4 Types of Insurance Every Man Should Have

Insurance is important because it covers a wide range of different accidents or emergencies that can happen in life. If you’re feeling a little broke, it can be tempting to save a few dollars by cancelling your policy, but then if something happens, you could end up with an even bigger bill, perhaps even something you’re paying off for life. Here are some types of insurance that every man should make sure they have.

  • Car insurance

Depending on which state you live in, there will be laws about the minimum amount of car insurance cover you will need. The only states where you aren’t legally required to have car insurance are Virginia and New Hampshire, and even then, it’s not recommended that you drive without it. Most states will require you to have bodily injury liability and property damage liability, which covers you legally if someone else is injured or property is damaged in a car accident caused by you. However, you should also look at getting personal injury cover, as this can cover things like medical expenses, loss of earnings and more if you are hurt.

  • Health insurance

Around 28 million Americans have no health insurance coverage, so if the worst happens and they find themselves in the ER after an accident, or get diagnosed with a long-term illness, they’ll have to cover it out of their own pocket. If you think you can’t afford a policy, or aren’t offered one through your work, you may want to look for ACA health insurance. It can cost less than you think and give you real peace of mind when you find yourself needing medical care.

  • Life insurance

You may think that life insurance is only for older people who have kids. While it’s true that life insurance is usually to provide for dependents, even if you’re unmarried without children then it might be worth getting a small policy to cover expenses in case of your death. For example, to pay off debts and pay for your funeral, so your family don’t have to worry. Another concern for younger people can be paying off student loan debts. Private student loans aren’t discharged when you die, so if you don’t want your family stuck making these payments, consider getting a life insurance policy that’ll cover them. 

  • Homeowners/renters insurance

Whether you own your own home or have just started renting your first apartment, it’s important to have cover for any issues. Homeowners insurance tends to be more expensive, as it covers things from the building to liability to your personal possessions. Make sure you have an up to date inventory and have enough insurance to cover things from fires and floods to personal injury lawsuits.

Renters insurance usually covers your personal possessions, as your landlord will have cover for the building itself. It’s worth paying a little more to get one that’ll cover temporary accommodation if your place is uninhabitable, as well as legal fees if a guest gets injured.

When you’re trying to cut back your budget, insurance may seem like an unnecessary expense, but it covers many incidents that could leave you financially vulnerable.