Trying to find the right plan or coverage, making sure you’re covered for one thing and not the other, when it comes to finding life, health, and auto insurance, it can all seem very overwhelming. However, it’s very important that you don’t take risks when it comes to protecting not only yourself but your loved ones as well. Making that small investment in any insurance plans will enable you to be tension-free and offer security in advance. Insurance is not just a tax-saving tool, but also offers you several key benefits.

Life Insurance:

Nobody can prevent the unexpected from happening, sometimes we can get some protection. Life Insurance is meant to safeguard us, at least financially, should certain things happen. The biggest benefit of life insurance is the ability to cover your funeral costs and it will help you provide for those that you love without being there.This becomes important if your family depends on your salary to pay bills and such.

Life Insurance comes in two different styles, traditional whole life and term life. Traditional whole life can be used as an income tool. In order for traditional whole life insurance to work, it becomes your responsibility to just pay your monthly premiums, and your traditional whole life plan will cover you until you die. Term life, on the other hand, only provides coverage for a set amount of time. There are severe other considerable differences between the two different types of insurances, so you may want to seek out the advice of an expert before making any final decisions.

Health Insurance: 

According to a study published by the American Journal of Public Health in 2019, you and your family are one huge accident or illness away from becoming bankrupt. In the Journal’s survey of more than 900 Americans who filed for personal bankruptcy between 2013 and 2016, medical problems from bills, income loss due to illness, or both contributed to two out of three bankruptcies.

The statistics from the journal alone should incentivize you to gain or review and possibly increase your current coverage. With the rising costs of co-payments, deductibles, and dropped coverages, we under that health insurance can become more of a luxury that people are struggling to afford. In 2018, the average cost for a one-day in the hospital was over $2,500, so we recommend that you even a minimal policy is better than none.

If you don’t have health insurance through an employer, check with trade organizations or associations about possible group health coverage. If that’s not an option, you’ll need to buy private health insurance.

Auto Insurance:

While not all states require drivers to have auto insurance, most do have regulations regarding financial responsibility in the event of an accident. States that do require insurance conduct periodic random checks of drivers for proof of insurance. If you do not have coverage, the fines can vary by state and can range from the suspension of your license to points on your driving record to fines from $500 to $1,000.

If you drive without auto insurance and have an accident, fines will probably be the least of your financial burden. If you, a passenger, or the other driver is injured in the accident, auto insurance will cover the expenses and help guard you against any litigation that might result from the accident. Auto insurance also protects your vehicle against theft, vandalism, or a natural disaster, such as a hurricane or other weather-related incidents.

Again, as with all insurance, your individual circumstances will determine the cost of auto insurance. To make sure you get the right insurance for you, compare several rate quotes and the coverage provided, and check periodically to see if you qualify for lower rates based on your age, driving record, or the area where you live.

The Bottom Line: 

In the word of Philip DeFranco, “Don’t be stupid, stupid.” Most experts agree that life, health, and auto insurance are the three types of insurance you have. Always check with your employer first for available coverage. If your employer doesn’t offer the type of insurance you want, obtain quotes from several insurance providers. Those who offer coverage in multiple areas may provide some discounts if you purchase more than one type of coverage. While insurance is expensive, not having it could be far more costly.