According to research, 137 million Americans are burdened by medical debt. At the very least, worrying about being unable to pay for emergency treatment is enough to keep many people awake at night.

Everyone must have an insurance plan to protect them financially in the case of an emergency. Coverage gives you the reassurance you need.

Keep reading as we break down the different insurance policies you should have and why.

Life Insurance

The types of life insurance policies include whole life, term life, universal life, extended term, joint life policies, and more. Whole life insurance policies provide a guaranteed death benefit.

It can also accumulate cash value on a tax-deferred basis. Term life insurance offers a lower premium, without any cash value but with a guaranteed death benefit.

Universal life insurance allows more flexibility in setting premiums and the amount of coverage. Extended-term insurance policies provide more coverage and longer term than term life policies.

Joint life policies benefit two people. This is usually spouses, with both named insureds helping in the event of either insured's death.

Insurance advisors will take the time to explain the different types of coverage and the different policy terms. Get a hold of the information you need; click here to make an informed decision.

Health Insurance

Two of the most popular types of health insurance are health maintenance organizations (HMOs) and preferred provider organizations (PPOs). Typically, an HMO plan has lower monthly premiums.

With a PPO plan, patients are more flexible and can visit a more comprehensive selection of doctors, but more services cost out of pocket. Whereas with an HMO, most services are covered.

Car Insurance

Car Insurance is a type of insurance policy that helps to protect drivers from damages caused by an automobile accident. It can provide coverage for medical expenses, repairs, and even legal fees.

Liability Insurance is the most common type of policy. It covers damages caused to other drivers and their property in the event of an accident.

Collision Insurance will cover damage to the policyholder's vehicle and towing or rental car fees. Comprehensive Insurance is designed to cover damage caused by fire, theft, or falling objects. 

Homeowners Insurance

Homeowners insurance is specifically designed to protect individuals and families. It protects you from any potential financial losses or liabilities due to damages, accidents, or even disasters.

There are four types of homeowners insurance policies. This includes HO-1, HO-2, HO-3, and HO-5 policies.

HO-1 is the most basic policy and is typically the cheapest. HO-5 is the most comprehensive and, therefore, the most expensive. 

Business Insurance

Business insurance generally covers property, liability, and business interruption losses. It is a valuable tool for any business owner to have as it can protect the financial stability and future of their company.

There are different types of business insurance policies. It may include professional liability, property, and workers' compensation insurance.

Professional liability may help protect against lawsuits brought by customers. Property insurance may help repair damage to the business premises. 

Get the Types of Insurance That You Need

Insurance is crucial to protecting yourself and your family against financial hardship. Explore the different types of insurance policies and how they might fit into your particular situation or budget.

So you can ensure you have the right coverage. Speak with an insurance specialist today to learn more.

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