4 Essential Types of Insurance When Adulting

When you hit your adult years, whether that’s straight out of high school for you or even upon graduating from grad school, life can hit you in the mouth pretty hard if you’re not prepared. Bills begin showing up so quickly that you wonder where the rest of your paycheck even went. Thus is life, though.

But budgeting solves a lot of your problems. Or at least it solves the problem of where your money is going. At the very least, you’ll have control over where it all goes (though you won’t always have control of how much of it goes away).

No matter the case, insurance is a part of life that you’ll never be able to rid yourself from. Rather than fight it, you’d probably better hop on the insurance train and at least figure out where to get started and what is needed and not needed. Below we’ve provided 4 essential types of insurance that all responsible adults already have.

Car insurance.

This tops the list simply because it’s pretty much legally required to own. If you’re in a car accident and you’re at fault, the bare minimum insurance you must have will at least cover the other person’s damages. So, paying for monthly auto insurance is pretty much something you’ll have to get used to for life. As an alternative, you can pay biannually, but I wouldn’t suggest doing that as the bill every 6 months can sneak up on you.

Health insurance.

This is the number one insurance we think of when we hear the word insurance. That’s because of a few things, really. First, we all value our health. If you are unhealthy and it becomes worse, things aren’t looking good and that’s all there is to it. So, it’s no wonder health insurance is the number one type of insurance sold and owned around the country.

Home/Renter’s insurance.

Do you feel like buying all brand new things if someone breaks into your home and steals things or damages your property?

No, no you don’t. Get home or renter’s insurance immediately after you start living in a place. If you wait even a day too long, you’ll have absolutely nothing to buy back all that you lost and it’ll be no one else’s fault but your own (and I suppose the burglar’s, too).

Disability insurance.

Most people think that this is exclusively for people who work in jobs like construction or factories where heavy machinery can maim you. While that’s a type of disability insurance, the general use of the term is actually for people who become ill or injured in any way off the job. If it’s off the job, your employer has no responsibility to still pay you in case you miss work. However, this type of insurance can be your saving grace if you got it before disaster struck.