Types Of Insurance You Should Consider Buying Before It’s Too Late

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They may not be the most obvious choices, but they could have substantial long term benefits.

When it comes time to buy insurance, often because you have no choice (car, health, home), you either hope you never have to use it or your mind tends to go to those super dramatic, Act of God type scenarios -- Hmmm, is my house in a potential lava tsunami zone? I don’t know!

Then, there are some types that might not be as obvious, and fall somewhere in the middle. Here are some often overlooked types of insurance you should definitely consider sooner than later. Odds are, you’ll probably need the extra support at some point.

Long Term Care

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Younger people often pass this type of insurance over because they think it only refers to nursing homes and won’t be an issue for them until well down the road, in some far-off, distant land known as “old.” But according to The Financial Gym, nearly half of all people who require assisted living or other forms of long-term care are actually under the age of 65 -- and long term care is defined by a person’s “inability to perform daily activities for themselves like bathing, dressing, and eating.” Accidents and other circumstances can require extensive, and expensive, long-term care, as does the natural process of aging. The older you get the more expensive LTC gets, so look into getting covered before you need it and while you can still afford it.

Disability

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Like long term care and aging, no one wants to think they could become disabled. The Council for Disability Awareness claims that one in four people currently in their 20s will become disabled before the retire.  The same study showed that most workers think they have a 2% or less chance of suffering a debilitating workplace injury. The actual number is closer to 25%.

Life Insurance For Your Kids

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Buying a policy for yourself to protect your family is the responsible thing to do. Buying a policy for your kids is a gift they might scoff at now -- Xboxes are so much cooler -- but will come to appreciate when they have a family. The price is usually right and you’re giving them a safety net they don’t even know they need, which is what makes you such a great parent.

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