The Big Insurance Gamble
Why does a person need insurance? After all, it is a fairly recent invention. Once upon a time, people hoped and prayed for continued good fortune and relied on their friends, relatives, and life savings when catastrophe struck. Now days they use Go Fund Me when no insurance is available. But who wants to count on that? The modern world is very different, and so are the price tags associated with risks.
Take medical, for instance. The days of giving the town doctor a chicken for his services are long gone. Even routine preventive medical care, with all its helpful technology, does not figure into most Americans’ budgets. When extensive testing or treatment is needed, a generous life savings can be depleted quickly. In times like those, taking on a second or third job is less than optimal; it may be impossible.
Those types of situations make long- and short-term disability insurance an added must-have item on your shopping list. Even though monthly premiums are minimal, the coverage it offers can prove invaluable if an on-the-job injury or medical condition make you unable to perform your job and earn an income. Relying on Social Security disability can mean months or even years of waiting, with no financial support.
Life policies can cover funeral and burial expenses and any outstanding debt, as well as help support your partner or any dependents, in the case of your untimely death. In determining the amount of coverage you should carry, your total assets, debt, dependents, and salary should all come into consideration.
Property insurances are also available to protect the assets of homeowners, renters, vehicle owners, and more. Basically, anything you own that holds significant value can be insured. Caution should be taken in considering the causes of damage that are covered, though. For instance, while an older vehicle may not warrant having collision coverage, liability coverage is something many states require. Comprehensive coverage can help in cases of auto theft, flooding, or fires.
Almost all types of coverage come with deductibles, and premiums are adjusted accordingly. For instance, if you carry a $1,000 deductible with your policies, instead of the more typical $500 amount, your monthly premiums will be lower. Whether the difference in monthly payouts is enough to justify the $500 difference, is up to your discretion, as is how much actual coverage you buy.
In some ways, buying it is a bit of a gamble: If and when issues come up, you may wish you had purchased more, but if you have no issues, you may wish you hadn’t been paying those premiums, each month. The greatest gamble, though, is to go without it.
Get the right coverage for you. Ask if you qualify for the most discounts in insurance!
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