The future is quite unpredictable, but having the right personal insurance is a great way to prepare for any of life’s curve balls. To get you started on the road to financial protection, here are some personal insurance basics that you need to know about:
- Life insurance – This type of insurance serves as a financial safety net for your loved ones. Your beneficiaries will receive a lump sum that they can use to cover expenses, pay debts, and even save money for the future at the event of your untimely death. Depending on the coverage you purchase, the insurer can also pay out your insurance early if you’re diagnosed with a terminal illness. When determining how much life insurance you need to buy, make sure to take any debts you have and how much your loves ones will need to provide for themselves into consideration.
- Disability income insurance – How long can you survive financially if you got injured and unable to work? Disability income insurance can pay part of your usual income if you ever find yourself unable to work for an extended period of time.
- Health insurance – Will you be able to pay for your medical bills when an unexpected medical emergency occurs? Health insurance can help you pay for any medical bills when something happens to you or to one of your family members.
- Homeowners insurance – If anything happens to your house, you want your family to be given the best protection and assurance in life. You don’t want anything to happen to your livelihood. However, if a weather-related incident, left, or vandalism occurs, you want to be prepared. Homeowners’ insurance will allow you to provide for your family after any such tragedy and pay for any repairs that your house requires. Some policies may also help you replace any damaged, broken, or missing items. This will ensure that your family is able to maintain the lifestyle that they are accustomed to.
These are just some of the personal insurance policies you can look into. Don’t hesitate to contact SOGO Wealth Management and Risk Management in San Antonio, TX to find out more about how you can protect your livelihood and your family.