Wednesday, March 07, 2012

The Importance of Insurance

According to the Cover the Insured website one of the highest age groups that are uninsured range from ages 21-44. Sixty-one point nine percent (61.9%) of full-time workers are uninsured.

If an unexpected event occurs that causes you to lose your job or become ill you could end up homeless. You should have some type of insurance no matter what your salary. Here are 3 benefits to having insurance:

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

There are several types of insurance available: life, health, dental, home, auto, fire, flood, credit card insurance, disability (short term and long term), and many more. The basic types of insurance everyone should have are: health, life and disability. All three actually work together. Health insurance is needed if you develop a health condition or need to go to the emergency room.

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 in the event a family member dies.

When buying insurance it is best to comparison shop. A website you can use to comparison shop for insurance is and You can visit the Better Business Bureau's website at to search for companies and view their reliability report. If your employer does not provide health insurance, life or disability insurance you can purchase insurance on your own. Go to or to find information on affordable health insurance.

If you need health insurance for your children visit For information on disability insurance visit or If you cannot afford to purchase insurance make sure you get enough rest, eat well and exercise. Try to get a part-time job to pay for insurance costs.

If you are able to purchase additional types of insurance such as home owner's insurance, auto or fire insurance, it is best to purchase bundled packages or similar insurance policies with the same company (such as insuring multiple cars with the same insurance company). Many companies give you a discount if you purchase multiple products but you have to ask for it. Purchasing bundled packages or multi-line policies can result in a savings of 1% to 20% depending on the company versus buying home owner's insurance with one company and auto insurance with another company.

1 comment:

Chris from said...

Having insurance protection is certainly important these days. You may resent having to pay a monthly premium but at least you can be sure that your financial security won't be compromised should unfortunate events occur.