Insurance You Should Have

As we all know, there are so many types of insurance we can find with various kind of coverages, and today, we can almost have insurance for everything we own. The good side is we can be happy that actually there are so many financial instruments that can give protection and financial guarantee for the risks in our lives, but sometimes too many options can be confusing, This situation could have lead into a bad decission of what kind of protection do we really need, what type of coverage that we must have and what are the things in our lives that really need to be covered by insurance ?

This is something that we must consider seriously, especially for those who have limited protection budget so they won’t be end up wasting their money paying premiums they actually don’t need. As the insurance industry growth, insurance products also become more and more vary with different characteristic, the number of insurance companies increase every year and try to make their sell with interesting advertisements and enticing words try to convince us that they have the best insurance deal and making us believe that we really need the coverages they offer.

People with excessive fear or those who easily affected types might fall for those tempting offerings and end up buying lots of different type of policies including the ones the don’t really need. This might be good for our protection to make sure everything is covered, but it’s bad for our financial management to spend our money in things we actually don’t need. In other case, there are also regardless type of people which in some way feel over confidence and regardless to the risks that might happen in their lives in the future. This is also not good, having no protection at all is a reckless attitude and showing how you don’t have responsibilities for your life and other people related to you. We all know anything can happen in our lives including bad things we do not expect, so it’s not a wise thing to do.

The point is, insurance is an important thing to have, but we do have to be wise in deciding which one should we take. Everyone is unique, we all have different lives and different needs, so we have to really consider what kind of protection do we really need and what are the things in our lives that really need insurance protection. I will try to give you guidance of the most basic types of insurance we should have, and the things in our lives that really need to be protected.

* If you have dependants then life insurance is a must. You should have at least the lowest type of life insurance plan if you have a wife and kids. So in the event of death, you can be sure for the financial safety of your loved ones. Best is to set the policy for a particular period of time at least until you think that your dependants / children already have reached certain age and the ability to support their own lives. But if you don’t have dependants or you are a single person and not yet have a plan to marry and have kids in a short period, you can consider it as an option.

* If you are a self imployed person, you should buy a health insurance for your self, and if you have dependants you should cover them too. It could be considered as an option if you are working for a company, that’s because the health insurance for you and your family is already obtained by the company you worked for, but if you are self imployed then you should obtain the protection yourself. Today health insurance is a vital instrument for your financial plan, since the health costs keep increasing every year and medical treatments becoming more and more expensive.

* If you have a vehicle, then you must have an auto insurance. vehicle (car, truck, motorcycle, etc) is a valuable belonging that you put into risk everytime you take it to the road, not only to the vehicle, the risk also includes the driver, passengers, and other people on the street. So make sure your auto insurance covers your vehicle, the people in the vehicle, and other people as third party liability. Always remember, no matter how safe the way you drive, street is always a dangerous place where anything can happen, so auto insurance is very important.

* If you have already live independently, you should have insurance for your home even if you only rent it from a land lord. Home insurance is also highly important, as home is our basic need as humans, and it would be a disaster to lose a home with everything you own inside end up in smoke without any financial guarantee to have it back like it used to be. Some people who live in a rent house or an apartment don’t want to buy a home insurance because they usually thought that the landlord is already insured it. But landlords usually only buy home insurance protection with limited policy to protect the building only and doesn’t give coverage for anything inside the house, it also doesn’t give coverage for criminal acts like theft or robbery. So you must obtain these protections yourself through a renter’s insurance or home insurance for renter.

These are the most basic insurance you must have in certain conditions, I really hope that it can help you to make the best decission in obtaining financial protections in your life. If you think there’s something I missed or there’s another coverage that you think must be included, I would be happy if you would like to share it in the comment section below this post.