The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
The Kickass Entrepreneur
Subscribe
The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
  • All Blogs

Types Of Insurance Policies Everyone Should Have

  • June 20, 2022
  • 1.4K views
  • 5 minute read
  • Meg Rivera
deck of folders with insurance word on it
Share
Tweet
Share

Protecting your assets is a great first step to stabilizing your finances. The best kind of insurance policy will stretch quite a bit to help you secure your possessions and your potential earning power.

It’s impossible to prevent unexpected events from occurring. But sometimes there are steps we can take to protect ourselves and our loved ones from experiencing a lot of the financial fallout.

There are many types of insurance available today. However, there are several insurance policies that everyone should have in case the worst was to happen.

Let’s get straight into this list.

Automobile Insurance

Nearly all states require drivers to have automobile insurance by law. The few states that don’t have this requirement still hold all drivers financially responsible for the damage or injuries that they might cause if they get into an accident while driving.

Auto insurance will cover these expenses and will help to keep you safe from the legal action that may follow the accident. This type of insurance also protects your vehicle from natural disasters, vandalism, and theft.

But, like other insurance types, the total cost will be determined by your circumstances. You should check out Assurance car insurance to find the best auto insurance coverage. Make sure to keep checking these quotes to see if you can qualify for a lower overall rate.

If an accident you’re involved in results in property damage or inflicts an injury onto someone, you could be subjected to a lawsuit that may cost you everything that you own. These accidents might occur quite quickly and often yield tragic results.

Life Insurance

Life insurance should be high at the top of your required insurance priority list. Life insurance protects the family members that are financially dependent on you in the case of your unexpected death. This could include children, a spouse, parents, or other loved ones.

Robert Schmidt with Burial Insurance Pro’s notes “one of the most important reasons to have life insurance coverage is to help offset a mortgage payment, outstanding debt, and to address your funeral expenses.  They are mortgage protection and burial insurance options that almost everyone can medically qualify for.  Not to mention, premiums are affordable and will fit your financial budget.

The two basic types of life insurance you can choose from include term life, which covers you for a set amount of time, and traditional whole life which can be used as an insurance instrument and an income tool (provided you don’t miss a payment for your monthly premiums!)

When looking at taking out a new policy, you should opt for one that pays out 10 times the total of your yearly income to ease financial burdens. You must factor in:

  • Your age
  • Your occupation and your total yearly income
  • The total of your family’s daily living expenses including credit card debt, child care, taxes, and future college tuition
  • The number of years you plan to stay employed
  • The total cost of the burial

Long-Term Disability

Suffering a long-term disability (LTD) caused by an injury can often be completely life-changing. It’s in our nature to hope that nothing too bad will happen to us, but simply relying on hope isn’t the most effective way to live your life. This is why you should ensure you have an LTD insurance policy.

Even if you think you’ll never need one, it’s always a good idea to invest so that you are covered if you cannot continue to work.

LTD provides a significant monetary benefit that isn’t generally covered by health insurance. Many employers offer short and long-term disability insurance policies as part of a benefits package, which is the best for disability coverage.

You need to consider:

  • That the policy that can guarantee income replacement is optimal
  • That you read the fine print of a document to ensure you fully understand what you are committing to
  • That the total cost of disability insurance is based on factors like your lifestyle, age, and health

To receive all of the benefits of long-term disability insurance, the disability must have occurred once the policy has been issued, and typically after a period of waiting. Relevant information including medical records must be issued to the insurer for their consideration.

Health Insurance

Medical care costs are soaring more than ever before, making health insurance a necessary part of life. A quick visit to your family doctor might result in a huge bill that you might not be able to afford.

If you were to sustain a more serious injury that causes you to check into the hospital for a few days, you could generate a bill that puts you in dire financial straits.

If you sustain an injury that requires surgery to fix, you could have a medical bill that extends well into the tens of thousands and matches the price of a one-week all-inclusive holiday to a five-star resort.

It’s a known fact that health insurance isn’t cheap. But the potential cost of not having coverage if you were to experience such an injury could be much higher without an insurance company to contribute towards your bill!

