Is it a good idea to have insurance

Patrick Smith

  1. Type of insurance, their descriptions, and their purpose
  • Life insurance- its purpose is to protect your life. If you died, you would be covered.
  • Health insurance- its purpose is to keep you healthy. If you go to the hospital, you would be covered.
  • Auto insurance- its purpose is to cover your car.
  • Home owner’s insurance- its purpose is to protect your home. An example would be a fire or a burglary
  • Disability insurance- it covers you when you get surgery and you can go to work.
  • Life insurance
    •  Term life
    •  Whole life
    • Adjustable life
  • Health insurance
    •  Basic coverage
    •  Major medical coverage
    •  Comprehensive
  • Auto insurance
    • Collision
    • Liability
    • Property damage liability insurance
  • Home insurance
    • Property coverage
    •  Liability coverage
    • Theft coverage
  • Disability insurance
    •  Short-term coverage
    •  Long-term coverage
    • Full coverage
  1. Why is each type of insurance important
  • Life insurance- it’s important because if you die, your funeral expenses are paid for, you give your money to how ever you want, and you get what you want.
  • Health insurance- it’s important because it allows you to see a doctor, get medicine, and stay healthy.
  • Auto insurance- auto insurance is important because it will cover your bodily injuries, your car, and the other person’s car.
  • Home Owners insurance- it is very important because if your house burns down to the ground, if your home gets burglarized, and your stuff is protected.
  • Disability insurance- disability insurance is important because it allows you to collect money until you can go back to work, it also allows you to have some sort of health insurance.

If insurance isn’t possessed

  • If life insurance isn’t possessed when you die, your family would have to pay for thousands of dollars to bury you, and your stuff falls into the hands of the law.
  • If you don’t possess health insurance, you would have to pay for every doctor visit and you also would have pay for your hospital bill.
  • If you don’t possess auto insurance, you would have to pay for the other person’s car to get repaired, and you also would have to pay for any bodily injuries.
  • If you don’t possess Home Owners insurance, your belongings wouldn’t be covered in a fire or if your house is burglarized.
  • If you don’t possess disability insurance, you would have no money until get back to work, and you would need the money for food.

Liability insurance

  • Liability insurance can stretch from home to auto. Its purpose is to protect you like your car or your stuff that is in your house. It depends on the item. It would be beneficial to have this type of insurance because it protects you. 

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