You can insure pretty much anything, but should you? Not necessarily. Some people need life insurance while others might not be ready for that. Some insurance is not needed by the average person, such as credit card insurance or life insurance for a child. However, there are a few different insurance policies that everyone should have regardless of their life circumstances. Here are a few types of insurance policies that should be considered mandatory.
Everyone out there should have health insurance or risk not being able to pay for medical bills when the time comes. It’s inevitable that at some point there will be some sort of health care that you need to pay for. It would be awful to end up in an emergency situation where you were unable to pay for a service that you needed. But besides emergency situation, needing insurance is also relevant for common life events.
Any situation where a doctor’s advice or treatment is needed counts as medical care. Pregnancies, needing glasses, etc. Our bodies can naturally change throughout the years. Healthcare of any kind simply costs money. Luckily there are plenty of health insurance plans that can be obtained for reasonable prices. These can fit any budget. The fees for not having health insurance are only getting higher. It’s not something to put to the side and hope for the best.
If you own a car you absolutely need auto insurance. In this case being without insurance puts you at a very high risk. Getting in an accident without insurance might leave you with very high bills to pay. That might mean covering your own car as well as someone else’s. You might be able to get away with not replacing or fixing your own car. But you won’t be able to do the same if you owe someone else the same courtesy. In the event of injury when an accident is found to be your fault there might also be medical bills to contend with as well. It’s better to be covered and then you’ll never have to worry about it. Check out Auto Insurance Toronto & Shop Insurance Canada to find the best rates with the right coverage. You might never get into an accident and maintain a perfect driving record, but it’s still best to be covered each and every day.
If you own a home you should absolutely have homeowners insurance. But the bank will actually make sure that you do, since taking out a loan to cover a home means that they have a strong investment in the future of the home. If for some reason you cancel your homeowner’s insurance or fall behind on a payment, the bank will start coverage with their own insurance without delay. Then they’ll send you a much higher bill for having to do so. It’s smarter to find the best policy for you and your home and then keep up with your payments to avoid any extra fees. Once you pay off your mortgage the bank no longer has an investment in that decision. But it is still considered the right choice.
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