For a small fee each month, pet owners can ensure their pets are covered for a variety of medical treatments, prescriptions and certain preventative measures. The advantages of this unique insurance are multiple owners need to know.

There are also reliable ways to get cheap pet insurance.

Talk to a pet insurance expert who can help you find a policy that works for you and your pet.

Travel insurance

If you’re planning to go home for the holidays – or if you’re just looking to get away for a long weekend – it pays to purchase travel insurance in advance.

Think about how much you have already paid for your hotel, flights, and all planned activities. Now imagine losing all that money in case you (or someone you’re traveling with) gets sick or has an accident.

It is not profitable to jump travel insuranceespecially during the pandemic when restrictions and illnesses are unpredictable. It’s not expensive either (usually around 4% to 8% of the total cost of your trip).

So talk to a travel insurance professional today and make sure you’re covered for your next trip.

Car insurance

It is the only policy of the four that is generally mandatory. But that doesn’t mean you shouldn’t be smart about the coverage you have – and the price you pay for it.

Auto insurance coverage is influenced by a variety of factors. As a result, your policy can be cheap or expensive, and your coverage can be comprehensive or minimal. That’s why it’s so important to find affordable yet reliable auto insurance.

Even if you currently have auto insurance, it’s still worth shopping around to see if you could get a better deal. Work with an auto insurance expert now or use the table below to find a new provider.

The bottom line

Just because you have insurance doesn’t mean you have the right type and amount to provide you with the adequate protection you need. Do your research and shop around to ensure you have the most cost effective and reliable insurance policies you and your loved ones need.

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