The 4 Types of Insurance You Need — And 3 That You Don’t

Here  are  the  4  types  of  insurance  you  need:

Life  InsuranceOnce you have family

members that rely on your salary, life insurance becomes

critical. Otherwise, you run the risk of leaving your

dependents without the money necessary to live after

you’re gone.

A general rule of thumb is to take out a policy that covers 10 times your annual income to cover things like mortgage payments, loans, credit card

payments, as well as future college tuitions.

Health  InsuranceDid you know that 15% of the

American population currently does not have health

insurance?

Not only do the uninsured get worse health care, they also

face higher costs that are impossible to pay off with

their annual income.

Check with your employer and shop around to find the health insurance plan that’s

right for you.

Auto  InsuranceAuto accidents are the #1 most common cause of death in the US for people aged 5-34. The cost of these accidents — including damages,

injuries, and hospital bills, creeps into the hundreds of billions of dollars.

Want to avoid the impossible costs when disaster strikes? Check with your financial advisor to see which auto insurance plan is right for you.

Long-­‐Term  Disability  InsuranceHealth insurance covers your hospital bills but it won’t cover you when you need to suddenly

take off from work for a few months.

That’s when long-term disability insurance becomes relevant.

Nobody expects to become disabled, but the Social Security Administration shows that 3 out of 10 workers will become disabled and won’t be able to complete their work life up

until their retirement.

Check with a financial expert to see what plan is right for you.

Here  are  3  that    you  won’t  need:

Credit  Card  Insurance

Chances are that your credit card insurance policy is not covering

anything that isn’t already covered in disability or life

insurance policies.

Credit  Card  Fraud  Insurance

A credit card insurance policy for fraud is typically overkill because the maximum liability

generally won’t rise above $50.

Life  Insurance    for  a  Child

Losing a child is an emotional tragedy but here is the cold

hard truth: no insurance policy is going to recover the

loss of your child.

You don’t depend on your child for income, so your

money would be better spent on an investment for college

tuition.

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