Skip to content
Cha Ching Queen
  • Money MattersExpand
    • Make More Money
    • Spend Less
    • Budget Wisely
    • Financial Planning
    • Reviews & Recommendations
  • Eat WellExpand
    • Bread & Desserts
    • Diets and Eating Habits
    • Healthy Recipes
    • Kitchen Hacks
  • Clean Quickly
  • Live LifeExpand
    • Health & Beauty
    • Family And Relationships
    • Holidays & Gifts
    • At Home
  • Travel Tips
  • About
Cha Ching Queen
ByGreg, CFA Reading Time: 3 minutes
Home » Money Matters » Financial Planning » Types of Insurance Policies Everyone Should Consider

Types of Insurance Policies Everyone Should Consider

Share on Facebook Share on Pinterest Share on Twitter Share on Email Share on SMS
This post may contain affiliate links. Read the disclosure.
Home Insurance Policy Document

Most people only think about insurance when they need it. But the truth is, life doesn’t always go as planned. You may not be able to control all of the risks in your life.

You can do something to protect yourself financially when an unexpected event occurs. To help get you started on your journey of understanding what type of coverage is best for you, here is a list of four insurance policies every person should have (plus a bonus one if you own a business).

Table of Contents

  • #1 Health Insurance
  • #2 Life Insurance And Disability Insurance
  • #3 Car Insurance
  • #4 Home Owner’s Insurance or Renter’s Insurance
  • #5 Business Insurance (if you own a business)
  • Bottom-line: Types of Insurance

#1 Health Insurance

The first type of insurance every person should have is health insurance. This will help you pay for the necessary medical care if something unexpected happens. Dental insurance is also essential.

You want to know which coverage best suits your unique situation and lifestyle. For example, some people might prefer traditional low-cost plans that offer more flexibility regarding which doctors they see (HMO).

In contrast, others may choose high-premium cost plans where their primary doctor must be covered by the plan (PPO). 

#2 Life Insurance And Disability Insurance

The next type of insurance you’ll need is life insurance. Life insurance policies are designed to provide your loved ones with an income if you pass on unexpectedly.

For example, suppose the sole breadwinner in a family passes away. In that case, it’s not only emotionally devastating for those left behind but also financially crippling. This is especially true when there are young children involved. Disability insurance covers you if you become ill and can’t work anymore.

#3 Car Insurance

The third type of insurance you need is car insurance. Auto insurance will help cover the costs involved with a vehicle if it gets in an accident.

Depending on your policy, auto insurance can also protect you if your car is vandalized or stolen. Again, there are many different types of coverage available. Examples include comprehensive, collision, liability, rental reimbursement and medical payments, to name just a few.

Every driver must understand all their options before purchasing any policy. Each plan varies significantly depending on how you want to be protected.

#4 Home Owner’s Insurance or Renter’s Insurance

If you own a home, you’ll want homeowner’s insurance to protect you for an emergency. No one expects a fire, hail, tornado, etc to happen to them. But it does happen. It happens all the time. Home owner’s insurance protects you from these unexpected surprises. Likewise, if you rent, then renter’s insurance protects you if something happens to your personal property.

#5 Business Insurance (if you own a business)

The fifth and final type of insurance you need is business insurance. If you own a business, this policy will help cover the costs involved with your company if something unexpected happens.

Examples include fires, theft, and injuries, and they provide financial protection for people who work in your office regularly.

Business owners have many different types of coverage available. This included property, liability, commercial auto, and workers’ compensation, to name a few. Entrepreneurs must understand all their options before purchasing any plan. Each one varies significantly.

Bottom-line: Types of Insurance

There are many types of insurance. This is just a very high-level overview of a few. By having these insurance policies in place, you’ll be able to prepare for almost anything that comes your way, financially speaking.

Next Read: Ways to Save Money on Insurance and 4 Tips to Help You Find the Most Cost-Effective Car Insurance

Greg, CFA
+ posts

Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.

Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.

Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.

Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.

  • Greg, CFA
    https://chachingqueen.com/author/greg/
    Nelis Dutch Village Holland Michigan Review
  • Greg, CFA
    https://chachingqueen.com/author/greg/
    12 Best Places to Visit in Florida for Vacation Planning Ideas
  • Greg, CFA
    https://chachingqueen.com/author/greg/
    Disney World Is More Expensive Than Ever, Go Here Instead
  • Greg, CFA
    https://chachingqueen.com/author/greg/
    One-Pan Wonders: Quick and Easy Breakfast Casseroles to Simplify Your Mornings

Trending Now

How Often Should You Clean Your House: Woman Cleaning Oven

How Often Should You Clean Your House? Room By Room Tips

Woman Doing Laundry Using Earth Breeze Laundry Sheets

Earth Breeze Review: Dehydrated Laundry Sheets

amazon prime box

My Secrets: How To Get Amazon Coupons, Discount Codes, Promo Codes, Free Stuff, and Deals

18 Household products you can easily make at home

18+ DIY Household Products You Can Make at Home

Amazon Gift Card

How To Save On Amazon Prime Membership + Prime Benefits

What To Teach Kids About Money

What To Teach Kids About Money: An Expert Weighs In

Share on Facebook Share on Pinterest Share on Twitter Share on Email Share on SMS
This post may contain affiliate links. Read the disclosure.
As Seen On
bloomberg logo
business insider logo
msn logo
usa today logo
family handy man logo
yahoo finance logo

  • Home
  • About
  • Press
  • Contact
  • Disclosure
  • Privacy Policy
  • Web Stories
Email Facebook Twitter Instagram Pinterest

© 2023

ChaChingQueen does not provide individual or customized medical, legal, or financial advice. Since each individual's situation is unique, a qualified professional should be consulted about your specific situation before making financial and/or medical decisions.

Cha Ching Queen is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

  • Money Matters
    • Make More Money
    • Spend Less
    • Budget Wisely
    • Financial Planning
    • Reviews & Recommendations
  • Eat Well
    • Bread & Desserts
    • Diets and Eating Habits
    • Healthy Recipes
    • Kitchen Hacks
  • Clean Quickly
  • Live Life
    • Health & Beauty
    • Family And Relationships
    • Holidays & Gifts
    • At Home
  • Travel Tips
  • About
Facebook Twitter Instagram
Search