The insurance you need in your twenties.
People in their 20s don’t really think about financial planning or securing different types of insurance coverage. During this stage of your life, it’s natural to feel invincible and exempt from any risk. Unfortunately, that is not the reality. Insurance coverage is designed to keep you safe and your finances in check. Check out the types of insurance coverage you should have when you’re in your 20s.
- Health (please open our link in a new tab to continue enjoying our content)
Being young and healthy doesn’t immunize you from medical bills, unfortunately. One accident or illness could saddle you with five- or even six-figure debt. If you’re under 26, you can remain on your parents’ policy under a federal law that is part of the Affordable Care Act. If you go without coverage, you could be subject to a high fine and face extortionate health care bills if an accident or illness does occur.
- Renters (please open our link in a new tab to continue enjoying our content)
While you have to obtain homeowners insurance when you get a mortgage, typically no one forces you to buy renter’s insurance. Be aware that the landlord is not responsible for your belongings in the event of a disaster. You could easily lose everything in an apartment fire, a natural disaster, or a break-in. What’s more, standard renter’s insurance policies provide personal liability coverage, which kicks in if someone gets injured on your property.
- Life (please open our link in a new tab to continue enjoying our content)
Even if you don’t have a family of your own yet, life insurance should be considered. If you have dependents, such as a family member you care for or a spouse who depends on your income, life insurance can help to replace that income when you are no longer around. No dependents? Don’t write off life insurance yet. If you took on a mortgage or have debt to your name, life insurance can help to pay that off, as well as funeral costs, when you pass.
Interested in learning more about the financial benefits associated with having insurance? Then don’t hesitate to contact the professionals at Unisource Insurance Associates in Wauwatosa, Wisconsin. Our experienced team is ready to assist you with all your insurance needs.