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6 Insurance Policies Every Family Should Consider

Insurance can appear confusing, complex, and generally not interesting to discuss, so it’s often overlooked. However, purchasing the suitable policies is vital to a healthy monetary life, especially if you have a family.

Furthermore, in life we encounter unexpected events, and while we can’t stop them from taking place, we can opt for protection.

Bear in mind that various insurance options exist, and it can be hard to establish what you actually need. Here’s a list of policies every family should consider.

Life Insurance

This insurance policy will offer income to your loved ones upon your demise. The policy is very important especially if your family is dependent on your income to pay the bills.

According to industry experts, the policy should cover 10 times your annual income. The sum would offer sufficient funds to cover existing costs, funeral expenses while giving your family a monetary cushion.

In turn, the cushion will help them re-group after your demise. When approximating the amount of life insurance you require, it’s important you include mortgage payments and living costs, for instance credit cards, loans, child care, and taxes.

The two primary types of this insurance are permanent and term. Term is less costly and is suitable for young families that don’t wish to spend on a lifetime policy. On the other hand, permanent insurance lasts a lifetime. It’s a good option for persons who require cash flow at their demise.

It’s important you conduct research or consult an expert to ensure you select the ideal policy, otherwise you could waste considerable money and leave your family unprotected.

Health Insurance

The increasing cost of health care is enough reason to make health coverage a necessity. Bear in mind that a simple visit to your family doctor could result in a large bill while more severe injuries that lead to a hospital stay and those that need surgery can easily put your family in a financial strain.


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Fortunately, health coverage saves you the hassle of arranging a huge amount of money in a short period if necessary. Although the ever-soaring cost of health coverage is a financial burden for nearly everyone, the probable cost of lacking insurance is much higher.

Homeowners Insurance

Replacing a home is a costly proposition. Nevertheless, having the right insurance can make the process easier. When shopping for a homeowners policy, seek one that covers the structure’s replacement and contents along with the cost of relocating temporarily while your home is under repair.

Bear in mind that the rebuilding cost doesn’t have to include the land cost because you own it. Depending on your home’s age and the amenities it has, the replacement cost could be less or more than what you paid for it.

To obtain a precise estimate, establish the amount local builders charge per square foot and then multiply the number by the amount of space you’ll require to replace.

Don’t forget to consider the cost of special features and upgrades. You should also ensure the policy offers sufficient coverage for any liability on your property.

Disability Insurance

People tend to neglect disability insurance than other types yet it’s one of the most significant kinds to purchase, especially for young families.

Your capacity to work and earn an income is a big asset. Therefore, disability at a young age and the inability to work and earn a salary over your lifetime is perhaps the biggest loss you could face.

This insurance offers income-typically about 60% of your previous earnings, but it differs across policies. Investing in this coverage is a small cost to pay if you’re faced with a devastating injury or illness, so consider it.

Automobile Insurance

In most places, the law requires some level of car insurance, so you shouldn’t skip it. While most states don’t require drivers to have coverage, most have requirements concerning financial accountability in case of an accident.

It’s important to note that numerous states conduct random checks periodically for insurance proof. If you lack coverage, the fines can differ and can range from license suspension to hefty fines.

Long Term Care Insurance

This insurance helps pay for expensive elder care costs for persons with disabilities, chronic illnesses, or other conditions that require daily attention. Although health insurance covers doctor and hospital bills, it doesn’t include things such as assisted living, nursing homes, and home care, which are very costly.

Final Thoughts

Insurance policies are available in various sizes, shapes, and boast varied features, prices, and benefits. It’s important you shop carefully and consult the agent to ensure you understand the cost and coverage.

You should also ensure you purchase adequate coverage and don’t sign until you’re satisfied with the purchase.

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