To stay protected against all types of harm, you need to start researching proper insurance plans.
Here are the 5 types of insurances every person needs:
Health (Personal, Family)
Health insurance, also known as personal or family can be purchased individually, for a family, or a couple. It has the role of covering basic health care, sometimes including dental as well. However, if you are covered by your employee benefit plan, you won’t need to purchase it separately. In any case, you can upgrade this plan by spreading its coverage with insurances like critical, disability, and life.
This insurance plan is commonly confused with life. But, there is a significant difference between these two. Critical illness insurance is an insurance plan which gets activated in extreme situations like heart attacks, strokes, major organ transplant, and paralysis. After being diagnosed with a critical illness, the owner of the policy gets a lump sum that will depend on the type of plan that he/she initially purchased. There are no questions asked about how you decide to spend the entire sum.
Home & Automobile
The two most important investments an average person makes are its home and car. To make sure you protect these possessions, you must have home and automobile insurances. These two are bought separately but can prove useful for many.
The first can activate when you decide to renovate or remodel the house. It will give you enough money to cover the cost of remodels and living somewhere else during the process. Automobile insurance serves to protect us in case of car accidents, injuries, and damaged property.
As with critical, disability insurance is hard to consider. Nobody wants to imagine how their health is at threat, however, we must face reality and understand that anything can happen to anyone. This insurance policy will help you out during the most difficult times. It gets activated when somebody, no matter the circumstances, gains a certain type of disability that disables them from working their regular job.
We already mentioned 5 types of insurances, but for the sake of your safety, we will add a bonus plan to this list. Travel medical insurance is a must if you are an adventurer that loves discovering new places. Before you hop on a plane or bus, remember to purchase a travel medical coverage that will last during your entire trip.