When it comes to financial wellness, insurance is one of the most powerful, and often overlooked, tools. The right coverage can protect your health, income, property, and peace of mind.

 

Here is a simple breakdown of the major types of insurance that you may need:

 

1. Health Insurance

Unexpected medical bills are a leading cause of debt. Health insurance helps cover doctor visits, hospital stays, perscriptions, and preventative care.

Tip: Even high-deductible plans can offer protection. Make sure you understand your premiums, co-pays, deductibles, and out-of-pocket maximums. 

 

2. Auto Insurance

If you drive, auto insurance is not only smart, but usually the law! Auto insurance can cover property coverage, medical expenses, and liability.

Tip: Review your policy annually. Consider higher coverage if you own assets that could be at risk in a lawsuit.

 

3. Homeowners or Renters Insurance

Whether you own or rent, you need coverage. These insurance policies cover damage to your property, damage to your belongings, and liability if someone is injured on your property.

Tip: Don't underestimate the value of renters insurance. It's fairly affordable and provides essential protection.

 

4. Life Insurance

Life insurance provides financial support for your loved ones if you pass away. It can help pay for funeral costs, pay off debt, and replace lost income.

Tip: Term Life Insurance is typically affordable and a good fit for families. If you have. dependents or debt, it's something to explore.

 

5. Disability Insurance

If you become unable to work due to illness or injury, disability insurance can replace a portion of your income. This may be especially important if you rely on your paycheck to support your family.

Tip: Check if your employer offers disability insurance. If they don't, look into private coverage.

 

6. Long-Term Insurance

As we age, we may need help with daily activities, like bathing, eating, and getting dressed. Long-term care insurance helps cover the cost of home health aides, assisted living, or nursing home care.

Tip: It is best to consider long-term insurance early on, because premiums rise over time and health concerns may make you ineligible.

 

7. Business Insurance

If you are self-employed, business insurance can protect your income, cover liability, and even protect your clients and equipment.

Tip: There are policies designed for small business owners. These may include, general liability, professional liability, and business property insurance.

 

Not sure what type you need?

Insurance protects you from the unexpected and gives you the confidence to move forward with your financial goals. They right coverage depends on your lifestyle, income, dependents, and future plans. Not sure what type you need? Meet with me, today. I'll help you make informed decisions!