It is highly unlikely you will ever need every product on the current market, so making the right decisions on which insurance you need depends on your individual lifestyle.
(includes building, contents, renter and landlord)
Building insurance is a legal requirement for owning a home and all other home insurance types are recommended in case of burglary or catastrophic events.
What It Covers
Home repairs due to catastrophic events, including storms, flooding or fire.
Loss and Damage of Possessions
What It Doesn't Cover
General wear-and-tear
Properties unoccupied in excess of 60 days
Other Items of Note:
Premiums may rise the year following a claim
Some items have a limit amount that can be claimed
Car
(includes Third-Party, Comprehensive, Fire and Theft)
You are legally required to have car insurance if you own a car. Which type of insurance is up to you.
What It Covers
People involved in an accident
Damage to other people's property
Repairs and replacement in case of theft or fire
Personal injury claims
What It Doesn't Cover
Deliberate or self-inflicted damage
Other Items of Note:
Driving without insurance could lead to the termination of your license or jail
Can be expensive for your and/or new drivers
Health
(includes private, dental, and Medicare)
Health insurance isn’t required, but is highly recommended especially for catastrophic events, injury or unexpected diseases.
What It Covers
Routine Check-ups
In-Patient Treatments
Some out-patient treatments
Day-Care Surgeries
Pre-existing conditions
Pregnancy
What It Doesn't Cover
Chronic Illnesses (such as depression and mental health)
Cosmetic and elective surgeries
Other Items of Note:
Reimburses the cost of medical bills should you pay out-of-pocket
You will be taxed a substantial fee if you go without health insurance
Life
(includes Term, Whole and Universal)
If you family depends on your income for mortgage or living expenses, having some level of life insurance is highly recommended.
What It Covers
Death
What It Doesn't Cover
Inability to work due to illness or disability
Other Items of Note:
Life insurance offers high coverage at a low cost if you're young and healthy
Pays dependents a lump sum or regular payments
Final Expense
Final Expense insurance is recommended for those who wish to lessen the financial burden after one’s death.
What It Covers
Non-forgivable debts and expenses
Funeral expenses
Burial expenses
Medical Bills
Credit card debt
What It Doesn't Cover
Costs not associated with final expenses
Other Items of Note:
May take advance payments for treatments of terminal illnesses
Most do not require a medical exam
Designed for older, unhealthy individuals
Disability
(includes Long-Term, Short-Term, Mortgage and individual Credit)
Disability insurance is recommended if you are unemployed (and looking for work) or need more coverage than what your current employer may provide.
What It Covers
Non-work-related illness or injury
Elective surgery
Pregnancy/childbirth
What It Doesn't Cover
Work -related disabilities (except which is prescribed by law)
Other Items of Note:
Payable for a maximum of 52 weeks
An independent medical exam may be required to determine eligiblity