3 insurance types you didn't know you needed
Paying an insurance bill each month can often feel like a thankless task. That's because with most other bills you receive a service or item in return. While there is no tangible service or item one can access each month, insurance payments work differently by guaranteeing protection in case of an emergency or accident.
While this may feel unnecessary when writing a check each month, anyone who has ever needed to file an insurance claim knows that the protection provided is priceless.
With that being said, there are a variety of insurance types many Americans haven't considered (or don't know enough about) that could further help reduce their stress and alleviate potential financial burdens.
3 insurances types you didn't know you needed
Here are three insurance types you didn't know you needed (but could still benefit from having).
Life insurance
Life insurance can protect your loved ones by providing a lump sum of money to your beneficiaries after you die. Payout amounts range from tens of thousands of dollars to millions, depending on what your premium is and the type of life insurance you have.
Some working adults may already have minimal life insurance protection from their employer. Depending on their circumstances, however, that may not be enough. Supplemental life insurance may also be required to help fill in gaps.
If you're married, own a home, have children, or otherwise have dependents or significant financial obligations and debt then you should have a robust life insurance policy in place to protect your loved ones. With the right policy, you may even be able to tap into it for some additional cash.
Speak to a life insurance expert who can help you build a comprehensive plan now.
Pet insurance
If you don't have a dog or cat then you can skip to the next one. But if you're one of the tens of millions of pet owners in the U.S. then you should look into the advantages that pet insurance provides.
In exchange for a monthly fee to a provider, owners can rest assured knowing that their pet has medical care and that they have the financial safety net to get through any emergencies. Pet insurance plans can be comprehensive (which tends to be pricier) or they can just cover accidents (which tends to be cheaper).
Either way, pet insurance has multiple benefits worth exploring. Get started with a protection plan for your furry friend now!
Travel insurance
Whether you're heading home for the holidays or just looking to book a long weekend getaway, it pays to secure your trip with travel insurance. There are multiple reasons to get travel insurance but here are three to know:
- It can help cover emergency medical treatments
- It can cover you if you need to make a last-minute cancellation
- It can offer protection amid inconveniences or mishaps
Still not convinced? Think about how much you've already paid for your hotel, flights and any planned activities. Now imagine losing all of that money in case you (or someone you're traveling with) gets sick or has an accident.
It's not cost-effective to skip travel insurance, particularly during the COVID-19 pandemic when restrictions and illness are unpredictable. It's also not expensive (usually around 4% to 8% of your total trip cost).
So speak with a travel insurance professional today and make sure you're insured.
