Common Types of Insurance

Insurance can be a tricky thing. We all know that we need it, but it can be hard to know what we need and how much coverage fits our situation. And that’s why Northeast Empire is around! Our agents would love to talk with you about your personal situation and the types of insurance coverage that best fit you and your family. But, in the meantime, here’s a couple common types of insurance that most adults should have.

1. Health Insurance. Health insurance is actually required by law and you’ll pay a penalty on your taxes if you don’t have health coverage for at least the majority of the year. Fortunately, even if your employer doesn’t offer health coverage, you can find it through a government marketplace (healthcare.gov). However, there are only certain times of the year that you can sign up for health insurance, so be sure to do some research if you’re planning on changing or getting a new policy.

2. Car Insurance. Car insurance is also required by law and you can get in trouble for driving without it. Just as with any insurance, there are a lot of different levels of coverage, ranging from policies that cover the full value of your car and any property that is damaged in an accident, all the way down to coverages that only cover property or other cars, but don’t provide coverage on your vehicle. Typically the latter is only for folks whose car has an extremely low value. If you have car insurance, and you should, make sure to care a copy of your insurance in your glove compartment as it’s one of the first things a police officer will ask for if you’re ever in an accident or pulled over.

A keyboard with a green button Insurance

3. Life Insurance. Life insurance isn’t required by law, but it is a good practice to have it nonetheless, even if you’re young and single. Life insurance provides payment to a beneficiary in the case that you pass away. If you’re single, you can probably opt for a relatively low cost plan with just enough coverage to not burden your family with funeral expenses or outstanding debt. If you have a family, you’ll want a larger policy that can provide for your family financially if you pass away. This policy is particularly important if you are the primary provider for your family. Not sure what policy you need? Call us to talk through options!

4. Disability Insurance. Disability insurance is like a lesser version of life insurance. As can be inferred from the name, disability insurance is paid out in the case that an injury or accident leaves you disabled and unable to work for a short or long period of time. Even if your injury only requires you to be away from work for a short time, those lost working hours can have a significant impact on your paycheck and a long term disability can impact your ability to ever work again. In each case, disability insurance is meant to provide for you and your family during the duration of your disability.

There are plenty of other types of insurance, and if you have questions about what types are best for you, your family and your lifestyle, please give us a call. We’d love to talk!



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