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If you are willing to pay the premium, you can buy almost any insurance.
Rocker Gene Simmons insured his tongue for $1 million, according to GEICO. NFL star Troy Polamalu insured his hair. A Dutch winemaker insured him for $8 million on his nose, but the terms of the insurance prohibited him from riding a motorcycle or working as an assistant firefighter or knife-thrower.
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You may be able to insure whatever you are willing to pay, but which coverage will always be worth the price of your monthly premium?
Some experts consider it a trick question.
CFP Mark Hayes, founder of Infinitive Wealth Advisory and who has worked in the insurance industry for nearly 20 years, said: “Insurance is essentially a bet that some win and some lose. But the biggest loss is choosing not to take out insurance.
These are policies that are (almost) always needed and not needed.
auto insurance
The first one is easy. Because, by law, unless you live in New Hampshire, you must have auto insurance. Regulations vary by state, but nearly all of her 50 states require a minimum liability coverage. But no matter where you live, you don’t hit the highway waiting for trouble to occur.
“Auto insurance is always worth the money,” says Paul Boudreau, an insurance broker at Rowat Insurance. If you get into an accident without auto insurance, you can face medical bills, repair costs, legal fees, and even loss of your license.
“Drivers can also consider optional collision insurance and comprehensive coverage, which covers the cost of the vehicle after an accident (collision portion) as well as non-accident damage and theft (all inclusive).”
Health insurance
You no longer face federal penalties for opting out of health insurance.
Adria Gross, licensed insurance broker and consultant, founder of MedWise Insurance Advocacy, said: “Medical bills are the leading reason for bankruptcy in the United States. .”
home insurance
Repairing the body costs more than anything else, but only half the structure the body spends most of its time on.
“Remote home insurance is one of the best investments you can make for your home,” says Yasmin Parnell of insurance company Surewise. “Many of us lose worldly possessions on a regular basis. I’m not thinking about the financial impact of this, but it’s far better to have that compensation ready before it’s too late.
“Home insurance covers your home and/or only your belongings in it in the event of theft or vandalism, fire or flood. The cost of replacing all your belongings and the cost of home repairs can be financially devastating for many families, and while going through it is still a highly traumatic experience, Having home insurance at least alleviates some of the financial stress.”
Life insurance
If the people in your life depend on your income, life insurance is as essential as you find it.
Sahanhi Khan, Head of Strategy and Planning at Heaven Life, said, “Whenever an individual goes through a transition from ‘me’ to ‘we’, such as getting married or having children, life insurance is considered. It’s a great opportunity,” he said. , a subsidiary of MassMutual.
But not all life insurance is created equal.
Brian McHale, independent broker and owner of Policy Mutual, advocates term insurance over whole or universal insurance because of its simplicity, transparency, and low cost.
“Term life insurance is very affordable and the peace of mind that your family is protected is well worth the money,” he said. For those with loved ones who depend on their salary for basic necessities such as housing and daily living expenses, there is no bargaining.”
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