There are many kinds of insurance policies out there, but some should be considered as “must have” in order to protect you and your family.  The three policies you should always carry are life, health, and auto.  Without these, you could find yourself in a real bind (and without auto, you could be violating the law).  Read on to learn more about the basics of each.


Life Insurance

You can use life insurance to help provide income replacement to your family members if something happens to you, to provide for major expenses like a mortgage or a child’s college education, or to even help with the burial process.  Life insurance gives your loved ones the freedom and flexibility to determine what is most important for them so that they can focus on grieving and putting their lives back together.

Life insurance is probably more affordable than you realize, and the best time to get it is when you’re young and healthy.  Even though you hope that your family will not need it, it gives you a lot of peace of mind to have a policy in place during your working years.  In the event that something happens to you, your family could rely on a life insurance policy to get help moving forward.


Health Insurance

Health insurance is essential for helping you cover both the minor and major medical expenses that can pop up over the course of life.  Not only does health insurance give you protection in the event of an emergency like a car accident or a burst appendix, but you are able to focus on preventive care as well so that your health and wellness are your primary concern.  Health insurance works by charging you a premium and setting forth a deductible.  The insurance kicks in once you have met your obligation to pay under the deductible.  Health insurance is a basic need that you should have, and finding the right policy should involve careful consideration of the deductible amount, the policy coverage, and the premium payment.


Three Insurance Policies You Cannot Go Without

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Auto Insurance

If you’re a driver, you need auto insurance.  It is the law, but this insurance is also there to protect you.  Just one accident can lead to significant damages, and the unexpected need to pay for these damages can set you back financially.  In the aftermath of an accident, you already have enough to worry about.  This is why your car insurance company will review the claim and work with the other insurance carrier, if applicable.  Getting your car fixed and having the company handle your claim lets you focus on recovering from the incident and moving forward safely.  You should have car insurance on all the vehicles that you drive, and make sure to add on teenage drivers as they become eligible, too.  A regular review of your auto insurance policy is a good idea to ensure that your current policy meets your needs at a rate that is affordable for you and your family.


Insurance is there to protect us from the unexpected and it is an absolute must to have these type of policies in place to avert financial catastrophe.  Make sure to always work with a professional and protect the life you created with a solid insurance plan.


Arnel Ariate is the webmaster of Money Soldiers.

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