Understanding Various Types of Personal Insurance Coverage
Virtually everything and everyone in your life is susceptible to certain risks that may result in damage and/or financial loss. For instance, your personal property is at risk of damage from perils such as natural disasters, accidents, vandalism, fire, and theft. Similarly, you and your loved ones are at risk of sickness, disability, and, in worst cases, death. While you can barely prevent these misfortunes from happening, the right personal insurance in Beaumont, TX., can protect you from potential financial losses. Here is a look at different personal insurance coverages that you should carry.
Almost all states across the U.S. require car owners to carry some amount of auto insurance coverage. As the name implies, the policy covers losses resulting from an auto accident. It’s worth noting that auto insurance is a blanket term for a collection of policies that cover specified perils. These policies include comprehensive coverage, collision coverage, liability insurance, uninsured motorist coverage, personal injury protection, and medical payments coverage.
This policy is a lifelong contract between the insurance company and the policyholder. Upon the policyholder’s death, the insurance carrier pays a sum of money to beneficiaries listed in the life insurance policy. The death benefits can help cover funeral expenses, offset debts, and fulfill the financial needs of the policyholder’s dependents.
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Disability insurance is a policy that reimburses a disabled policyholder a portion of their pre-disability income for a period stipulated in the policy. While it is easy to assume that you don’t need this policy, disability is unpredictable. To give you an idea, about 5 percent of Americans experience some form of short-term disability every year. Factors such as pregnancy, sickness, and old age increase the risk of disability.
Also known as homeowner’s insurance, this policy pays for the damages that occur on your house and assets due to named perils. It contains different coverages, including dwelling coverage, liability insurance, contents coverage, and additional living expenses. Other personal insurance policies that can protect your home and assets include wildfire insurance, flood insurance, and earthquake insurance.
As the name implies, health insurance is a policy that covers the policyholder’s medical expenses. It pays for prescription drugs, surgery, dental, rehabilitation, and hospitalization expenses. While this is a personal insurance policy, some employers also offer it to their employees as group coverage.
This policy covers the policyholder from financial losses that may arise if something goes wrong at their wedding. A lot can go wrong in a wedding, including sudden cancellation due to bad weather, stolen or damaged wedding gifts, damaged gown, or even last-minute withdrawal of the catering company. Paying for such losses out of pocket may leave you financially overextended and headed for the debt hole. Wedding insurance covers any wedding-related losses caused by named perils, events, or incidents.
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Long-term Care Insurance
All basic care coverage options such as health and disability insurance have a timeline. For instance, most long-term disability insurance typically provides coverage up to retirement. Keeping this in mind, you need a policy that will cover your personal care expenses beyond the predetermined period. Long-term care insurance does just that. It is suitable for anyone with a long-term disability because it caters to the related health care costs.
How to Get the Right Personal Insurance in Beaumont, CA
Instead of wasting valuable time searching the internet for “personal insurance Beaumont,” contact us at Little & Sons Insurance Services now. We will help you get the right personal insurance policy for your needs.