5 Benefits It’s Not Smart to Live Without

Most people are capable of making their own decisions, but that doesn’t mean that all decisions are the right ones. There are certain benefits out there that are readily available to individuals, and it’s important to take advantage of them when possible. While there may be reasons you avoid having insurance, for instance, there are more benefits associated with having it than not having it. Take a look at the following five benefits it’s not smart to live without.

Health Insurance

President Obama tried to force everyone to have health insurance through Obamacare. While this program has its advantages and disadvantages, the goal was simple: to ensure everyone in the US had access to affordable healthcare. While premiums are high and often continue to rise, having insurance can actually benefit your healthcare needs. For instance, it can reduce your out of pocket expenses at the doctor’s office, and it can even make it possible for you to receive healthcare that would otherwise not be available. There are different healthcare options out there, so be sure to do your research to determine the best path for you.

Car Insurance

Car insurance is another benefit people often overlook. After all, some people simply claim that it’s too expensive, especially if you have dings on your driving record. However, car insurance also comes with options. You can pay more to have full coverage on your vehicle, or you can pay less to have liability insurance. You can even insure a self-driving vehicle. There are pros and cons to both, so again, do some research. However, having car insurance can help reimburse you for a damaged vehicle due to an accident, or it can even help you cover medical costs if you are injured in an accident.

Life Insurance

Your life is worth more than you know, and most people want to ensure their loved ones are protected in the event of death. For most people, determining how much life insurance to take out will depend on your needs. Most married people take out enough to pay off their home and send children to school, while others simply want enough to cover the cost of their own funeral. You can talk with a financial advisor or insurance agent about the right amount of life insurance for your specific needs, but with low monthly deductibles, it’s a great investment to have.

Short/Long-Term Disability

This option may not be available to everyone based on your current healthcare coverage, but if given the option, invest in short/long-term disability coverage. This insurance program allows you to receive a portion of your paycheck should you become too injured to work. These programs do have timelines, so most cannot exceed anywhere from six to 12 months; however, it’s always good to know you can still pay your bills if something unfortunate were to happen to you.

Homeowners’/Renters’ Insurance

If you own/rent a home, it’s a good idea to take out homeowners’ or renters’ insurance. This covers your home and your assets in the event of damage, such as a flood or fire, and even in the event of a burglary. The cost for your coverage will depend on your home’s value as well as the value of your assets, so talk with a professional about the right choice for your needs.

It may seem as if there is an insurance coverage for everything, but that’s not necessarily a bad thing. By investing in the above-mentioned benefits, you can create peace of mind for yourself and your family should anything ever happen.

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