If you decide to have a family one day, your life will change dramatically. You have to conduct yourself differently if you have a family than when you’re single. When you have a family, you do have obligations, if you’re a responsible individual.
For example, you might have children, and these are your dependents. You may also have a partner or spouse who does not work, and if that’s true, they are your dependent as well.
If you’re in this situation, you should think about some different insurance types that can help your family and yourself if something unforeseen happens. Let’s look at some of the options right now.
PIP Insurance
You might live in a state that demands PIP insurance. 16 out of 50 US states require it. You might not be familiar with PIP insurance yet, which some people call no-fault insurance.
This is a car insurance variety. It protects you if you’re in a car accident, regardless of whether it was your fault or not. It covers things like funeral expenses, medical bills, lost wages, and certain other expenses.
Not all states require it, and if you’re in one of those that does not, you can always rely on your health insurance to pay for your medical bills if you’re in a car wreck. The only issue is that if you don’t have excellent health insurance, you might have to pay a high deductible if this occurs.
That’s why you should at least consider getting PIP insurance, even if you’re in a state that does not require it. It will drive your monthly or quarterly vehicle insurance premiums up, but if another car hits you, you and your family will be glad you have it.
Health Insurance
You also need health insurance for both yourself and your family members. Health insurance is one of the most fundamental requirements because you use it to help pay your medical bills. It covers things like prescription medication, emergency room visits, hospital stays, checkups, etc.
If you have a job that offers you health insurance, you probably want to get on that as soon as possible. Most likely, your family can get on your health insurance policy as well, though that will cost more from your paycheck than if you get a single-person policy.
If you don’t have health insurance, life will be callous for you and your family. Privatised healthcare exists in this country rather than socialised medicine. Getting a job is critical to support yourself, but many people also get one for the simple fact that medical insurance comes with it.
You can also look into a healthcare plan if you employ yourself. These plans often cost quite a lot, but if that’s what it takes to protect yourself and your family, you need to take that action.
Homeowners’ Insurance
You may also want to look into homeowners’ insurance. This is an insurance type that protects you if something happens to your house.
For instance, maybe there is a fire, and you lose most or all of your material possessions. You can use your insurance policy to replace your clothing, electronics, furniture, and so forth.
It also protects you if there is any natural disaster. If you live in an area that’s wildfire-prone or where there are often tornadoes, floods, or earthquakes, you will undoubtedly want to have this insurance in place.
You can also get homeowners’ insurance that will protect you if someone falls on your property. Maybe they’re walking past, and they slip on your icy sidewalk. Your policy can cover their medical bills and save you from a costly lawsuit.
Renters’ Insurance
If you live in an apartment rather than a house, you don’t need homeowners’ insurance. However, you can still get renters’ insurance, which serves essentially the same purpose.
If you get renters’ insurance, you can use that to pay for your possessions if someone breaks in and steals them. You can use it to pay for fire or natural disaster damage.
Life Insurance
Most people don’t like thinking about their mortality, yet all of us will die one day. If you’re single, no doubt people will mourn you, but you won’t leave a family behind, simplifying matters somewhat.
If you have a family, that’s when you should start thinking about a life insurance policy. You can take one out on yourself. It usually only costs a few dollars each month, though some are more expensive if you want them to pay off more when you die.
Your life insurance policy is in place so that if you die younger than you expect, your surviving family members will receive a large payout. That will help them to live and move forward. It can pay for things like rent, mortgage payments, college for your kids, food, utilities, and more.
Long-Term Disability Insurance
You may also wish to consider long-term disability insurance. This insurance type pays for your daily expenses if you have to stop working before retirement age.
A surprising number of US citizens cannot work through the average retirement age because of injury. Your employer might offer you long-term disability insurance, and if they do, you should get it. However, you can also pay for such a policy on your own.
If you have a work-related accident, you can use that insurance money to pay for the everyday things your paycheck once covered. An accident can occur at any time. If it does, you might end up being very glad you got this insurance one day.
There are other insurance types, but most brokers would agree it makes sense to have these, at a minimum. You can regard insurance as gambling since you might not even need some of the benefits.
Still, insurance is a shield against misfortune. You might have to pay a little each month, but when the unforeseen occurs, you’ll suddenly be thrilled you purchased it.
