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Zhi Finance » Insurance strategy: four kinds of insurance you can’t do without

Insurance strategy: four kinds of insurance you can’t do without

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When you are striving and accumulating hard to build a happy family, appropriate insurance strategies can improve your life. Here are four types of insurance to help you maintain your family’s financial health.

1. Automobile insurance

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In America, you must buy insurance when you have a car. But most state governments do not require full coverage. Therefore, if you only buy the minimum insurance coverage, you may only be able to compensate Chevrolet for the paint repair fee in case of an accident, but if you encounter luxury cars like Lexus or Lamborghini, you can do nothing. So, consult your insurance company.

2. Owner’s Insurance

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Your loan bank will require you to buy owner’s insurance, but your landlord will not. If you rent a house, you need an insurance, which is called rent insurance. To compensate for possible damage to the house. Both types of insurance cover theft and loss insurance applicable to the house and its surroundings.

3. Medical insurance

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Although medical insurance has risen to the political level, the actual situation is that people who are not ranked in the Forbes 400 are basically unable to get sick in case of serious illness. Many employers have bought expensive medical insurance for their spouses and children (I remember that when medical insurance was still cheap, both husband and wife bought insurance separately in their own companies, so that they could basically bear all the costs of medical services. But this situation rarely happens now, because employers and employees now have to share the medical costs). Even if your employer buys you expensive health insurance, it is still much cheaper than the insurance you can buy yourself. That is to say, go to to compare various medical insurance policies and buy a personal medical insurance that suits your situation.

4. Life insurance

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Life insurance is very necessary, especially after you have a family member. Both parents should have life insurance, even if one of you is not working outside. That is to say, those who work outside for money should enjoy higher insurance coverage to protect children’s education funds. If you save money for your child’s college tuition, your life insurance should cover this part of the cost. For people with families, especially if one of them is not working and takes care of the family full-time, both husband and wife should discuss how to buy insurance to make up for the economic losses of the one who is not working, or, in another case, if one of them dies, whether life insurance can support the other to return to work. Remember, even if you decide to let the other party go back to work, they will earn much less than you, so use life insurance to fill the gap in your income. Buy life insurance as early as possible. The later you buy life insurance, the higher the cost.

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In addition to the above basic types of insurance, high-income families can consider “umbrella insurance” to provide high liability insurance. In addition, there is “disability insurance” to protect your income when you cannot work (the social security system can only provide basic living security, which is not enough for high-income people).

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Don’t expose your family to risks because of money. You have the responsibility to protect them.

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