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4 Types of Insurance Every Individual Needs

Carrying insurance is an important step in protecting your most valuable assets. While there a number of options carried by your local New Jersey insurance agency, here are four policies you shouldn’t do without.

1. Life Insurance

For those who want to relieve some of the financial hardship that a spouse, children, parents, or other loved ones would deal with after your passing, life insurance is the solution. Consider your salary for each year and the potential number of years you plan on working. Your life insurance plans should be able to replace a significant chunk of that amount, as it is the substitute income if you pass away unexpectedly. This is a huge cost on unsuspecting families.

2. Disability Insurance

The thought of experiencing a long-term disability is frightening, but disability insurance is a safeguard against the loss of income. Don’t get lulled into thinking you aren’t susceptible to an accident or chronic illness. Choose an insurance policy that can sustain your current lifestyle in the event that you are no longer able to work.

3. Health Insurance

Medical costs are skyrocketing, and the Affordable Care Act has opened the doors for individuals of all income levels to purchase health insurance. While many employers offer discount plans as a part of a benefits package, there are some who don’t qualify for these plans. Make sure you purchase insurance through an agent or the healthcare Marketplace since the costs of not having insurance are much higher than the costs of a premium.

4. Homeowners’ Insurance

Trying to repair or replace your dwelling after a fire or storm damage is incredibly costly. Many homeowners don’t have these funds sitting around, but with insurance, there is no need to worry. Speak to an agent about how much coverage your home would need.

Not having enough insurance can cost you just as much as going through an incident without insurance. Consider your risk in these areas and make sure they are covered.