-------------------------------------
continue post
-------------------------------------
continue post
Getting out on your own is wonderful and scary all at the same time.
After years under your parents’ roof, you’re probably more than ready to get out on your own for the first time in life and enjoy the freedom that comes with that.
Then again, you also have many responsibilities to meet, some of which you might not even know yet.
One of those is what kinds of insurance you should get.
Long-Term Disability Insurance
Long-term disability insurance will protect you if you were to get a major injury. Many young adults just getting started on their own don’t even want to think about the possibility of being so disabled that they can’t work.
Younger workers in great health might not even think it’s possible it can happen to them. So if you are disabled for a long time, this insurance will make sure you can still make ends meet.
However, long-term disability insurance is also the first kind of policy that Investopedia lists as a must-have. It would let you maintain income and high quality of lifestyle even if you can’t work for a while.
aid chart for undergraduates • aid chart for graduates • aid chart for parents • other aid charts
Module
| undergrads |
| graduates |
| parents |
| continuing ed |
college living checklist
Homeowner’s/Renter’s Insurance
If you’re just getting started out on your own, you probably rent instead of owning a home. In either case, you need one of these two policies.
They’ll provide some protection for your personal possessions. They might also make arrangements for alternative housing if you get displaced and offer liability coverage for things that happen in your home.
Many landlords require that you have Renter’s insurance so be sure to check with them. Even if they don’t require it, you should make sure you have it just in case. Floods, fires, and other problems could be ruinous otherwise.
Auto Insurance
This insurance might not actually apply to you if you don’t have a car to get around. However, if you do, then you need insurance to cover things like collision and liability.
Insurance is mandatory in nearly every state, and it’s just a good idea to have it even if you don’t live in a place where it’s legally required.
Car accidents happen on a regular basis. Many of us rely on our cars for our income. That’s why it’s important to make sure you get auto insurance to avoid any problems.
Life Insurance
Many young adults skip this because they don’t have anyone depending on them for income or support at the time. However, the danger is they might keep putting it off until they do have dependents.
Don’t wait until it is too late. A policy should be taken out soon. A minimal policy that would at least cover burial expenses is a good starting point.
Life insurance isn’t fun to think about, but if you sort it out now it will be less work for your loved ones should the worst happen.
other related articles of interest:
I’m in College – Do I Need Life Insurance?
Know What Your University Health Insurance Covers
Health Insurance
Whether you get it through your employer, a government exchange, or just privately, you need this to cover doctor’s visits and prescription medications. It can be very costly insurance to pay every month, but medical bills without it are much higher.
Medical bills have a rather large range. Insurance is critical if you are in need of medical care. Remember, it’s too late to get it once you’ve been injured.
Your overall insurance coverage can be a tricky balance to master. You need enough coverage to protect yourself, your income, and your assets.
Then again, you don’t want to overpay, either. Luckily you’ll get better at it over time. Just remember that your circ*mstances and needs will change, so revisit this when need be.
Image Credit: guide to insurance when living on your own by twenty20.com
end of post … please share it!
Off-to-College reference:
MAY: monthly checklist for May (part of HS college calendar)
Amazon Kitchen: Kitchen Organizer
view bestsellers in kitchen organization
