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Tuesday, May 28, 2024

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What You Need To Know About Insurance Coverage Options

Finances FYI Presented by JPMorgan Chase

Insurance is an important investment for all adults looking to secure their financial well-being. Some products like car insurance are required to drive your vehicle legally. Other coverage options like health and home insurance can provide valuable peace of mind during emergencies.

However, there are many types of insurance that you may be unfamiliar with that are just as valuable as the more popular coverage options. We’ll break these down and explain why they might be right for you. From standard plans to lesser-known types of coverage, these insurance options could save you big money when the unexpected strikes.

Standard Insurance Options

Life Insurance – There’s no better way to protect your family in the event of death than with life insurance coverage. You’ll pay a monthly or yearly premium for your beneficiary to receive a predetermined sum of money.

These funds are invaluable when it comes to the costs of funerals and unpaid medical bills. While the amount of coverage you’ll need will vary, try to consider lost income and other financial burdens your family could experience when choosing an amount.

Health Insurance – One of the more controversial topics in politics over recent years, health insurance, will protect you during an emergency and help you avoid financial trouble in the event of a medical emergency.

Policy types vary widely across, with a broad range of premium costs, co-pay amounts, and other fine print that needs to be scrutinized. If you’ve signed up for health insurance via an employer, make sure you have a solid grasp of your obligations to avoid any surprise charges.

Disability – One of the most overlooked coverage products is disability income insurance. If you’re injured or sick and unable to work, disability income insurance will cover a portion of your monthly income to relieve the financial burden.

Car Insurance – Probably the most well-known insurance type, you’ll need car insurance to legally operate a vehicle in your state. For the cost of a monthly or quarterly premium, your car will be covered in the event of an accident. High deductible policies could save you money in the short term, but you’ll be on the hook for potentially expensive repairs if the damage cost stays under the number.

Home and Rental – These two insurance options will protect your property and make sure you’re reimbursed for anything lost in an emergency. Rental insurance comes with cheaper premiums but won’t include coverage of the dwelling itself. While homeowners insurance isn’t required by law, almost all lenders require it to receive a loan.

Uncommon But Practical Insurance Options

Pet Insurance – It’s difficult to find an insurance product that has exploded as quickly as pet insurance. In simple terms, pet insurance is essentially a health plan for your furry friend. From medications to vet bills, you can ease the financial burden by paying a monthly premium for pet insurance. Many plans are available without any exams required, and as pet care costs increase, you could save big with an insurance plan for your pet. 

Natural Disasters – From fires to floods, there are numerous options available to protect your home. Natural disasters aren’t always covered by homeowners insurance, and depending on where you live, you may be required to pay for flood insurance. Be sure to review your home coverage closely and account for any emergency scenarios that could occur.

Wedding Insurance – You read that right. Wedding insurance can actually save you thousands if something goes wrong on your big day. From cancellations to damaged clothes, you won’t have to worry about your wallet if disaster strikes when you tie the knot. Destination weddings, in particular, have a ton of moving parts, and wedding insurance is usually a smart decision.

With so many unique insurance plans, you’ll be sure to find an option that fits your needs. There’s no better way to protect your finances during an emergency than with solid coverage across the board.

Finances FYI is presented by JPMorgan Chase. JPMorgan Chase is making a $30 billion commitment over the next five years to address some of the largest drivers of the racial wealth divide.