Avery Independent ScInsurance is something everyone needs but hopes to never use. Without insurance, already difficult situations could be made much worse and cause financial devastation.
Certain types of insurance may not be necessary for everyone, but other types are almost universally necessary regardless of the policy holder’s particular situation. The following are some examples of insurance policies everyone should have. Health insurance Everyone needs health insurance. The out-of-pocket costs for routine medical examinations can be quite high, and testing, hospitalization or surgery can take quite a toll on a person’s finances if he or she has no health insurance. In fact, a recent Harvard study noted that most people are statistically one serious illness away from bankruptcy. Shopping around for adequate coverage and the most affordable plans for one’s situation is essential, as even minimal coverage is better than nothing when it comes to offsetting the rising costs of health care.
Life insurance Life insurance is something most people will never benefit from personally, but it leaves a financial legacy for the people they love, providing for those they leave behind. Parents or men and women who are the sole breadwinners in the household can rest easy knowing their life insurance will keep their loved ones financially secure in the event of their death. According to the financial resource Investopedia, individuals need to factor in mortgage or rent payments, loans, funeral expenses, child care, and taxes when calculating how much life insurance coverage they need. Experts suggest 10 times one’s yearly income.
