Five Things in Life that Need to Be Insured

There are some things that need insurance, while others do not. Insurance is all about risk, so if you’re willing to risk something, you’re probably not going to need insurance for it. However, if it is something not work taking a risk for, you should definitely consider getting insurance for it. For example, when purchasing a cell phone, I am always asked if I want insurance for my phone. Since I’m pretty much glued to my phone and have not in the last three years lost my phone, which feels more like an appendage, I always decline. I just don’t need it because I know I’ll never ever lose my phone. One thing that I will get is auto insurance, because you just never know – even if it ends up not being at fault.

Here are five things in life that need to be insured:

1. Health

One of the most important things in someone’s life is to have health insurance so you can see your doctor as needed and don’t have to worry too much about the cost of getting checked out regularly.

2. Auto

With car accidents happening left and right, it’s important to have car insurance should something happen to your car, with you possibly in it!

3. Disability

Accidents happen all the time, especially when you get older – it comes with the territory! Having disability insurance benefits you and your family when it comes to monetary matters.

4. Travel

While planning that winter beach vacation seemed like a good idea a few months ago, it may not always be the case when the time comes – especially if a monsoon is involved! Travel insurance can be necessary for some people just to make sure to cover all bases. After all, you never know who is going to be sick or have an emergency at work at the last minute.

5. Life

This is a great thing for parents to think about for their kids. Should something happen to them, their kids will receive payment for it.

*And we haven’t forgotten about homeowner’s and renter’s insurance.

(Photo by Joe Raedle/Getty Images)