It does not mean that when you start earning and gaining a few bucks each day that the basic need will be sustained. In fact, there are also other necessities in life aside from shelter, food, and clothing, which we also need to include in getting through the unexpected moments, especially in times of emergency. For typical workers and individuals who are just earning a decent amount for daily sustenance, they should start investing on the following insurance, which are the most basic, and worth keeping and maintaining. Insurance will cover what is lacking or inadequate for specific areas, which cannot be shouldered by the salary of the individual alone.
10. Risk Insurance
This comes into many forms that involve different types of accidents, which are not just subrogated and included in typical car insurance package. Some of the unknown and unnoticed hazardous locations and situations could be in the form of public transportation or travel insurance. It also covers title insurances for real property and other mortgages that have something to do with public records or documents. Some of the insurances under this category best serve on the kind of occupation that an individual holds like to those who are involved in media, banks, and government.
9. Credit Insurance
When it comes to debt and large purchases using credit cards, risk is found to the lender or credit insurance company who gives a certain or sum of money to credit card holders. Late payments and other penalties are some of the policies that they have established to protect them from delinquent cardholders. Hence, the hassle happens when the person stops paying the interest on the schedule given and allocated. This is the purpose of the credit insurance to save their business from bankruptcy and at the same time, protect their assets to settle those obligations that should have been paid by the card users.
8. Liability Insurance
With the current trend and slope of the economic progress, one could predict that it is still under the recovery process. To those who were affected by the financial crisis that the world had experienced, they could still feel the chaotic effects of it particularly with millions of employees who were working in major financial institutions. Most of them were laid off and retrenched because of the economic condition. This could have been easy if liability insurance is within the reach of the hands of workers everywhere. It would fill all the losses and even damaging effect not just to employees but also to overall operation of the company that would suffer great loss, more than any ordinary employees would. Prompt payment is the solution it gives and it lessens the burdening effect towards employers and employees.
7. Property Insurance
It does not matter if the house that you own is large or small but what really matters is to make sure that this will be kept and protected, especially if you have decided to have few houses that you own to be leased or rented privately. The primary and biggest expense that you could spend is during huge disasters or calamities that could destroy your properties and other assets. Damages and loss could be covered in a full or specific amount if you have a property insurance that would make the difference. You just need to study every insurance company that offer this type of service that would also ensure replacement for worst-case scenarios that could lead to losing your home. Hence, with the right policy and plan, you would be freed from any worries especially that your loved ones could keep the same value if natural disasters strike back.
6. Burial Insurance
Some f us have wished once in our life, because of heavy burdens and problems that we experience each day that we could have our final rest that peace and serenity will be our forever comfort. For you, you could have a final bid but to your loved ones who would receive all the burdens of not just weeping because you have left them but with mountains of expenses associated with death. Are we aware of funeral and burial plans? Is it necessary? Death means also debt to your family who would be losing not just you but money to give you a decent farewell. Plan ahead even if the timetable for you has not yet come where you could leave your family peacefully. Funeral expenses would comfort your family not just once but even years, depending on the kind of plan that they will choose to purchase and maintain.
5. Casualty Insurance
This is not part of the typical road accidents that normally happens while on the road but it is in specific scope of political risks and crime insurance. It covers normally losses such as theft incidents, robbery, and embezzlement. Of course, you can seek justice if the person who made the crime will be caught, punished, and imprisoned. However, the demands of the law to pay all the losses are not really in possible terms for full accountability. Hence, with casualty insurance, even during the hours of operation and work where accidents take place, can be shouldered in full amount according to the extent of the results, especially if physical injuries are manifested and gained. This is more on compensation and especially to workers who cannot produce a large sum of money to pay off responsibilities and obligations.
4. Life Insurance
There is a wrong concept when it comes to an ailment of life insurance. Who is really covered with this program and who would benefit the most? Definitely, your loved ones, particularly with those families who are merely relying financially to the head of the household, are solely working to provide their needs and settle their monthly expenses and obligations. However, if there is sudden loss, that huge responsibility will be extended because of the life insurance. Total protection and financial security is the utmost goal of it for the betterment of the family being left behind.
3. Auto Insurance
This is automatic to those long-time car owners that have just purchased a new car. This is a primary requirement before issuance of driver’s licenses. This is not just a need but mandatory to all drivers. It is up to you to select the kind of insurance that could create a specific umbrella that you would want to reflect to the kind of policy that you have decided to settle.
2. Disability Insurance
The insurance holders or owners know about the real benefit that they could also get for themselves when natural causes for disability happens to them, which may bring up a few complaints. These are aging, hypertension, and untoward accidents that could happen in the home or outside the home, which could impede them to work if they have not yet arrived at the senior citizen bracket where more assistance and support is needed. This is where disability insurance performs its function and purpose for all who are not able physically and mentally.
1. Health Insurance
Health is indeed wealth of individuals because the daily expenses that a typical household could maintain. However, with unanticipated emergencies and health conditions, surmountable expenses for hospital, medicines, and medical supports will be calculated into one that would exhaust all the major resources and could lead to financial debt. With the right program, it could cover the rest of the family and other beneficiaries for huge expenses in medicine and hospital bills that would eliminate debt in the future.
These are basic types of insurance products that we should secure although some of it applies to corporations and businessmen. They are of high value and importance to keep your lives in order, away from all hassle and bustle of problems that the world gives.