With the cost of living on the rise and everyday expenses continuing to add up, it’s more important than ever that you take precautions to protect your financial future. Having a solid insurance plan in place can help mitigate financial risk in the unfortunate event that something unexpected happens. The problem is, that signing up for a new insurance policy can be a bit of an undertaking. There are so many different plans out there with different coverage options, deductible costs, premium prices, and more. It’s no wonder so many people feel overwhelmed when trying to figure out which insurance plan is right for them. Here at Brad Lea Insurance, we want you to feel comfortable that we understand your needs as an individual and are equipped with the knowledge needed to help you choose the best possible insurance plan for your circumstances.
Why You Should Always Have Insurance
There are many different types of insurance policies, so it can be easy to get hung up on the “why” of having certain ones over others. But at the end of the day, one rule stands true for all of them: You should always have insurance. Whether you live in a big city or in a small town, near water or in a desert, have a great job, or work in an industry that has a high job security risk, you never know when an accident or unlucky turn of events might happen that could leave you financially strapped. A health scare, car accident, house fire, or sudden death in the family could leave you without the necessary funds to pay for any immediate out-of-pocket costs in the form of medical bills, car repairs, or funeral expenses. Insurance policies are designed to help you financially when these unexpected events occur. So why take the risk of not having them?
Auto Insurance
When you’re working on your car and come across a leaking hose or broken belt, you probably don’t think twice about fixing it yourself. But what happens if you make a mistake while under the hood and cause even more damage? Or what if you’re working on the car while it’s running and an accident occurs? These are two examples of situations where you could be liable for any damages or injuries that occur, even if they’re completely out of your control. It’s important to remember that even though you’re the vehicle owner, you aren’t responsible for fixing or paying for any damages done to your car unless you have the proper insurance coverage. Auto insurance is legally required in most states, and it provides coverage for the costs of repairing or replacing your car due to an accident or other covered loss. Other areas of coverage in an auto insurance policy include liability coverage for bodily injuries or property damage to others caused by you or your car, and uninsured/underinsured motorist coverage to protect you from drivers who don’t have insurance or are underinsured.
Homeowners Insurance
If you own a home, you will almost certainly have a homeowners insurance policy. This policy protects your home against damages caused by weather, fire, theft, and other perils. While homeowners insurance policies vary from one provider to the next, most of them include protection for the following: dwelling coverage, personal property coverage, liability coverage, and additional living expense coverage. Dwelling coverage protects the physical structure of your home, as well as the land it sits on. Personal property coverage protects your belongings in the event they’re damaged or stolen by a covered peril. While homeowners insurance policies don’t cover the cost of replacing your belongings with brand-new ones, they are responsible for covering the cost of repairing or replacing them with items of the same quality and value. Liability coverage protects you against legal action taken by others due to your negligence or wrongdoing. Additional living expense coverage is provided by some insurance providers if your home is uninhabitable due to a covered peril and you don’t have a place to stay temporarily.
Health and Disability Insurance
Health and disability insurance policies are designed to help you financially in the event you can’t work due to a medical condition. While health insurance policies are designed to help you pay for the cost of medical expenses and replace lost wages due to a medical condition, disability insurance policies are designed to replace lost wages due to a medical condition that prevents you from working at all. There are various types of health insurance policies, ranging from comprehensive plans that cover a wide variety of conditions and treatments to low-cost plans that cover only certain types of diseases or conditions. The best health insurance policy for you depends on your financial situation and personal health history. Disability insurance policies vary significantly depending on what type of policy you choose. Some policies pay a lump-sum cash benefit if you become disabled, while others pay you a regular benefit check. Disability insurance policies are designed to replace your lost income if you become disabled and can’t work for an extended period of time.
Life Insurance
Life insurance policies are designed to help the people you leave behind financially if you die. There are two types of life insurance policies: term and permanent. Term life insurance policies are short-term, low-cost policies that are designed to help your beneficiaries cover the cost of your final expenses and any outstanding debts or financial obligations you have. Permanent life insurance policies are long-term, high-cost policies that are designed to help your beneficiaries create a dependable and consistent source of income in the future. Life insurance policies are available in two types: death benefit only and death benefit with cash value. Death benefit-only policies are designed to cover the cost of your final expenses, while death benefit with cash value policies is designed to provide a consistent source of income for your beneficiaries in the future.
Conclusion
These are just a few of the common types of insurance policies available today. As you can see, there are many reasons why you should have insurance. While it does cost money to have insurance, it’s important to remember that insurance isn’t an expense; it’s an investment in your financial future.
