Insurance…just another monthly expense that you can’t afford. Or at least that’s how some of us like to think of it. While it can be a bit disruptive to the family budget it is very important to have certain insurance policies. After all, once you reach parenthood you’re not only responsible for the healthy, safety, and overall well-being of yourself, but for your children as well. Part of that responsibility means making sure that you can provide protection in the event that life throws you a curveball.
Insurance Equals Peace of Mind
When you stop thinking about the overall monthly expense of insurance, you can begin to realize how much of a help it actually is. Insurance coverage is something that you purchase for “just in case” something occurs that you simply can’t afford to pay for yourself. Imagine getting into an accident without the right coverage? Or having to pay for your doctor’s visits out of pocket? When you consider those costs, you might just think differently about insurance coverage altogether.
Okay, so now that I’ve convinced you of the many benefits of having insurance coverage, let’s go over some of the main policies you should consider investing in:
1. Homeowner’s or Renter’s Insurance
Having a roof over your head is certainly something to be grateful for. In a blink of an eye your living circumstances could change. Every day people encounter unexpected events that cause their living circumstances to dramatically change. From dealing with floods and natural disasters to burglars and robberies, some things are out of your control.
While you can’t always prevent your home from being damaged, vandalized, or robbed, there are insurance policies that can provide the financial compensation you need to get your life back on track. Whether it’s paying for a much needed repair, replacing damaged or stolen property, or rebuilding altogether, having adequate homeowner’s or renter’s insurance coverage is necessary. There are several service providers you can choose from, and in many cases the premium is just a few extra bucks a month which pales in comparison to the cost of having to make repairs or replace property on your own.
2. Life Insurance
No one likes to talk about death but the fact of the matter is, it’s a part of life. Death can come at any time for any reason. While you may not be able to help your loved ones get over the emotional aspects of dealing with a loss, there are things you can do to make the transition a lot easier. For starters, you should invest in life insurance policies for everyone in the home dependent on their age or needs. Whole life insurance may be suitable for younger persons whilst seniors may benefit more from funeral life insurance or policies exclusive for the elderly.
It can be quite a difficult decision to pick the right policy, there is no dearth of choice. You need to assess various aspects and terms in order to pick top rated life insurance for families. Picking the right policy often proves a blessing in financial terms.
The majority of life insurance provides financial coverage or a large payout, which can be used to pay for outstanding debt, and to help your loved ones sustain a certain quality of life after you’re gone. Funeral insurance, also known as burial insurance, is a special life policy that primarily covers funeral expenses such as the cremation cost. Life insurance may seem like a large investment, but to be quite honest you can get a reasonable amount of financial coverage for just a few bucks a month. If you need to file a claim it’s best to first consult a life insurance attorney because even the smallest details could result in your claim being delayed or even denied.
3. Health Insurance
Now that the government requires all individuals to have health insurance (or face a fine at tax time), health insurance has become a huge topic of discussion. Having insurance coverage is also ideal for your family’s overall well-being. Should someone in the house fall ill, need certain procedures, or be involved in an accident you want to make sure that they can be treated right away and that you don’t end up having to shell out hundreds of thousands of dollars. Medical bills can do real damage to your credit history and are often very costly.
Not sure which insurance provider is best? Some companies, like USHealth Group Insurance, have social media pages which allow interested parties to learn more about various packages offered. It allows you to connect with other users and find out more about the right coverage for your family. Also, checking insurance provider’s websites can give you resourceful information on various medications, new medical innovations, and more, such as the information found on the USHealth Group education page.
4. Car Insurance
Last but certainly not least on the list of insurances to have to protect your family would include car insurance. Again, no one is planning to be involved in a motor vehicle accident; however, the only person you can control when you’re on the road is yourself. Accidents happen all the time and if you’re not properly insured you could end up footing a serious bill (not to mention being in legal trouble as all states require you to have adequate insurance coverage).
