Insurance is a safety net, protection against adversity. Yet, the average Joe is reluctant to pay for different forms of this coverage. Why? The perception that sellers of insurance don’t pay on losses deters most people. Unfortunately, this belief sets the platform for financial hardship.
Insurance you should have but probably don’t:
- Pet Insurance. Imagine having to choose between your animal’s life and the cost of surgery for a curable ailment. This dilemma is common for pet owners. As with humans, medical bills for cats/dogs are high. Pet insurance offers a viable option, covering the reasonable and necessary fees for the health care and maintenance of a pet.
- Divorce Insurance. Fact: one-third of marriages in the United States end in divorce. (See FASTATS) As a consequence, one of the parties (usually the female) ends up in poverty. Interested consumers can prevent this outcome by purchasing divorce insurance, which covers attorney fees and other expenditures related to the dissolution of their union.
- Renters Insurance. For individuals residing on another person’s property, purchasing renters insurance may appear trivial. They are unaware that this type of coverage protects the buyer from not only property loss, but also lawsuits brought on by falls and other hazards that happen in the home. In addition, renters insurance is dirt cheap making the omission of having it a crime.
- Medical Payments. A 2010 report indicates that 49.9 percent of Americans have no health insurance. (See CNN By the numbers: Health Insurance) Medical Payments, insurance for medical care related to an auto accident, is an affordable way for drivers to cover themselves and passengers. Depending on the state, it may be called Personal Injury Protection (PIP) which extends payments for lost wages, essential services and funerals.
- Life Insurance. There’s nothing sadder than a man or woman dying without life insurance. The expense of burying them goes to the family as well as the handling of the rest of their affairs. This is a burden that no one deserves. Furthermore, life insurance is the only means to which some of us can ever leave our loved ones an inheritance, so this coverage is worth every penny.
Ready to call your insurance agent? Don’t get caught with your pants down. Protect your assets by adequately insuring yourself. What you pay out in premiums can save you from financial disaster.
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