Which Insurance Do You Need? Our Norwich Bankruptcy Attorney Has the Answers

norwich bankruptcy attorney insurance adviceChoosing the Right Insurance

According to the latest statistics, as much as 60 percent of all bankruptcies are the result of unexpected medical bills. In one particular study, data from the U.S. Census Bureau, federal court system, Centers for Disease Control and Prevention, and the Commonwealth Fund were analyzed. The analysis showed that roughly 2 million people file bankruptcy every year.

To protect your loved ones, as well as your home, assets, and even health, it is imperative to have a solid financial plan in place.

So many of the clients we see in our Norwich bankruptcy attorney’s office could have handled the curve balls life threw their way with the proper insurance safeguards.

Although the cost of insurance is high, you would ultimately pay much more by not having it when needed.

5 Mandated Insurance Policies

Among the different types of insurance policies, five in particular stand out as being the most critical.

  1. Life Insurance – There is no pleasure in thinking about death, but it is part of life’s cycle. Therefore, you need a plan that ensures your loved ones are taken care of financially after you are gone. For the people who depend on you, life insurance is imperative. Remember, people left behind face the challenges of replacing your income, paying for a funeral, dealing with expenses associated with any illness, and paying off debt. With the right life insurance policy, the people you love are protected.
  2. Health Insurance – Although health insurance is expensive, facing a health crisis without insurance would be devastating. In reality, many bankruptcies can be avoided simply by having adequate coverage. If you are struggling with mounting medical debt, a Norwich bankruptcy attorney from our office can offer guidance and viable solutions. If you are not in a dire situation, now is the time to purchase health insurance, for you as well as your family.
  3. Long-Term Disability Insurance – Although the cost of long-term disability insurance is an added expense, it is a worthwhile investment. If you become unable to work because of an illness or injury, this type of insurance replaces a portion of your lost income. The actual cost of long-term disability insurance depends on several factors, including your current health status, age, and the amount of replacement income. When shopping around for a policy of this kind, remember that “disability” has a unique definition from one company to the next, so you need clarification when dealing with several insurance companies.
  4. Homeowner’s Insurance – As a homeowner, you are required to maintain homeowner’s insurance. Homeowner’s insurance offers both protection and peace of mind. Compared to what it would cost you to replace lost, stolen, or damaged belongings, the cost of a homeowner’s insurance policy is minimal. In addition to tangible items, this type of policy covers injuries that occur on the property. Because there are so many unique options, it is important that you shop around.
  5. Automobile Insurance – Just as with owning a home, as the owner of a vehicle, you are mandated to maintain liability insurance coverage at a minimum. Without insurance protection, you set yourself up to be sued in the event of an accident. For automobile insurance, make sure that you purchase the right type and amount of coverage for the vehicle as well as any liabilities.

The bottom line is that insurance is necessary, but it is up to you to conduct research to find the best protection. Consider just how much is at stake by not having the right insurance policies in place just because you want to save a little money. With so much to lose, you need to take quick action. If you are overwhelmed with finances and you need serious help, please contact Norwich bankruptcy attorney, Laura Harris-Courage, today for a free consultation.

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