If there’s something that’s certain about life, it’s that it’s uncertain.
How do you prepare for life’s uncertainties? Are you the kind of person who lives one day at a time, hoping for the best and praying the worst doesn’t happen? Or are you the cautious person, always planning ahead and looking for ways to battle life’s adversities?
If you’re the latter, you’ve probably looked into buying some of the best insurance policies. You likely have health insurance, home insurance if you own a home, and car insurance if you own a car. While it’s prudent to have these policies, did you know there are other types of policies that are just as important?
In this article, we’re telling you about some of the not-so-popular insurance policies that you need to buy. Read on!
1. Income Protection Insurance
Before the COVID-19 pandemic reached our shores, income protection insurance wasn’t heard of. But considering the economic effects of the coronavirus, it’s easy to see why it’s not just businesses thinking about income protection. Whether you’re an employee or an entrepreneur, it’s critical that you have a plan for your income should anything take it away.
This is where income protection insurance comes in.
In most cases, income insurance complements disability insurance. It replaces your income (or a portion of it) should anything that interferes with your ability to earn an income happen. For example, if you become permanently disabled and thus unable to have a productive life, your income protection insurance will kick in.
Business income insurance works in a similar way, but it’s designed for business owners. When your business suffers actual loss following an insured event, you’ll receive compensation.
2. Life Insurance
About half of all American adults don’t have any life insurance and among those who do, the majority are underinsured.
Life insurance might not strike you as an important type of insurance, especially if you have a decent income. After all, you don’t benefit at all from life insurance – only your beneficiaries do – and you might not have any!
But life insurance is incredibly important. Even if you’re financially well-off and don’t have any dependents, it’s important to insure your life. Rates are lower when you’re younger and you can’t tell what’s in your future. It’s much better to buy life insurance right now even when you don’t need it than to buy it in the future when you absolutely need it.
3. Pet Insurance
85 million American households have a pet.
In case you hadn’t noticed, your pet is now pretty much an important family member. You probably throw birthdays for your pet, buy it premium food, and whatnot.
Have you thought about insuring your pet, though?
If not, it’s high time you bought pet insurance. Prices at the vet are increasing by the day and you don’t want to be caught off-guard with a hefty bill when your pet falls ill. Pet insurance will come to your rescue when that happens.
Some pet insurance plans cover pet injuries and theft as well.
Get These Best Insurance Policies
Insurance is a great risk management tool. However, to make the most of insurance, you need to know the policies that are worth buying and those that aren’t. There are the usual plans, but be sure to add these best insurance policies to your budget.
Keep reading our blog for more helpful tips.
