Do I Really Need All Those Kinds of Insurance?

by OnlineInsurance Staff on October 6, 2010

The Internet has made many aspects of our lives much easier and more efficient, including purchasing insurance. These days, it’s nothing for the average person to get online insurance quotes for all of their insurance needs. And, for the most part, this is a good thing.

There is one area in which getting online insurance quotes sometimes poses a problem, however. Some forms of insurance are required by law, or are clearly beneficial, and most people purchase them with scarcely a second though. There are other forms of insurance, however, which are just as needed, and potentially even more beneficial, that most people simply don’t think about purchasing unless someone suggests it to them.

Most of us have very little trouble purchasing the following types of insurance:

  • Automobile Insurance. In most states, you’re not even given a choice about buying auto insurance. If you want to drive a car legally, you buy it, period. Even in those states where it is legal to drive without insurance, the risk to your personal property is so great that few do so.
  • Major Medical Insurance. With the possible exceptions of the very young and the very stupid, none of us wants our family to be without medical insurance.  And for those few who do, there won’t be an option much longer. Beginning 2014, it will be against the law not to have health insurance in the United States.
  • Life Insurance. If you have any sense of financial responsibility at all, you probably don’t need to be convinced that life insurance is important for most people.

For some other types of insurance, most of us need a little more convincing. It’s not that they aren’t necessary, or that they wouldn’t benefit us. It’s just that we’re either unaware that such insurance exists, or we’ve never really considered the importance of protecting ourselves in that way. Consider:

  • Disability Income Insurance. Many of us became vaguely familiar with this insurance because of Yogi Berra and the silly duck that tell television viewers about the “insurance that pays you if you get hurt and can’t work.” Still, many don’t realize that disability income, which does indeed pay you if you become disabled and unable to work, is widely available.
  • Cancer Insurance. Do you think your health insurance is all you need? Think again. Cancer insurance pays you cash on a per diem basis if you contract cancer. This can be used to cover lost income or other expenses associated with the long, drawn out treatments that cancer sufferers often need to deal with. When you consider that one in three people contract some form of cancer, you really should at least consider having a cancer policy.
  • Long Term Care Insurance. None of us wants to think about being put into a nursing home, but buying into a LTC policy can save your kids tons of money if you do end up needing special care towards the end of your life.

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