Executive Education

Insurance Every Family Needs

The thought of insurance can be overwhelming. You might not know where to start, or what you need. As a result, it often ends up getting put on the backburner. Having the right types of insurance coverage, however, is essential for protecting your financial future, and the financial future of your family. Here are some of the types of insurance coverage that every family needs to have.

Life Insurance

Life insurance is an essential insurance coverage that you should have, especially if you have a family. This type of insurance is designed to support your spouse and children, or any other dependents that you have, for a period of time after your untimely death. There are two types of life insurance, term and permanent (or whole life). Term life insurance is designed to last only a set amount of time. Permanent, on the other hand, is designed to last your entire lifetime. The type of life insurance that you will need depends upon your specific situation.

Health Insurance

Having health insurance helps you to pay for medical expenses such as regular medical, dental, and vision care, as well as care in the event of a medical emergency. With the rising costs of medical care, even a routine medical visit can lead to a rather costly bill. If you have an injury that requires a hospital stay or surgery, you are looking at an even higher bill. Health insurance will help to alleviate the burden of these costs.

Disability Insurance

Sometimes, an accident may occur that can cause a long-term disability that can then result in the loss of your income. Not having your income can have a significant impact on your family, even if the other spouse works. You go from a two-income family to a single-income. Disability insurance can help to ensure that you can continue to take care of yourself and your family if you are no longer able to work.

Funeral Insurance

No one likes to think about death, but it is something that happens eventually. With death comes the cost of a funeral, which can be quite expensive. Your family may also be burdened with any unpaid debts that you have left behind. Funeral insurance, also sometimes called final expense insurance or burial insurance, helps to cover the costs of your funeral, taking the burden off of your family. You can also tailor your insurance to help cover the costs of any debts you leave behind.

There are many insurance companies out there, so it is important to do your research. Make sure you understand what you are paying for, what is covered, what isn’t covered, and what any out-of-pocket expenses you might have. Compare the different insurance companies to make sure that you are getting the best coverages possible for your needs and the needs of your family.

Car Insurance

If you drive a car, you need to have car insurance. Different states have different requirements, but insurance is a must. At minimum, you need to have some form of liability, which helps to protect you in the event that you cause damage to another person’s car. You can also add comprehensive and collision insurance, which help to protect you in the event that someone hits you. These types of insurance are often used for cars that are more valuable or you are making payments on the vehicle.

Homeowner’s or Renter’s Insurance

No matter if you own your own home or you rent an apartment, you should have some type of insurance to protect your possessions. Homeowner’s insurance is a must if you have a mortgage. It protects both your home and everything inside if something should happen. It also helps to cover the costs you incur while the house is being repaired.

Renter’s insurance, on the other hand, is designed to cover only the items you have inside your apartment. These policies are typically inexpensive, as you do not need to cover the cost of the building. While not mandatory if you rent, it is highly recommended. The small amount you pay each month can bring you great peace of mind knowing that your possessions are protected in the event that something happens.

Long-Term Care Insurance

As you get older, you may start to have a hard time doing things you once normally did with ease, such as driving, taking the stairs, or even cooking a meal. You may want to consider long-term care insurance. This type of insurance can help to cover the cost of care you may need, whether it is in-home care, a nursing home, or an assisted living facility.

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Megan Batchelor
Executive features editor at The CEOWORLD magazine and lover of reality TV. I eat cereal for breakfast, lunch and dinner.