About one in 20 insured homeowners file an insurance claim each year. Having personal insurance does more than pay medical bills or help you get your home fixed. There are some unexpected benefits with all of the different types of personal insurance.
These three unexpected benefits of personal insurance will surprise you.
Life Insurance Benefits
Did you know there are life insurance benefits that can give you more than just a post-death payout? Some personal insurance plans can give you benefits during your life. Look for a life insurance plan that accumulates a cash value.
You can access this accumulation tax-free and use it during your lifetime. For example, many policyholders use it to help them pay for their children’s college tuition.
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An insurance provider can help you determine the amount of life insurance you need. Check it out for yourself and find out your life insurance options.
Personal Liability Insurance Benefits
Personal liability insurance protects you no matter where you are. The goal of the insurance is to protect you and your assets from a possible lawsuit. But, unfortunately, accidents can happen while you are on vacation, half a world away.
Having liability insurance could prevent a lawsuit by providing a voluntary payout. This coverage protects you from accidents where you are on the hook for the damages.
Health Insurance Benefits
Did you know your personal health insurance can help you save on prescription and retail health supplies? Many health insurance companies now offer cost-saving assistance because they understand that supporting a healthy lifestyle today saves them big in the long run.
Check with your health insurance provider for tools to save on medical supplies, prescriptions, or gym reimbursements. Some offer programs that will give you discounts or rebates for participating in wellness programs.
The pandemic taught many couples a hard lesson about planning an expensive event. Wedding insurance protects couples from circumstances that are beyond their control. With modern weddings costing tens of thousands of dollars, this insurance can prevent a major financial loss.
Technically, you can use this insurance for any type of event. For example, it provides coverage when you suffer vendor problems, severe weather, or property damage. Some policies also provide coverage when continuing with the event is inappropriate due to the death or severe illness of the couple or immediate family member.
Auto Insurance Coverage
Some car insurance policies provide coverage for your pets. Auto insurance coverage could pay for medical care if your pets get injured during a car accident. Not all insurance policies have this coverage, so you’ll need to check your policy.
Purchase Personal Insurance Protection
As you can see, purchasing personal insurance can provide you with many more benefits than the basic coverage you initially purchased it for. The first step is to check your policies to find out what your policies give you. You can then purchase additional coverage for the benefits you’re looking to enjoy.
Check out our other helpful articles on insurance to ensure you and your family are fully protected.