Human beings live as if they are going to remain the way they are. They are completely oblivious to any problem that might happen in the long run, they forget everything and continue to do things in the same fashion. One thing that should never be forgotten is that everyone will grow old and things will not be the same anymore. Or worse if any accident takes place and you suffer a disability and you are no longer able to work. From where are you going to get an income? This is where the long-term disability insurance comes in, if you take this insurance, it will ensure that you are covered if in case you have any disability and you will be able to carry on the current lifestyle without having to work.
A life insurance is a must especially if you have your spouse, your family relying on you. Take into consideration the duration you want to keep working, think of the hardships and problems your family have to face once you are dead. While taking a life insurance you have to think about how much you earn as well so that when you die, you family will not have to suffer frugality. Think of the burial costs as well. For many families, any unexpected expenditure is a cause for huge concern.
Health insurance should be a necessity especially with the cost of medical treatments touching the sky.just a simple visit to a family doctor can be too heavy on the pocket. Forget about staying in a luxury resort, nowadays if anyone suffers a serious injury the cost he/she has to pay for a week’s stay in a hospital will equate the price with the resort. If one suffers with any injury that might require some sort of surgery, it is obvious that the cost will be in Lakhs. The cost of a health insurance is a bit on the higher side for everyone, but the costs of not having any would be even more!
Replacing a home is definitely very expensive. However if you have the right homeowner’s insurance, the process is made simpler. Therefore it is advisable that if you are actually buying a homeowners insurance you have to pick and choose the one that covers the structures and the contents in addition to the cost of living somewhere else while your home is being repaired.
You already own the piece of land and hence the cost of rebuilding doesn’t have to include the cost of the land. It would depend on what amenities are there in your house and the age of your home. All of these factors determine whether the current price of your house is more or less than the price you paid for buying it. To get an accurate cost estimate, it is sensible to find out how much the local builders are charging per square feet and then multiply it with the amount of space you want to replace. Make sure you include the cost of the features and upgrades. You also have to carefully include the cost of any injury that might happen in your property.