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While we usually can’t prevent the unexpected from happening, sometimes we can get some protection. Insurance is meant to safeguard us, at least financially, should certain things happen. But there are numerous insurance options, and many financial experts will say you need to have them all. It can be difficult to determine what insurance you really need.
Purchasing the right type and amount of insurance is always determined by your specific situation. Factors such as children, age, lifestyle, and employment benefits play a role when you’re building your insurance portfolio. There are, however, four types of insurance that most financial experts recommend we all have: life, health, auto, and long-term disability.
4 Types Of Insurance Everyone Needs
The greatest benefits of life insurance include the ability to cover your funeral expenses and provide for those you leave behind. This is especially important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy that covers 10 times your yearly income.1 But that’s a number not everyone can afford.
When estimating the amount of life insurance coverage you need, remember to factor in not only funeral expenses, but also daily living expenses. These may include mortgage payments, outstanding loans, credit card debt, taxes, child care, and future college costs.
According to a 2018 study by LIMRA, formerly known as the Life Insurance and Market Research Association, one in three families might not be able to meet their day-to-day expenses within a month of the primary breadwinner’s death.2
The two basic types of life insurance are traditional whole life and term life. Simply explained, whole life can be used as an income tool as well as an insurance instrument. As long as you continue to pay the monthly premiums, whole life covers you until you die.
Term life, on the other hand, is a policy that covers you for a set amount of time. There are other considerable differences between the two types of insurance, so you may want to seek the advice of a financial expert before you decide which is best for you. Factors to consider include your age, occupation, and number of dependent children.