Why does a person need health and life insurance?

Often a person will buy insurance because it’s required by the bank or government.  Insurance is looked upon as a necessary evil.  However, it can also be an invaluable safety net for things that occur unexpectedly.  Below are several situations where insurance can protect you from an insurmountable financial loss.

Unexpected Injury

Even if you have health insurance, an unexpected injury could require large out-of pocket expenses through your coinsurance and deductable.  These costs could range from $5,000 to $15,000.  You may be saving money by having a high deductable; but one surgery or illness that lands you in the hospital could be a significant financial drain.

The government has opened a health insurance exchange that offers a person, or family, insurance with low deductibles with a maximum out-of-pocket.  These plans can also be supplemented by the government through credits.   These plans should be checked out by each individual or family.

Property Damage from a Storm

Homeowners spend lots of time up keeping their home and the contents inside. A storm can cause significant damage to your home and contents through lightning, water, hail damage, or snow load collapse.  Have you checked your insurance policy on whether your belongings are protected from these damages?  Many companies will not cover these risks unless they are specifically asked for by the insured.

Loss of a Loved One

This can be the most difficult time in a person’s life.  Financial worries are something you don’t need if a tragic event would occur.  A life insurance policy can cover living expenses, mortgage, household bills and funeral expenses.  Life insurance can be a great asset in these times.

The real benefit of insurance is to reduce risk and help lend support when events happen out of your control.  Rest assured when you have the right insurance.  Resolve the “what if” in your life and ask for help from an ISB Insurance agent.