Make Yourself Financially Secure with These 10 Products

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4. Health Insurance

If you’re unprepared when you get injured, you can be left with huge medical bills which can put a huge strain on your finances. Especially, if you are in an accident or develop a serious health condition. You might argue that you are young and healthy. But unfortunately, life happens and nobody can avoid a trip to the hospital from time to time.

Without having access to health insurance, it can be difficult to pay your medical bills unless you are some kind of millionaire. There are also financial penalties set in place set by the Affordable Care Act mandate. So, if you are found to be without health insurance, you could be left out of pocket from a fine. If you’re not lucky enough to receive a health care insurance plan through your work or the state, you’ll need to buy a health insurance plan instead.

5. Homeowners or Renters Insurance

Anyone whose house has burned down, they never saw it coming. It can be an incredibly shocking or scary time, especially if you or your family have been hurt. And without home insurance, you could potentially be left homeless. To avoid these dramatic outcomes, you can buy a fairly inexpensive insurance policy that will still offer some great coverage.

If you do lose your house to a fire, for example, your insurance policy will usually pay to rebuild your home. And if your house succumbed to less damage, they’d also pay for repairs to your home such a storm damage or vandalism.

However, if you live in an area with a high risk of flooding it could be a life-saver to get a separate insurance policy for this. Typical home insurance policies won’t cover flood damage. So, if you’re potentially at risk, buy a policy sooner, rather than later. If you live in rented accommodation, your landlord’s policy won’t be enough to cover your belongings. Instead, you’ll need to buy a cheaper renters insurance policy to protect yourself from whatever life brings your way.

6. Auto Insurance

It’s never fun when your car breaks down, and it’s even worse if you get into a car crash. Aside from your house, your car might be one of your most precious assets, especially if you bought it brand-new. You should also buy other insurance plans for any other vehicles you use on the road. This includes trucks, motorcycles, and other road vehicles.

Many states actually require you to have car insurance by law at a minimal level of coverage. But for extra protection, it could save you some, in the long run, to upgrade your insurance or take out an additional plan.

Some insurance plans only cover you if you are hit by someone’s else’s car. But, if you are the one that causes the accident, it could be you who is left potentially injured, out-of-pocket and without a car.

7. Disability Insurance

Even if you’re not disabled, a time might come when you are unable to work – even if it’s for a short period. And not having access to disability insurance might break the bank if you find yourself injured. Insurance plans vary from company to company but you can expect to receive between 50% – 80% of your pre-disability salary if you find yourself in this position.

If you’re not sold about buying disability insurance, determine if you’ve got enough money in your emergency fund to cover yourself if you were too ill or hurt to work. Know that you won’t always be able to rely on Social Security to help either. You’ll get disability benefits from the state if your medical condition is expected to last over the period of a year, or lead to your death. Even once you’re approved, you’ll have to wait five months before you start receiving payments.