No one likes paying for insurance, until you actually need to use it. Insurance can be confusing, complicated, time-consuming and expensive! However, there are a multitude of different insurances you should considering to ensure specific parts of your life are covered in the event of an accident or illness or even worse, death.

But what type of insurance do you need, like actually need? With finances stretched to the max for many young professionals out there, it can be tempting to forgo insurance covers to keep your spending down. But there are some exceptions you really shouldn’t cut back on when it comes to having insurance premiums. Checking out trends in the Insurance industry can highlight the types of insurances most people are opting for.

Health Insurance

No one needs reminding of the outrageous bills that come with doctor’s visits, trips to the ER or urgent care at your local hospital. Ensuring you have adequate cover will help reduce the cost of any medical treatment you may need. Be sure to shop around and read the small print, so you know exactly what copays to expect when you get the hospital bill and what isn’t covered regarding treatment options or routine check-ups.

Even if you’re healthy and don’t need much care, having some health insurance is wise. You never know what’s around the corner, and accidents can always happen when you least expect them to. You don’t need to get the most expensive plan out there, and might be fine with getting a more catastrophic plan. I personally have always taken full advantage of health insurance offered through work.

Car Insurance

It can be easy to think accidents won’t happen to us, but most recently with the 100 car pile-up in Texas, car insurance can save you should you be involved in a motor vehicle collision. Most states require some sort of insurance be carried, and honestly the market is so competitive that plans are quite affordable. Even if you can cover the cost of totaling your vehicle, it’s still wise to have some coverage on yourself and others!

Life Insurance

Death and taxes are the only 2 guarantees in life, and in the event of your untimely demise, you might be leaving your loved ones with quite a financial burden. In the immediate term, there’s debts that would need to be covered and expenses needing to be taken care of. Long-term you should think about your lost income and what that could mean for those relying on you. I believe life insurance is especially important when you have a partner/spouse, and/or kids!

Disability Insurance

Accidents will happen from time to time, and if you suffer an accident that leaves you unable to return to work or you are permanently disabled, chances are you will experience financial hardship because of this. Even if it’s not your fault or you got injured at work, the other party at fault may or may not be able to make you whole again. Disability insurance can cover that gap for you and provide you with a payout if you are unable to work.

Homeowners/Renters Insurance

Basically, you want the place you live in to be covered should something unexpected happen. Protection should your home be burglarized, damaged by extreme weather or as a result of a fire and so on. Can you afford the repairs due to damage to the property or your personal belongings? Have you looked at how much it would cost you to replace everything you own should you need to? Having the correct insurance for your personal belongings and your property you own in your home can help you cover the costs should you ever need to make a claim.

Pet Insurance

Vet bills, much like doctors bills, can be expensive. Our pets are not just animals, they are part of our family. The fact is your pet can get ill or have an accident much like humans so having pet insurance to cover any vet bills will take the worry out of how you will pay for any medical care your pet needs while you focus on getting them back to full health!

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