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These 5 Types of Insurance Can Help You Stay Financially Stable

Lewis Robinson Nov 22, 2019
You want to help your family stay safe and secure no matter what life sends your way. The insurance you choose should reflect that desire. Here are five types of insurance that every family should have to help them maintain financial stability.

Long Term Care Insurance

This may be the single most important type of insurance you never thought you would need. The prospect of long term care can seem very far away, especially if you are young and healthy. However, experts agree that long term care insurance can be a crucial part of maintaining stability in your finances.
That is largely because you must deplete your assets to qualify for Medicaid coverage for long term care. While some people choose to forgo purchasing long term care insurance, it is worth considering like hybrid policies that convert to lump payments on your death if not used.

Life Insurance

That brings us to another very important type of policy: life insurance. These policies pay a lump sum of money to a beneficiary upon your death. They can provide financial stability to your family upon your death, a time when the last thing they likely are thinking about is a missed mortgage payment.
At the very least, you should choose a policy that will cover the total amount of your debt plus provide for current and some future expenses. So, if you expect your income to cover your child's college tuition, make sure any life insurance policy also provides for that cost.

Auto Insurance

Most people, at least those who drive, are familiar with auto insurance. It can provide coverage to you and passengers in your vehicle if it is involved in an accident. It can cover medical expenses, repairs to your or other vehicles, and claims against you.
There are several components to an auto policy, and you want to be sure to have enough coverage for each. A licensed insurance agent like the ones at Bear River Mutual Insurance can explain them in better detail, and help you find the right policy for your needs.

Homeowners or Renters Insurance

Many mortgage companies require you to maintain homeowners insurance to protect against damage or theft. However, did you know that you can also have insurance coverage if you live in a rental? Either one will cover your personal belongings and furniture, while a homeowner's policy will also provide for repairs to the structure of your home.

Health Insurance

Health insurance may seem as an added expense to a healthy person, but one accident and you'll be glad you had it. If your employer doesn't provide coverage, look for high deductible plans that you can combine with health savings account. They may have low premium but will cover expenses if you need extensive medical care.

Do Your Research!

Insurance helps you and your family in unexpected scenarios. So, whether it is an unexpected vehicle accident, a tree falling on your home, or an injury that requires surgery or hospitalization, make sure you have the correct insurance coverage.