Important Types of Insurance
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5 Important Types of Insurance You Should Have

It is good to know the important types of Insurance, why?

Having Insurance is necessary for the protection of yourself, your family and your assets. Choosing the right insurance policy at the right time is equally important.

In this article, we discuss some important types of Insurance you should have.

Important Types of Insurance: Life Insurance:

This type of insurance protects your family and loved ones financially, in the event of your demise. If you have a family that depends on you financially, then you should get this insurance. This will help reduce the financial burden such an unexpected event can cause to the family.

Long-term Disability Insurance:

This insurance covers part of your income monthly if an injury or illness prevents you from working. If you are a salary earning employee, you should get this insurance, especially if it is your only source of income.

Health Insurance:

The cost of healthcare is on the rise with each passing day. This makes having health insurance even more important now.

Some people get some form of health insurance through their jobs. In countries like Nigeria, the government provides a form of health insurance for its public and civil servants through health schemes.

Nevertheless, if your job doesn’t provide you with any health insurance or the one it provides is limited, you should search for a good health insurance policy for yourself. Doing that will save you from the costs of health treatments.

Homeowner’s insurance

If you have a house, this insurance is a necessity for you to have. It may mean you don’t remain homeless or that you don’t spend your savings if your house gets destroyed or damaged. Natural occurrences, like earthquakes, hurricanes, floods or fires can make you lose your home. However, if you have Homeowners insurance, your building can be easily repaired or replaced.

Important Types of Insurance: Renters Insurance:

Similar to Homeowners Insurance, this one is for those renting a house. It covers your property in a rented house in case of disaster.

Automobile/vehicle Insurance:

As the name implies, this covers the cost of vehicle repairs in case of an accident. Many countries have laws that mandate automobile owners to have this type of insurance. Even if it is not mandatory in your area, you should still get one. It may help you avoid a lawsuit that could cost you everything you own if you damage someone’s vehicle or injure them.

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