Homeowner’s Insurance

Having to replace your home can be expensive but knowing you have the right insurance to cover you will make the process a little smoother. Look for a policy that covers the total replacement cost for the structure and contents of your home, and one that covers the cost of temporary accommodation while you’re home is being repaired.

Rebuilding costs don’t need to include the cost of the land as you already own it. Realistically, depending on how old your home is and the interior contents, replacement costs could be greater or less than the total price that you paid.

For an accurate estimate, you should inquire about the amount local builders would charge you per square foot, and then multiply it by the amount of space you’ll need to replace. Also factor in the costs of special features and upgrades.

You also need to ensure the policy completely covers liability costs for injuries that may occur on the grounds of your property.

Summary

From covering medical bills to securing the contents of your home, these are the important types of insurance policies that everyone should have. Loss is inevitable in this game we call life, but having insurance limits the overall degree of impact these losses have on our daily lives.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

Related Posts:

  • What Types Of Insurance Should Every Cyclist Consider?
  • 7 Types of Insurance for Real Estate Investors
  • Why You Should Get Jewelry Insurance: A Blog on How Insurance Protects You…
  • 6 Types of Software Every Business Needs
  • How Many Types of Bridging Loans Are There?
  • 6 Types Of IT Services That Your Business Might Need
Share
Tweet
Share
Meg Rivera

Previous Article
man smiling
  • All Blogs

Are Movies Better Than Books?

  • June 20, 2022
  • Frances
View Post
Next Article
a woman writing and in front of a laptop
  • Marketing

How-To Guide on Sales Content Writing

  • June 20, 2022
  • Meg Rivera
View Post
You May Also Like
Net worth percentile calculator canada
View Post
  • All Blogs
  • Create Wealth (Investing)
  • Financial and Investment Calculators and Economic Data

Net Worth Percentile Calculator for Canada Including 23 Wealth and Income Statistics for 2023

  • September 28, 2023
  • Jeff Wiener
crashed car
View Post
  • All Blogs

A Comprehensive Guide For HR Professionals Navigating Car Accidents In Company Vehicles

  • September 28, 2023
  • Frances
man touching a woman's shoulder
View Post
  • All Blogs

Addressing Emotional Distress from Sexual Harassment in San Diego: A Legal Perspective

  • September 20, 2023
  • Meg Rivera
writing
View Post
  • All Blogs

8 Essential Steps for Impeccable Essay Proofreading and Editing

  • September 20, 2023
  • Meg Rivera
Net Worth Percentile calculator USA
View Post
  • All Blogs
  • Create Wealth (Investing)
  • Financial and Investment Calculators and Economic Data

Net Worth Percentile Calculator for The USA Including 23 Wealth and Income Statistics – 2023 Data

  • September 19, 2023
  • Jeff Wiener
Net worth by age percentile calculator for Canada
View Post
  • All Blogs
  • Financial and Investment Calculators and Economic Data

Net Worth By Age Percentile Calculator for Canada with 2023 Data

  • September 9, 2023
  • Jeff Wiener
Income Percentile Calculator by Province for Canada
View Post
  • All Blogs
  • Financial and Investment Calculators and Economic Data

Income Percentile Calculator by Province for Canada Including 28 Income Statistics – 2023 Data

  • September 8, 2023
  • Jeff Wiener
waste disposal
View Post
  • All Blogs

Dumpster Diving: A Guide to Efficient Waste Disposal

  • September 6, 2023
  • Meg Rivera

Join 6,472 Entrepreneurs That Get My Business Building and Wealth Creation Posts by Email

I can teach you how to build a successful, profitable business, and turn that into millions in personal wealth.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

We won’t send you spam. Unsubscribe at any time.

