When was the last time you dropped your phone, got into a car accident, or had a health scare?
Many people regard insurance as a waste of money and not worth bothering with but, in fact, insurance covers you for all of these scenarios and ensures you're not out of pocket to the tune of thousands of dollars when the worst happens.
If you're feeling overwhelmed by all kinds of insurance, don't fear. Here's all about insurance and the different types you can get.
In This Post:
1. Life Insurance
This is the most important insurance because it covers you in the event you die unexpectedly. There are numerous costs associated with this that would be placed upon your family if you don't sort this out.
If you were to die in a foreign country then your body would need to be brought back. Equally, there will be costs involving a funeral that will need to be covered.
But one of the key components of life insurance is that it can pay a lump sum to your family to cover their costs for the rest of their life.
If you're the main breadwinner in the house and have small young children then the loss of this income could lead to your partner having to claim assistance for unemployment from the government.
Your partner might not be able to find work that could cover the costs of the mortgage or other living expenses. Life insurance covers all of this if you get the right policy: be sure to investigate umbrella vs excess policies.
2. Health Insurance
The U.S does not have universal medical coverage, free-at-the-point-of-use like the U.K's National Health Service so you must get health insurance to cover you.
Health insurance can cover your medical expenses such as hospital checkups and visits to doctors. If you have a serious condition and need an operation good health insurance can see you checking into a clean and nice hospital and seen to quickly.
If you don't have access to the health insurance then you could end up having to fork out thousands up front before you're seen by a professional.
3. Travel Insurance
When you travel abroad what happens if you fall off a motorbike or contract Dengue fever? These are just two possibilities that could wrong when you travel. It's best to be prepared for all eventualities, even if you're generally a cautious person.
Be sure to get good travel insurance in advance of going abroad to ensure you're covered when the worse happens.
Educate Yourself All About Insurance
If you're planning on traveling abroad or have just secured your first paycheck then you must educate yourself all about insurance.
From travel insurance to health insurance, even to life insurance, all can be useful depending on your circumstances. Be sure to do your research and find out which ones will benefit you.
If you're interested in learning more about all kinds of insurance then be sure to check out the rest of our site.