Most people need insurance on:
Where they live: Most people have coverage on their houses or apartments that protects them in case of fire or theft – even if they rent. If you own your house it can also be important to get liability coverage in case someone gets hurt on your property. Many insurance companies offer a comprehensive property insurance package.
What they drive: If you drive a car, motorcycle or van you need to have insurance on that vehicle. A comprehensive package should cover against theft, damage caused by accidents, and casualty/liability in case someone gets hurt by the vehicle.
Themselves: Health insurance is very important to have because a serious illness can strike you at any time. Look for a plan that covers a range of illnesses and allows you to visit a facility close to your home or office. Travel insurance protects you in the event that you have an illness while traveling abroad. Life insurance provides money to your family or dependents in case you pass away. It can be particularly important if you have a lot of debts and are the main breadwinner for your family. Alternatively, if everything you own is paid for and you have no dependents, it’s possible that life insurance isn’t critical in your situation. Critical illness insurance provides coverage in the event that you get a critical illness and are unable to work. Again, this type of insurance is particularly important if you are the main breadwinner and have dependents.
An insurance broker can help you figure out what your personal needs are. Insurance brokers aren’t affiliated with any one particular insurance firm – they are regulated by the state – so your broker can help you get the best rate by checking with multiple firms on your behalf. An insurance agent is different – they are a representative of an insurance company, so they are trying to sell you insurance from their firm. Stick to a broker if you can find one in your area. Insurance brokers can help ensure that you have the correct coverage for all your money management needs.