Recent Posts
  • online presence 1
    Top 10 web development companies in Dubai
    • October 2, 2023
  • using laptops 2
    How to Use Images Effectively on Social Media: Your Essential Checklist
    • October 2, 2023
  • 3 Things Entrepreneurs Can Learn from the Online Gaming Industry
    • October 2, 2023
  • content marketing AI 4
    Staying Alive in Content Marketing: How AI Paraphrasing Can Help?
    • October 2, 2023
  • graph pointing 5
    10 Proven Strategies for Scaling Your E-commerce Business
    • October 2, 2023
Featured Posts
  • Become a Decamillionaire
    How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club
  • how to become wealthy
    The Entrepreneur’s Secret to How to Become Wealthy and Build a Personal Fortune
  • Most Profitable Small Businesses
    27 of the Most Profitable Small Businesses to Open in 2023
Categories
  • All Blogs (1,078)
  • Business (421)
  • Canadian Financial Products (4)
  • Create Wealth (Investing) (134)
  • Entrepreneur Interviews (27)
  • Featured Post for Main Menu (4)
  • Featured Top Posts (23)
  • Finance (115)
  • Financial and Investment Calculators and Economic Data (120)
  • Fitness (10)
  • Growing Profits (72)
  • Growing Revenues (71)
  • Growing Revenues (115)
  • Marketing (162)
  • Millionaire and Business owner interviews (3)
  • Positive State of Mind (69)
  • Real Estate Investing (17)
  • Retirement (13)
  • Reviews (13)
  • Sales (16)
  • Sell Me This Pen (8)
  • Selling your Business (13)
  • Starting a Business (1)
  • Startup Ideas (18)
  • Technology (200)
  • Top Products (4)
  • Uncategorized (62)
Follow us
Author
Jeff Wiener
Jeff sold his company to private equity in 2017 and is now semi-retired. Jeff spends time…

    CHECK OUT MY BLOG, AND SUBSCRIBE

    about
    The Kickass Entrepreneur

    Expand Your Business, Improve Profits, Create Wealth

    Expand your business, improve your profits, and create wealth. Each one of the three can be elusive goals. Follow the right steps, and you, too, can create financial independence. It is possible … you just have to take the right steps.
    NAVIGATION
    • About
    • Blog
      • All Blogs
      • Create Wealth (Investing)
      • Entrepreneur Interviews
      • Featured Top Posts
      • Growing Profits
      • Growing Revenues
      • Marketing
      • Positive State of Mind
      • Real Estate Investing
      • Retirement
      • Sales
      • Selling your Business
    • Book
    • Courses
    • Podcast
    • Resources
    • Contact
    TAGS
    apartment BATNA Business business failure business growth business sale Capitalization Rate CAP Rate cash cash flow Creating Wealth Discipline entrepreneur entrepreneurship excel extra cash Featured goal setting Growing Business investing investment real estate M&A marketing Marketing KPIs Mergers and Acquisitions | M&A | Entrepreneur Blog Millionaire millionaire next door mistakes MUR Peter Principle Profit profitability real estate retirement revenue Revenues sales sales management Semi-Retirement Blog | Entrepreneur Blog | Small Business Blog small business Stagnant stocks success Thomas Stanley wealth
    RECENT ARTICLES
    • Net worth percentile calculator canada
      Net Worth Percentile Calculator for Canada Including 23 Wealth and Income Statistics for 2023
      • September 28, 2023
      • One comment
    • Net Worth Percentile calculator USA
      Net Worth Percentile Calculator for The USA Including 23 Wealth and Income Statistics – 2023 Data
      • September 19, 2023
      • One comment
    • horse jockey
      Top 5 Most Successful Horse Racing Jockeys Ever
      • September 8, 2023
    • man and papers
      Active vs. Passive Investing: Which Is Right for You?
      • August 8, 2023
    • seoul
      How Seoul Internships Shape Your Professional Journey
      • July 24, 2023
    • casino
      Empower Yourself With These 5 Lifelong Skills For Success In Casino Business
      • June 23, 2023
    The Kickass Entrepreneur
    • Coaching
    • Book
    • Blog
    • Contact
    • Privacy Policy
    • Terms
    • Disclaimer
    • Facebook
    • LinkedIn

    Input your search keywords and press Enter.