Insurance, while it was designed to protect financial investments, it’s really about protecting your family and loved ones. Insurance is the one backup you know will be there in case all else fails. There are dozens of types of insurance out there and it can be a bit overwhelming if you’re not sure what they mean, or which one is right for your family. Here is a recommendation of insurance policies you’ll definitely want to consider if you’re looking for the best policy designed to protect families.
Health and life insurance
One of the first types of insurance thinking about insurance policies for the family is health insurance. Health insurance will cover your family’s medical expenses for any related health issue, and you can purchase either a group plan or individual plan. You typically only get a group plan through an employer, so if this is not an option, you can purchase an individual health insurance plan for you and your family. Life insurance is another form of insurance to consider, even though it’s something many people don’t want to think about. A life insurance policy can make the difference between survival and not surviving if the breadwinner of the family ever passes.
Home and disability insurance
If you own a home, purchasing an insurance policy for your home, or for your mortgage if you have one, are other important policies to purchase that will help protect your family. Homeowners insurance will protect you in case of a fire, earthquake, flood or storm. You can also purchase PPI, payment protection insurance, which is a form of loan protection in case you are in a position where you can’t make your mortgage payment. Make sure that when you sign up for a PPI policy, that it is set up for your exact needs. PPI claims are notorious for being difficult to pursue because of agents mis-selling policies.
Insurance may be one of the more dry topics when it comes to financial advice, but when it comes to protecting your family and loved ones, it’s one of the best things you can do.