Wednesday, September 01, 2010

Why You Need Insurance

September is National Insurance Month and according to the Chicago Tribune, 70 million Americans are underinsured and sixty percent of full-time workers are uninsured. A study by Harvard University researchers found that 50% of all bankruptcy filings were partially the result of medical expenses. Many people go into debt and have bad credit due to unpaid medical bills. If you become unemployed or you become ill you could end up in mounds of debt or lose your home to foreclosure. If you are employed you should have at least basic health insurance no matter what your salary. Three benefits to having insurance:

1. Protects against harm to something or someone
2. Can be used to reimburse for a loss that occurs
3. Saves you money in the future

There are several types of insurance available: life, health, auto, fire, home, dental, flood, disability (short term and long term), and many more. The 3 most important types of insurance everyone should have are: disability, life and health.

Disability insurance is used if you have a short-term or long-term medical condition that prevents you from working and ensures that you still continue to receive a paycheck, usually at least 60% of your salary. Life insurance is used if a family member dies. Health insurance is needed if you require medical treatment or preventive care.

If your employer does not provide health, life or disability insurance you can purchase insurance on your own. When buying insurance comparison shop to find the best rate. Go to eHealthInsurance to get quotes on affordable health insurance.

If you need health insurance for your children visit the Insure Kids Now site. For information on disability insurance visit the Assurity company's website. If you cannot afford to purchase health insurance make sure you get enough rest, eat well and exercise. Try to get a part-time job to pay for health insurance premiums.

If you cannot afford to purchase additional types of insurance such as home owner's insurance, auto or fire insurance, you can save money by purchasing bundled packages for several insurance policies with the same company such as insuring multiple cars with the same insurance company or ask for discounts to save money.

Having insurance will save you money in the future and help you get over any financial crisis you may experience.

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