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Insurance is available for most everything in our lives. From pet insurance to property insurance and everything in between, coverage for life events is accessible in a range of options. It can be overwhelming to explore types of insurance and even more overwhelming to know which types you should consider!
In this article, we’ll go over a few different types of insurance, who needs them, and why they might be highly beneficial!
AUTO INSURANCE
One of the basic types of insurance needed by anyone and everyone who owns or drives a vehicle. While anyone with a vehicle can greatly benefit from having car insurance, it isn’t legally required in every state. However, South Carolina requires drivers to have specific coverage in order to drive legally.
WHAT DOES AUTO INSURANCE ACTUALLY INSURE?
The most basic explanation is that Auto Insurance provides financial protection during events that cause damage to someone’s car or property and during the event that someone is injured. There are many different types and levels of coverage to choose from based on your need but almost every state requires drivers to have Bodily Injury Liability coverage and Property Damage Liability coverage.
- Bodily Injury Liability Coverage: Covers the cost of injury and death that the driver causes.
- Property Damage Liability: Covers the cost of damage that the driver causes to another vehicle or property.
Beyond these, many states require Uninsured Motorist Coverage which covers you financially if an accident is caused by a driver without insurance or in the case of a hit-and-run. While these coverages are necessary, you may want to consider adding other types of coverage as those listed above, aside from Uninsured Motorist Coverage, do not cover any damages to your own car— meaning you would be responsible for paying out of pocket for any repairs or replacements to your vehicle.
The good news is as a Spero Financial member, you have access to discounted rates through the TruStage Auto Insurance Program! Your credit union membership could result in big savings so be sure to compare rates to ensure you’re getting the best one.
HOMEOWNERS/RENTERS INSURANCE
Another basic type of insurance that everyone could benefit from is home or renters insurance. While not required by law, many lenders and property managers require it as a condition of your mortgage or lease. Homeowners insurance can protect you from financial loss in the case that something happens to your home or property.
While there may be situations where homeowners insurance isn’t required, it’s a good idea to consider having coverage anyway— after all, your home may be one of the biggest financial investments you make so it’s a good idea to ensure it is protected!
More good news… as a Spero member, you can save on your home insurance and receive discounted rates through TruStage Home Insurance.
HEALTH INSURANCE
While health insurance is not required, many people will benefit greatly from having health insurance as it offers financial relief for certain medical and health-related expenses. Many employers offer health insurance plans but if you don’t have access to a plan through your employer, you can access a plan on your own. There are many different coverage options available so be sure to evaluate you and your family’s health needs before deciding on a plan.
HOSPITAL ACCIDENT INSURANCE
While in the medical realm, Hospital Accident Insurance can be a great addition as it pays a daily benefit for each day you are in the hospital. The benefits received can be used in a number of ways including deductibles, co-pays, out-of-pocket expenses, or other expenses that occur while hospitalized.
Explore Hospital Accident Insurance through Franklin-Madison here.
LIFE INSURANCE
Life insurance is another type of insurance that can be beneficial for many and can act as a “safety net” in the case that the policyholder passes away. While many don’t know whether life insurance is for them, one guideline to consider if it will be beneficial is if anyone relies on you for financial well-being or support. If you have children, a spouse, or anyone else that you help support, it could be a good idea to consider life insurance.
Life insurance policies can vary depending on the type of life insurance, the term length, the pay out amount, policy premium, and more! Through your membership with Spero, you have access to life insurance policies that are affordable through TruStage. Explore more and get information on your situation here.
ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE
Accidental Death and Dismemberment Insurance provides you or your loved ones a cash benefit after an accident that results in injury or death. This type of insurance can be viewed as an addition to health insurance or life insurance and provides financial assistance in the instance of an accident.
While this list isn’t exhaustive, it is a good jumping-off point for different types of insurance coverage to consider! Some will benefit from certain types of insurance more than others so be sure to explore each type through your personal situation and family needs. For more information on insurance offers through your Spero membership, visit our website!
