Most people are aware that having health insurance and auto insurance are crucial to have to cover losses that can occur, but without a policy, it can lead to penalties.
Image credit: Grant Cochrane | FreeDigitalPhotos.net
Although the basic types of insurance are crucial to have to protect your finances, there are other forms that every family should have.
Accidents and unexpected events can occur with life, making it important to obtain a number of policies to protect your family.
Long-term disability coverage
Disability occurs more often than most people think, as three in 10 workers experience some form of disability that prohibits them from working. This is also the cause of 50 percent of all mortgage foreclosures, making it a necessary policy to have to protect your finances and security.
Life insurance
Life insurance is crucial to have in the event of death, which can mean a loss of income for the household to expenses needed for the funeral.
According to Underwriters Insurance Brokers (BC) Ltd., one of the many insurance companies in Vancouver, different life insurance policies are available to cover mortgage payments, child care, and the cost of tuition for dependents.
Although dealing with a death in the family is tragic, prolonged pain and suffering can be prevented by having basic costs covered.
Long-term care insurance
With an average of 69 percent of people needing long-term care after the age of 65 and 40 percent receiving it between the ages of 18 and 64, it’s important to plan for the unexpected to ensure that you or your family members receive the assistance needed.
It will cover assisted living, home care, and hospice care for those who suffer from mental or physical disabilities.
Identity theft protection
It’s important to protect every member of your family from the most costly type of theft, which is increasing each year and affects nearly seven percent of the population.
Insurance that offers identity theft protection will include restoration services to ensure a professional works out all of the details and resolves the problem. The policies work to cover the costs to restore the policyholder’s identity, which often include wages lost, attorney fees, and certified mailing costs.
To protect your family, it’s important to review different types of insurance that are necessary to safeguard your financial future. It will help to secure your household while also preventing loss from occurring with common events and accidents.
Savannah Coulsen
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