It was recently revealed that American stalwart, Starbucks, pays out more in employee health insurance protection than it does on its coffee. Although health insurance is an essential part of life, we now live in a world where pretty much anything and anyone can be insured – from treasured possessions to body parts. With the baffling array of insurance options available, it’s easy to get confused about which ones – and how much – you need as a regular citizen. To help untangle the web of insurance options, we’ve put together our guide to the essentials.
When you buy a home, you are required – by law – to take out homeowners insurance. This essential cover protects you and your property against devastating events such as fire, flood and more. Not only does homeowners insurance cover the cost of the repairs after such events, it also insures against your liability for them. Homeowners insurance should be taken out before a property purchase is complete and should be reviewed every few years to make sure that you’re getting the best deal.
Another essential form of cover, life insurance protects your children, spouse and other loved ones in the event of your death. Most of us hope to live long lives during which we will be able to successfully provide for our loved ones but, unfortunately, that’s not always the case. Life insurance ensures that the people that you provide for are taken care of in the event that you are no longer there to do so. All adults should make sure that they have a good life insurance policy in place, particularly parents, and should review it regularly to make sure that it is still competitive.