When it comes to protecting the ones you love, there should be no dollar amount you wouldn’t be willing to spend. Insurance coverage provides you with a peace of mind when you find yourself in the midst of one of life’s many storms. If you do not have the above listed polices in place at the moment, start reviewing various companies to determine who can provide you with the most efficient coverage at a price you can afford. Remember what may seem like nothing more than another bill now can make a world of difference later on.
Photo Credit: Pixabay
What type of insurance have you relied on the most for your family?
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Comments
32 responses to “4 Types of Insurance Policies All Parents Should Have”
I have all of them but I need to get more Health insurance. I especially need to get some for my kids. I don’t have any on them.
These are great tips for new parents! We definitely need to look into this…and a will too!
I feel that the most important is health insurance. Second would be life insurance. We cannot really predict what may happen in the next few days or weeks or months, so it is better to be prepared and not to be a burden to our children or family members. Thanks for sharing.
Yup, we have all four, so it sounds like we are in great shape. Thanks for the important reminders.
Totally agree with you on these four policies! It’s so important that as parents we protect ourselves and our kids so that we can secure their future!
These are all very important to have! I think that the most important is health insurance because health costs are atrocious!
Thankfully, we haven’t had to rely on any insurance other than basic medical coverage. We have all of these, though.
We have all of these and a college fund set up. I consider a college fund a sort of insurance for their futures.
The most important ones to me are car and health insurance for sure! Thank for the great post and tips 😀
I have all of these! Being an adult sucks sometimes but it pays off in the end!!
If I was working, I’d definitely ge tthe Life Insurance! I would try to protect my children. Otherwise we do have all the others.
This is a very good list.
I totally agree, glad we have all four of these. Having an insurance sure saves you a lot of headaches and financial crunch in the end.
I’ve got all of these types of insurance. I want to make sure my family is taken care of if something happens to them or to me.
I am all covered. Except, I am getting my life insurance set up this year.
These are all insurances that you have to have. Two are required by law anyway. I always tell people to get life insurance and renter’s insurance. Parents need phone insurance. AT least I know I do.
These are all so very important! It can be easy to get overwhelmed as a parent…keeping up with all the insurance necessities is a big job!
I believe these to be essential for all families as we do not know what could happen in the future. Our family is covered as we want ensure our boys are looked after.
Insurance is definitely something that it’s important for parents to have. Now that we have our son it’s something that we’re looking into getting.
We have all of those. My husband knows how important those insurance are and he made sure to get each and every one of them.
These are all important and I am glad that we have all of these. It gives you peace of mind when you know that you are covered.
We are renting in our new area for now and decided to get renters insurance. It is so low in cost and so worth the peace of mind.
Considering everything I have been through in the past few weeks I could certainly consider upping my life insurance that’s for sure!
Great tips! We have all 3 except for medical insurance! These days its an arm and a leg for that. My husband has it through his company. But sadly to add me is an extra $900 a month. We make to much for Obama too. Praying that my husband gets a better job so that we can have some great benefits!
Renter’s insurance is so important, and not all people know it’s something that you should have. They think that because they are renting, they will automatically be covered should something happen, and that just isn’t the case!
Renters insurance is something thats so important and so often forgotten! Thank you for this wonderful info!
Starting fresh with life here. This post is very welcome since I’m now in charge of insuring my family.
I had a discussion about life insurance with my best friend the other day. It’s such a touchy subject for someone like me since I have 4 kids. I would hate to leave them with debt, I would like them to be taken care of no matter what age I leave them at.
I actually need to add a few more policies for our family. I need to make sure we have renters insurance too.
This is a really great piece. I think insurance is all too often something we don’t think enough about and you give really good info to make anyone think twice about it.
Thank goodness we recently got life insurance, which I have wanted to get for years. Now we need to get renter’s insurance and we are set.
We already got a life insurance, it’s a good thing. And I’m planning to get health insurance also.
Smart list. Health insurance is a must with the cost of medical care