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Everything You Wanted To Know About 5 Insurance Policies . Jan 08

 5 Insurance Policy: Protecting your most important assets is an important step in a sound personal financial plan. A good insurance policy can help protect your earning power and wealth. In this article, we'll cover five must-have principles.

1. Long Term Disability Insurance

The outlook for Long Term Disability (LTD) is so bleak that some people ignore it. Instead, choose disability insurance that provides enough coverage to allow you to enjoy your current lifestyle even if you can no longer work.

Long Term Disability provides a cash benefit equal to a portion (such as 50% or 60%) of the insured's wages for the insured's disability. To receive benefits, the disability must have occurred after the policy was issued, usually after a waiting period. In many cases, medical information certified by a doctor must be submitted to the insurance company for verification.

Most long-term disability contracts classify disability as self-employed or occupational. Self-employed means that the insured is unable to hold a regular job or an equivalent job due to a disability. Employment means that the insured is unable to perform a qualifying job due to a disability.

Similar to short-term and long-term disability insurance, workers' compensation or workers' compensation insurance provides cash benefits to employees who are injured or disabled while working or performing their duties. An employee cannot sue an employer for negligence.

Long Term Disability and Workers Compensation covers disability, but long term disability is not limited to disability or injury.


Life Insurance

Life insurance protects people who are financially dependent. If your parents, spouse, children, or other loved ones face financial hardship after your death, life insurance should be at the top of your list of essential insurance policies. Consider (and how many years you want to be employed) and get insurance to replace that income in the event of an early death. Include funeral costs, as unexpected expenses weigh heavily on many families.


Rising medical costs are reason enough to compel health insurance. Even a simple visit to your GP can result in a large bill. A more serious injury could land her in the hospital with a bill higher than her week's stay at a luxury resort. An injury that required surgery could soon cost him five figures. The cost of health insurance is a financial burden for almost everyone, but the potential costs of not having health insurance are greater.

4. Home insurance

Moving is expensive. Adequate home insurance can facilitate this process. When buying a policy, look for one that covers structural and physical replacements in addition to living expenses while the home is being repaired.

Do not include the cost of your land in your renovation costs.

Depending on the age and equipment of the house, it may be higher or lower than the replacement cost. To get an accurate estimate, find out how much your local builder charges him per square foot and multiply that number by the amount of space you need to convert. Don't forget to factor in the cost of upgrades and special features. Also make sure your policy covers the cost of liability damage to your property. is also required. Luckily, renters insurance is a type of property insurance for people who rent or rent out their property. This insurance covers insured damages, personal effects, liabilities and other living expenses.

There are two types of property casualty insurance, homeowners insurance and renters insurance. However, home contents insurance does not cover the renter's personal items. That's why it's important for renters to have home insurance to protect their property.

Tenant insurance is different from homeowners insurance, but has similar elements. A is an apartment, B is other buildings, C is personal property, and D is additional living expenses to cover medical expenses. ,

The price of A and B coverage is usually $0 because the renter is not responsible for insurance of the house or other building.

Cover C covers the lessee's personal belongings. Cover D provides additional living expenses in the event of a claim. For example, if a tenant is forced out of their home by fire, Cover D will cover their living expenses elsewhere. B. Hotel and meals

Insurance E covers injuries and property damage to the insured, and Insurance F covers medical expenses for guests of approved building tenants.

5. Auto Insurance

In most countries, a reasonable level of auto insurance is required by law. You shouldn't skimp on car insurance, even if you don't need it and are driving old crap you've paid for over the years...you shouldn't. If you are involved in an accident and someone is injured or property is damaged, you could be sued and it could cost you everything. Accidents happen quickly and the consequences are often tragic. If you don't get car insurance or buy the bare minimum of coverage, you're saving very little money and risking everything.

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