Monday, December 15, 2014, AM | Leave Comment
Few financial products are as important to a family’s well-being as a comprehensive insurance policy. Unfortunately, many of those that have begun searching for insurance coverage will get bogged down in semantics and are unsure of what exactly will be needed in the coming years.
For those that want to protect their family and their personal assets, here is a look at some of the most important policies and exactly what they cover.
Health and Disability
Unpaid medical bills remain the number one cause of bankruptcy, and this means that a family’s health coverage should never be left up to chance.
If your employer does not currently offer a suitable policy, it is important to compare third-party policies by their monthly payments, deductibles, and overall coverage.
Generally, the higher the monthly payments, the lower the deductibles will be.
Long-term disability insurance is also an important option for parents with one or more children that are financially dependent on them.
Homeowners and Vehicle Insurance
Every state requires homeowners and vehicle insurance or proof of financial responsibility.
According to Meyer’s Insurance Ltd, insurance brokers in Edmonton, the minimum coverage requirements do change between each state.
This is why it is important to speak with a local insurance broker or an insurance provider that can meet or exceed state minimums.
These policies will cover some or all of the expenses in situations such as an auto accident that results in injuries and vandalized or stolen property from one’s home.
Taking a look at a life insurance policy is an uncomfortable process for many, but these are some of the most important policies for a family to maintain.
Even younger individuals that are in good health should begin considering a life insurance policy from the moment that a spouse, child, or other family member is financial dependent on them.
Life insurance policies will cover some or all of the costs immediately following a death including funeral expenses, lost wages, rent, car payments, or tuition for a child.
Insurance policies can become a major monthly expense, and this is why many families have taken a fresh look at bundling their policies in order to save money.
Many of the top insurance providers will bundle each of these forms of insurance into a single policy at a discounted price.
While the discounts do change between each insurance provider, families can often expect savings of 10 percent or more when bundling health insurance, life insurance, auto coverage, and homeowners insurance.
Without the proper insurance policy in place, a minor mishap could set a family’s finances back for years. By taking the time to understand these policies and getting the proper coverage, you could protect your family while saving money in the long run.Facebook.com/doable.finance