Financial Planning: 3 Must-Have Insurance Plans In Your Portfolio

Insurance BY Ankita Nov 11, 2023
Must-Have Insurance Plans In Your Portfolio

Securing and safeguarding your most important assets is a crucial step in devising an impermeable financial plan. This is where insurance comes in. No one can keep the unexpected from happening. However, having the right insurance plans can provide a safety net for you and your loved ones in need.

Here are three plans that should be part of your financial portfolio.

Health Insurance

Health insurance helps you in fulfilling your healthcare spending by providing financial support. Ergo, it’s integral to incorporate this plan into your portfolio to lessen the strain on your financial management.

This policy is made to cover costly medical costs. Health insurance protects your money from being consumed and drained by covering these costs. Additionally, it smoothens the path of access to care, resulting in better healthcare outcomes and lower death rates.

There are many ways to buy health insurance, including:

  • Use the federal health insurance marketplace. Open enrollment usually starts on November 1, and for coverage to kick off at the beginning of the new year, you had to enroll by December 15. You can apply in person, by phone, or online. It’s crucial to get a policy during this period because you won’t be able to for the rest of the year except if you have a qualifying life event.
  • Work with a broker or an agent. They can help you find the right policy based on your needs.
  • Get health insurance directly from an insurer. The federal health insurance marketplace doesn’t have every plan available. You may find a health insurance plan that meets your needs outside the marketplace. Consider visiting several insurers’ websites to review all your options if you buy directly from an insurer.

When comparing health insurance plans, it’s essential to consider the deductible vs out-of-pocket expenses to understand the total cost you may incur in a medical issue. Not only that, but ensure to also pay attention to the coverage limits, co-pays, and network of healthcare providers.

Life Insurance

Life insurance protects your family from the crippling financial losses that could arise if something happened to you. It helps to pay off debts, provides financial security, helps to pay any medical expenses, and helps to pay living costs.

Upon your death, your loved ones will take home your policy payout right away. Plus, that specified sum is generally not liable to income taxes. Say, for instance, a $300,000 policy provides $300,000 in death benefit proceeds directly to your family.

Buying life insurance can be a challenging process, especially for first-timers. There are several types of policies, each with pros and cons. While some can be bought online, it’s more prevalent for life insurance policies to be acquired through agents. Some attributes of the life insurance purchase process must be done in person, like a medical exam.

If you’re in the market for life insurance, the following steps may help:

  • Figure out how much coverage you need.
  • Choose a life insurance policy type. Term or permanent.
  • Research various life insurance companies and study the policy options.
  • Get quotes from each company.
  • Fill out an application after choosing the provider that appeals to you.
  • Get ready for your phone interview.
  • Schedule a life insurance medical exam.
  • Wait for approval.

Car Insurance

Many would think that car insurance is just another expenditure. After all, doesn’t it feel annoying or aggravating to think that you paid for a year’s worth of policy but didn’t recover anything?

Funnily enough, that’s something to be grateful for. Not making any claims means you’ve driven safely in the past year. However, being out of harm’s way last year doesn’t mean you won’t meet any problems on the open road this year.

The significance of auto insurance isn’t apparent to everyone, particularly for new drivers and car owners. But car insurance gives you a fallback or protection in times of incidents. The premium you’re paying can protect yourself, your family, and your vehicle.

It can help you save money on medical bills or repairs should your car be engaged in an accident.

Are you looking for car insurance? Here’s how to get one:

  • Gather all the information needed to kickstart finding the right insurance for you. It includes your name and date of birth, driving history, driver’s license, and vehicle information.
  • Figure out how much insurance you need. You don’t want to be underinsured, especially if you’re in an unfortunate accident. Research the different types of coverage and what it pays for.
  • Compare car insurance quotes from different companies, as rates can vary from one insurer to another for the same coverage. You can get free quotes by contacting an insurer directly over the phone, using comparison sites, or contacting an insurance agent.
  • Once you identify the coverage levels and the company you want, you can make an application.

Conclusion

These three insurance plans are essential pillars of a robust financial portfolio. They provide you with the confidence and peace of mind to face life’s uncertainties, knowing that you have a solid foundation of protection in place. Don’t wait until the unexpected happens. Take action today to safeguard what matters most to you.

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Ankita Tripathy loves to write about food and the Hallyu Wave in particular. During her free time, she enjoys looking at the sky or reading books while sipping a cup of hot coffee. Her favourite niches are food, music, lifestyle, travel, and Korean Pop music and drama.

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