Insurance
can be a tough pill to swallow. You pay a significant amount of money and
rarely get anything back in return. Only when tragedy strikes do you make
a profit. The rest of the time, it simply seems like a money pit.
However,
when you need it, insurance can save your financial life.
Certain
types of insurance are a necessity. There are many types of insurance you might
not consider or perhaps even know about. These unusual policies can be critical
in particular situations.
These
types of insurance are worth considering:
1. Business life insurance. If you own a business, business
life insurance can protect you if one of your partners or a key employee dies.
It can provide the funds needed to buy out that partner’s share of the business
or find a replacement. If your business is highly dependent on a super-star
salesperson or inventor, this policy could save your business.
2. Long-term care insurance. Long-term care insurance can help
to cover the expenses of long-term in-home care, as well as nursing home
expenses.
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When
purchasing a policy, keep in mind that less than 10% of those that actually use
it need it for more than three years. It’s probably unnecessary to get a policy
that will pay for significantly more time.
3. Antique insurance. Homeowner’s and renter’s
insurance typically won’t cover the replacement or restoration expense of
antiques. This insurance will do exactly that. But be sure to check with your
regular insurance policy first. In some cases, regular homeowner’s / renter’s
policies are sufficient.
·
Think
about the replacement value of your antiques. Is a policy to replace or to
restore them worth it to you? If you’re a collector, the answer is probably “yes.”
If you merely inherited one old lamp from your aunt, the answer might be
different.
4. Pet insurance. While the cost of an operation
for a pet is significantly less than for a person, it can still be very
expensive. Many employers are even beginning to offer this insurance. If your
pet needs significant medical treatment, this policy can be a wonderful benefit.
·
Ask
yourself what you would do if your 8-year old dog needed a $5,000 operation. Do
you own a breed of dog or cat that is known to have frequent health issues?
5. Longevity insurance. Very few people have heard of
longevity insurance. It’s very interesting. This insurance policy begins paying
you a monthly sum after you hit a certain age. This type of insurance is quite
inexpensive because many policyholders don’t live long enough to receive a
payout.
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But
if it seems like that you will live longer than average, it can be a great way
ensure an adequate income during your later years. How long do members of your
family live? How is your health?
6. Wedding insurance. The average wedding now costs
around $25,000! Bad weather, a death, or illness can put your wedding plans on
the skids. This insurance will help to cover the lost costs. The policies are
relatively inexpensive. It’s important to determine what will and won’t be
covered.
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Also,
be sure to discuss with your caterer, photographer, wedding planner, and others
what happens if the wedding has to be cancelled or postponed. The answers will
have an impact on your decision process.
No one
enjoys purchasing insurance, but it can be a real lifesaver when unexpected
tragedy strikes. While we all hope that we’ll never need it, sooner or
later, many of us do. Consider what would happen if you needed a
certain policy, but didn’t have it. That may be the best way to determine which
policies are worth having and which are not.
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