Health and Disability Insurance: it’s the big one. If you receive it through your employer (or spouse or employer of your partner), a trade union or individually through the federal health insurance market or state equivalent, quality health insurance will make sure of seeing a doctor if you are sick. In case of unexpected illness or accident, get a routine check-up, purchase prescription drugs or consult a doctor. Disability insurance, which is also offered by your employer or through an independent market, must provide you with extra income if you are injured and can not work for a short or long time. Both are all but necessary. Your health is your most important asset. Apart from any controversy, health insurance ensures that you can keep it.
Homeowner’s or renter’s insurance: Whether you own your home or lease it from a homeowner, you must have property insurance that protects your property in the event of fire, theft, weather, or any other artificial disaster. If you own your own home, homeowner’s insurance serves this purpose, protecting your property and investments against even more threats. Your mortgage may even require you to purchase homeowner insurance. It is also important to keep in mind that the homeowner’s or renter’s insurance can not cover damage caused by water or floods.
Auto Insurance: If you do not drive and do not own a vehicle, you can skip this, but if you do, you must at least have the required auto insurance coverage in your country. Ideally, you should have more, because some states only require that you have sufficient coverage to insure against the damage of another vehicle or the injury or death of another person in case of liability for an accident you caused; you may need it. It’s not enough to repair the damage yourself, or other incidents, defences, car rentals or other problems. Find the minimum in your state or region and compare it to your current coverage. Do not wait for an accident to find out what your policy covers and does not cover. However, if you want to be entirely sure that you and the rest of people on the road are safe, insurance from AXA Car Insurance insurance is a great option.
Life insurance: Life insurance is also essential, but it is often neglected. Like health insurance, most people get life insurance from their employer. It was designed to make life easier for your spouse, your children or your parents in the event of death. Ideally, this would help cover burial expenses or, at the very least, create a short-term cash flow for your loved ones so that they have time to recover after death. Most life insurance offered by employers pays a percentage of your annual salary in the event of death and allows you to buy more at a reasonable cost if you think your family will need it.
In some cases, your car or home insurance may also offer life insurance. If you’re young, you may not think much about life insurance, but at least you should have some of it. Of course, the older you get, the more important life insurance is and will make the things easier y for the ones you leave.