Types of Insurance Policies All Moms Need

Types of Insurance Policies All Moms Need from North Carolina Lifestyle Blogger Adventures of Frugal Mom

Usually, people have a love/hate relationship with insurance policies, but you’ll have to learn to love it now that you are a mom. When it’s done right, insurance is one of the best ways to protect your family and ensure their financial security. This guide will help you understand why you need insurance and the type of insurance you need. And the importance of checking out different insurance companies to make sure you find the one that is right for you and your family.

Health insurance

Types of Insurance Policies All Moms Need from North Carolina Lifestyle Blogger Adventures of Frugal Mom

Health insurance has the role to protect you against expensive medical bills you would not be able to pay on your own. Some of these expenses are hospital stays, ongoing treatments you need if you suffer from a chronic health problem like diabetes or cancer, and other similar ones.

It does not matter if you are a single mom or you are married, a health insurance policy is necessary to protect your family from big bills. If you have never been ill you may not know what the extent of medical bills can be, but if you will do some research you will find out that even a night at the emergency room can end up with an incredibly high bill being mailed to you.

When buying health insurance, you should check if it offers coverage for routine care and major medical problems. Depending on your health state, you will choose the right type of coverage. If you don’t experience chronic health problems, opt for a high-deductible plan that covers the big risks, but with this type of insurance, you will have to pay the other check-ups out-of-pocket.

Employers often offer some kind of health insurance, but if you are married, you should ensure that your partner also has comprehensive coverage.

Life insurance

Types of Insurance Policies All Moms Need from North Carolina Lifestyle Blogger Adventures of Frugal Mom

If you have life insurance, you protect the people who are financially dependent on you if you will no longer be able to provide for them or you pass away. They will get the needed financial resources to support themselves. As a mom, your children definitely rely on you for financial support and maybe even your partner. Once your children are able to support themselves, you can stop paying life insurance. Therefore, you should opt for a term life insurance policy. Consult a term life insurance lawyer for more specifics to make sure you make the right choice.

There are also some cases when you should opt for permanent coverage. One of them is if your children have special needs and they need lifelong financial support. Another case is when you want to leave your children a significant amount of money, and you want to help them bear the costs of the associated taxes. They will use life insurance to pay the taxes and will benefit from the rest of the money.

When choosing life insurance, you should carefully check its features because it may include some you don’t need. Get a quote from different providers before selecting one. Also, when you are buying life insurance, consider buying Burial Insurance as well, as this isn’t always something included in the life insurance package. This helps fund the costs of your funeral, which is especially helpful for those with loved ones who can’t afford them. 

SR22 Insurance

If you are staying in California, this type of insurance will help you avoid many headaches because it will protect you in situations when you hurry to take your children from school and you get tickets, when you get numerous traffic offenses because you are late at work and the police consider that you are driving recklessly.

All moms know that it is difficult to balance children with careers, and sometimes, you end up speed driving from school to your office. The SR22 Insurance will even protect you in case of license revocation or suspension, so it proves useful if you are always on the run. If you have more than one child, then you probably find yourself in the above lines, and some extra protection would bring you peace of mind.

Long-term disability insurance

This type of insurance would replace a part of your entire income if you experience health problems that do not allow you to work for a limited period. You will be able to pay your bills and even save for the future if you are not able to work. If you rely on your income to pay your bills and take care of your children, you should not have second thoughts.

Disability is a common problem; WebMB states that 1 in 3 people experience a disability at some point in their life. Sometimes it’s back pain, other times is arthritis, and sometimes it is cancer. You may not consider these issues a disability, but they can turn into one. As a mom, you are not fully financially independent, and long-term disability insurance can help you during a difficult moment in your life. Depending on your needs, it could cover the costs of something like these NDIS Disability Support Services to help take the strain off certain everyday tasks, keep you on top of your bills, or even equipment that you now require as a result of your disability.

When buying the coverage, read the definition the provider offers to disability to understand what cases are included. Check the list of exclusions because some companies exclude some conditions from the coverage.

Liability insurance

If you accidentally injure someone or their property, you will probably not be able to pay for the damages, and it would be useful if you have liability insurance. If you are a driving mom, you will need this type of insurance to protect yourself from accidents. It will not cover only the cases when you are driving but also the ones when someone is slipping on ice in your driveway, for example.

It is part of your car insurance and on your homeowner’s policy. If you want to be fully protected, you can check on the market the umbrella policy solutions.

If you have a high income, you are at a greater risk of facing a lawsuit if you cause an accident. However, your financial status should not influence your choice, this coverage is useful in many cases, and it is recommended to have it. Its greatest advantage is that it comes at an affordable price, and it protects you against a huge risk.

As a mom, you will want to make sure that your auto insurance covers as many situations as possible, especially if your children are at the driving age.

When checking all the above covers, you may think that that’s a lot of insurance, but you should consider your needs and choose the one that brings you peace of mind. Now that you are a parent, you have much to protect, but if you do it right, you will feel fantastic.

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