3 Types of Insurance People With Families Need to Have

By on September 28, 2016
3 Types of Insurance People With Families Need to Have

Insurance is a very important part of life. Insurance allows you to keep your life secure by paying for different types of financial losses you might incur. Most people have auto insurance and medical insurance, but other types of insurances are often overlooked. If you have a family, there are other important types of insurance that you need to have. Here are some that you can’t skimp on.
Life Insurance
Life insurance is possibly the most important type insurance that you can have when you have a family. If anything happens to you, it will leave your family money to secure their futures and keep them from losing everything they have. Without life insurance, you could leave your family with little to no income. When you buy life insurance, you purchase a policy for a specific amount. When you pass away, the beneficiary specified on your insurance policy will receive that amount of money as long as the premiums are still being paid.
The amount of life insurance that you purchase depends on many different factors. The amount depends on your yearly income, whether or not you own a home, the size of your family, and more. You need to make sure you would get enough money to pay off your home and live for a pre-determined number of years. You can also choose to get enough money to pay for college for each of your children. It’s difficult to calculate the exact amount that you need, so you should use an online insurance calculator to make sure you choose the proper amount.
Short-Term Disability
Short-term disability policies are important for everyone. If you get hurt at work, you can file a worker’s compensation claim. However, if you’re hurt somewhere else, you will have no income while you recover. Short-term disability can provide you with an income if anything happens that workers compensation won’t cover. If you are having trouble getting your worker’s compensation claim to go through in a timely manner, you may be able to use your short-term supplemental disability policy, depending on your policyholder and how long it is going to take.
Another great thing about short-term disability is that it covers maternity leave for women. Since you are physically unable to work for six weeks after a vaginal delivery or eight weeks after a cesarean section, your insurance will pay you to recover at home with your little one for that long. If you have any complications during your delivery that causes you to need a longer recovery, your insurance will continue to pay you until your doctor signs off on you going back to work.
Renter’s Insurance
If you own a home, you obviously need homeowner’s insurance. However, renters often overlook insurance for their homes. When you rent a home, the insurance on the home only covers the structure. The owners don’t pay to cover your belongings. You are expected to purchase renter’s insurance to make sure you’re covered. When you get a quote on your insurance, you will input how much coverage you need. The minimum is usually $10,000. This will allow you to purchase new furniture, clothing, electronics, and anything else you own if your home is destroyed or burglarized.
Insurance is an extremely important part of life. It allows you to receive an income when events happen that change the financial situation of your family. Keep your spouse and your children secure and financially stable.

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3 Types of Insurance People With Families Need to Have