Starting considering getting insurance is usually the first sign of becoming an adult. For some reason, it’s time for you to think about the future and financial safety of your loved ones and yours. If you can’t see a reason for getting the insurance yet, you probably should take a good look at your life obligations and priorities at the moment and the plans for your future.
Basically, it’s also a sign of… being smart. It’s taking care of your living standards, stability, and peace of mind. Being aware of risks that are waiting around the corner for you is not paranoia! One of the things that give you a sense of control and safety is coverage.
What kind why do we need it? With anorak.life we chose 5 most essential reasons for getting insurance right now!
Life Insurance
People are deciding on life insurance in various situations and stages of their lives, as young students, newlyweds, first-time parents. All that in order to take care of the people you love:
Student loan
Already as a student, you might want to consider getting life coverage. If you’re getting a student loan (and later — any different kind of loan) you’re going to need the cosigners. Doesn’t matter if they’re your parents or other family members — if anything happens to you, the cosigners are fully responsible for the expenses of the loan. In this case, your potential life insurance will possibly cover at least a part of the expenses.
Getting married
People are often applying for life insurance right after getting married. The ultimate reason for that is, of course, their partner’s safety. Unexpected deaths are happening more often than you would think. And again, taking that into account is not paranoia. If you decided to share life with someone, you want to protect them as much as you can, even after you die. This coverage can help you do that.
The birth of their first child
Sometimes we only are ready for the expense of life insurance after our first child coming to the world, and that’s ok, too! In such a case though, you want to choose the right coverage plan wisely. Your life insurance will have to support your spouse and kids in daily life, as well as cover the costs of your child’s education!
Health Insurance
Getting the right health insurance is always a bit tricky but still necessary! It’s just like with life coverage— you never know when something bad might happen so it’s better to have your back covered. Medical emergencies happen all the time and without health insurance, you can get a heart attack after receiving the bill from the hospital.
Choosing the health insurance plan think of your physical and mental condition. How often do you usually go to a doctor, do you have any chronic illness — that is your needs.
Another thing are the offers of different health coverage companies — what is the exact coverage, what do they understand under the terms of a medical emergency, will they be open for negotiations, and so on.
It takes some time on planning but once you’ll decide what company will be the best for you, you can sleep tight. It’s irrational to be constantly afraid of going to a doctor because of financial reasons. Your health is priceless!
Car Insurance
First of all — having car insurance is lawfully obligatory for every licensed driver. It covers such financial emergencies as car accidents where your car got damaged and/or another driver/passenger/pedestrian got injured. If the accident was your fault, the injured party get the compensation. Car coverage can also cover the costs of car repairs, regardless of who is to blame.
There are three levels of car insurance:
Property damage
It’s about the property of others — either private or public property. The property damage coverage prevents you from unexpectedly high costs of repair and even lawsuit for caused damages.
Comprehensive coverage
This coverage compensates you for the costs of damage that was not a traffic accident, such as vandalism, theft, natural disasters, a collision with an animal, fire.
Collision coverage
It will cover the expenses of repair after hitting or being hit by another car and single-car accidents that either involve, e.g., falling over or a collision with a different object, e.g. a pole or a tree.
Business Insurance
Think of your business as of your second home and observe the close connection between your business and your family. If something goes wrong at your company, your private life will suffer as well. You don’t want your loved ones to experience the financial effects caused by some crisis out there, in your work life.
Since you already are picturing your company as your second home — you want to protect it almost as much as the real one. Your successes, your workers. You’re responsible for them, as well. Business insurance will help you take care of this particular aspect of your life.
Every day some company has to close up, every day we can hear of bankruptcy cases or forced layoffs. Thanks to business insurance we can avoid some of the situations or at least make it less stressful and easier to survive.
And besides every other reason, you can think of — if you’re an entrepreneur hiring people, business insurance is lawfully required!
The complicated world of insurance can be overwhelming. So many companies, different offers, and hidden costs. Nobody said adulthood was easy! If you have doubts even after seeing a customer service representative, don’t hesitate to consult a legal adviser. It’s all in order to take good care not only for yourself but also for the people you love and are responsible for.
