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INSURANCE

Life insurance for young couple

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.

Common Insurance Types

Home

(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

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