4 Types of Insurance to Purchase in Your 20s
Your 20s is an interesting time in your life. You often go from living in a dorm, spending weekends at the bar with friends, and studying hard in college to getting your first major job, living in your first apartment or house, and maybe even starting a family. During this period, it is important to purchase the right insurance policies to keep you, your family, and your property safe.
If you are young and healthy, it’s easy to get into the mindset that you will be that way forever. However, you never know when a serious illness or injury will strike and quickly cause you to go into debt. Additionally, it is more important than you think to get annual checkups. Depending on how old you are and how much you earn, you may be able to remain on your parents’ health insurance plan for a few more years or you may qualify for the Affordable Care Act. If you don’t, an insurance company can help you determine how much insurance you need to cover your needs.
Unfortunately, sometimes injuries are so severe that you find you will be out of work for a while. If you don’t have significant savings, you will likely find yourself struggling to pay your daily expenses, let alone any medical bills not covered by your insurance. For this reason, it is important to purchase disability insurance in your 20s. This coverage is usually offered via your employer and can be either short-term or long-term. The coverage helps you to cover expenses while you recover from your injury and work on getting back to your job.
You already know that you need home insurance if you own a home, but are you covered if you are renting your living space? Many people mistakenly assume their property will be covered under the landlord’s policy since he or she owns the building, but this isn’t the case. If you don’t have a renter’s policy that covers your electronics and other property, you will be responsible for replacing anything stolen during a break-in or damaged during a fire or other natural disaster. Renter’s insurance is also important in case someone becomes injured in your home as it provides personal liability coverage.
You may think that life insurance isn’t important until much later in life, but depending on your situation, Columbus life insurance may be exactly what you need. If you are single but have large debt such as student loans or a mortgage, coverage ensures your family members don’t end up with your debt if you pass away unexpectedly. Life insurance is even more important if you have a spouse or children who rely on your income to survive because they can use the money from the policy to cover expenses if something unfortunate happens.
When choosing an insurance agency, always research first. You want to purchase your policies from a reputable company that has excellent reviews, is in good standing with the proper authorities, and is licensed to provide insurance in your state.