Two Kinds Of Personal Insurance Coverages To Round Out Your Portfolio

Carrying insurance is all about protecting yourself against the risks you face every single day of your life. Although the goal is to never actually need to use the coverage, it's good to know that it is there if you need it. Many people may be familiar with homeowner's, renter's, and automobile insurance policies, but there are still more types of protection that could be even more beneficial. If you don't currently have the following types of insurance policies, keep reading to see why you may want to add them to your lineup.

Critical Illness Protects When You Are Down

There really is no way to tell when an illness will strike. One moment finds you in great health but the following week you could be stretched out in bed, barely able to move a muscle due to the pain that racks your body. If this were to happen, is your family prepared to continue taking care of the finances until you get better? The answer to this question should help you determine if you need to take out a critical illness policy right away.

Critical illness insurance is basically designed to pay out in cash should you come down with one or more of the ailments listed within the covered sicknesses. There are different terms depending on which type of critical illness policy you get but the premise is that if you suffer a serious illness you become eligible to receive a lump-sum payment that you can use for things like taking care of your household bills, excess medical costs, and nearly any other expense. It is a very beneficial type of insurance to carry, especially if you don't have a lot of money in savings and wouldn't be able to survive much longer than a few days or weeks if you couldn't work.

Long-Term Care Insurance Covers Chronic Conditions

As you get older it's normal to wonder how you will pay for costs surrounding long-term care. Your retirement may or may not be sufficient but you might want to beef up your coverage by getting a long-term care insurance policy. Doing this gives you protection in case you need long-term care in your primary house, at a nursing home, or other assisted living facility.

Now is the time to make sure you have the policies in place to protect in an emergency. Consider having these personal insurance coverages added to your portfolio today.