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  • Posted February 27, 2022

A Financial Planner Discusses Basic Insurance Policies Everyone Needs

As you go throughout life, insurance might not be on your mind all the time. However, no matter how healthy, financially stable, and careful you are, you are bound to experience accidents and unexpected hardships. These hardships are near impossible to predict, so it is important to purchase basic insurance policies while you are young or as soon as possible to adequately prepare in case of an emergency. Our certified financial planner discusses a variety of insurance policies that can be employer-sponsored or purchased personally.

Health Insurance

Even the healthiest and fittest of people still experience health scares. Health problems can arise from hereditary disease, underlying conditions, reactions to past or present medications, serious injury from everyday activities or freak accidents, or a myriad of other reasons. These health problems are not planned for, so you often don’t have sufficient funds saved up to pay for them. Health insurance can help pay for these unexpected costs, which is the last thing you want to be thinking about when you aren’t feeling well.

Life Insurance

Financial planning usually involves life insurance as another critical basic policy to buy because even if you don’t have any unexpected health costs, you will inevitably die at some point. Life insurance ensures that your loved ones will receive a sum of money at or near your death, which can be crucial to their wellbeing if they depend on you for income. This sum can also be used to pay for funeral and burial costs, taking that financial burden off of your loved ones. Term life insurance is most affordable while you’re young.

Long-Term Disability Insurance

During your life, you may experience a major accident or health crisis that leaves you temporarily or even permanently disabled. If this disability causes you not to be able to continue with your chosen profession for an extended period of time before retirement, you would be in major trouble without long-term disability insurance. Long-term disability insurance typically covers things like cancer and mental illness which are both becoming increasingly prevalent in today’s society.

It is never too early to start investing in your future and planning ahead for any accidents or unexpected crises. Although it is not possible to know exactly what will happen in your life, you can be more at peace once you have basic insurance policies. For a relatively small regular fee, insurance helps you protect not only yourself but also your loved ones.  

Check out this article on How Financial Planners Can Help You Avoid Trouble When Dealing with Insurance Companies!

Contact Tenpath Financial Group for certified financial planning services.