No one likes to pay for insurance but everyone wants to be protected from lifeâ€™s potential catastrophes. With escalating insurance rates, finding great insurance is not an easy task. The only purpose of insurance is to transfer the financial burden of a personal disaster from the individual to the insurance carrier. This is how we attain peace of mind. Some events are relatively minor and can be dealt with directly. Some are far more consequential, and costly; they are life altering. It is these events from which we need to be protected. There are three types of insurance that address these most significant situations and they are the ones that everyone should have.
The first is health insurance. Health insurance is in effect a promise by the carrier to pay for any and all medical expenses derived from a covered illness or injury. The types of health insurance and the details of each policy vary widely based on numerous conditions as set forth in the policy. Premium costs range with the type and extent of the coverage. The most important thing to know about this insurance is that it is essential. Without it, a serious illness can cause indebtedness beyond the ability to pay. Insurance rates vary but even minimal health coverage is well worth the cost in money and security.
The second must have insurance is casualty insurance which includes home owners, automobile, and liability insurance coverage of many descriptions. The basic reason to carry this insurance is to protect assets in case of an accident or incident that causes injury or harm to another, and for which you are at fault. In the case of a claim against you, the insurance company will pay all assessed damages and costs due to the injured party. In exchange for your premium payments, your carrier assumes all such responsibilities. Since it is impossible to predict harmful events, and because they can be so costly in terms of money and time, this protection is also essential.
Life insurance is the third necessary part of a well conceived financial safety net. Few of us are so well off that our spouses and others who depend on us will be financially unaffected if the bread winner of the family were to die unexpectedly. Some will be too old or otherwise incapable of earning sufficient income to maintain their accustomed life style. With sufficient life insurance coverage, this does not have to be an issue.
Finding great insurance is one of lifeâ€™s necessities. With the proper coverage at reasonable insurance rates, it is possible to protect yourself from potentially devastating occurrences and sleep well at night.