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3 Insurance Policies | How To Be Safe From Unexpected Costs

I completely understand… Insurance is expensive, and you may not want to have to pay every month. Nevertheless, every individual needs coverage!

25.3 Million Americans Are Uninsured

This many people skip out on essential insurance like life or health coverage due to a combination of factors. Cost is a major hurdle, with some misconceptions that insurance is expensive and unnecessary.

Additionally, some individuals underestimate the likelihood of needing the coverage, believing they’re “invincible” or that nothing bad will happen. Even with an emergency fund set up, this lack of preparation leaves them financially exposed in the face of unexpected emergencies.

For instance, medical bills or the loss of a primary earner may devastate a family’s savings and future security. Thus, proper insurance is a vital tool for protecting yourself and your loved ones from financial ruin.

If you are uninsured, please take the time to ensure you have coverage for these 3 insurance sectors…

i) Life Insurance

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Don’t wait for a wake-up call to secure your loved ones’ financial future! Life insurance isn’t a premium for only those who can afford it; it’s a safety net for everyone. A life insurance policy guarantees a payout upon your death, providing your family with a lump sum that can be used to cover expenses like funeral costs, outstanding debts, or even mortgage payments. This financial cushion allows your family to grieve without the added stress of financial hardship.

On average, life insurance ranges from $40 – $55 per month. I highly recommend  comparing quotes online from reputable companies like Northwestern Mutual, New York Life, and MassMutual, you can find an affordable policy that meets your needs.

Also, factors like your age, health, desired coverage amount, and term length should be factored in when comparing quotes. Being a healthy non-smoker will definitely lower your premiums. Additionally, opting for a term life policy, which provides coverage for a specific period, is typically more affordable than a whole life policy, which builds cash value over time.

By taking proactive steps today, your loved ones will be financially protected no matter what life throws their way. In all, a small investment in life insurance now can translate into immense peace of mind for you and your family in the future.

ii) Health Insurance

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Never gamble with your health! Unexpected illnesses or injuries can wreak havoc on your finances, even for seemingly healthy individuals. That’s where health insurance steps in, acting against unforeseen medical costs. With health insurance, you won’t have to face the agonizing decision of either prioritizing treatment or your financial well-being. Instead, your insurance provider will steps in to cover a majority of your medical expenses, from doctor visits and prescriptions to hospital stays and child birth.

You have plenty of options! Though more expensive, health insurance averages to be around $477 per month in America. Reputable companies like Aetna, Humana, and Blue Cross Blue Shield are awesome for finding a plan that fits your budget and needs.

Always consider your age, health status, and desired level of coverage when comparing plans. High-deductible health plans (HDHPs) pair lower monthly premiums with a higher deductible you’ll pay out-of-pocket before the insurance kicks in.

Alternatively, Preferred Provider Organization (PPO) plans offer more flexibility in choosing doctors but may come with slightly higher premiums.

Investing in health insurance is an investment in your well-being. Don’t wait for a medical emergency to realize its importance. By taking proactive steps today, you can safeguard your financial future and ensure access to quality healthcare whenever you need it most.

iii) Renters Insurance

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Even if you’re not a homeowner, protecting your belongings is important! Honestly, renters insurance might seem like an optional expense, but trust me, it’s an essential layer of security for everyone. For instance, what if a fire breaks out in your apartment building or your pet chews a hole in your neighbor’s fence? In this case, renters insurance saves the day!

This affordable policy covers your personal belongings – furniture, electronics, clothes – in case of theft, fire, vandalism, or even accidental damage caused by you or your pet. Remember, your landlord’s insurance only covers the building itself, not your personal property within it.

Renters insurance also provides liability coverage, which is a lifesaver if someone gets injured in your apartment and sues you. The policy can cover legal fees and medical expenses as well, protecting your hard-earned savings from a potential financial blow.

Renters insurance is surprisingly affordable at around $14 per month, typically costing less than your monthly phone bill. In order to maximize your savings, get quotes online from reputable companies like Geico, Lemonade, and State Farm. With any of these three, you can find a policy that fits your budget and coverage needs the easiest. Being a responsible renter like paying your rent on time and having good credit can also lead to discounts.

Investing a small amount in renters insurance now can prevent a financial disaster later. So, don’t wait – safeguard your belongings with renters insurance!

Questions, Comments, Concerns?

Now, what do we think?

If you are currently uninsured, will you now get insurance?

We seriously all need it; it’s not a luxury.

If you have thoughts or comments, I am more than happy to discuss with you below!