As a new year begins many Americans may find themselves looking closer at their finances and investments. January is a good time to re-evaluate where potential savings can be secured. It’s also a good time to review any financial protections in place.
While generating and saving income and home equity is vital, it’s equally important to ensure that the appropriate financial protections are in place to secure your investments both for yourself and your loved ones.
Fortunately, there are multiple ways to protect against potential emergencies, illnesses and even death. To get the most value from these items, however, it pays to act swiftly when rates are typically cheaper and coverage protections are often more robust.
4 financial protections to consider now
Here are four ways you can financially protect yourself now.
Life insurance protects you and your loved ones in the event of the death of the policyholder. Payout amounts range from tens of thousands of dollars to more than $1 million. Those who benefit from life insurance coverage also differ significantly, from younger people with small children to homeowners to even some seniors.
While the benefits of life insurance are relative to the individual, it’s traditionally relied upon to fill an income gap left by the death of the insured. It can also be used as an inheritance to leave beneficiaries or as a cash alternative to tap into while alive.
Not sure how much life insurance you need or how much it would cost to secure? Start by getting a free price quote online now so you know exactly what to expect.
Homeownership can be fulfilling and rewarding. It can also be stressful and expensive. Fortunately, home warranties are available to help reduce the headache commonly experienced when household appliances break or stop working efficiently.
Typically, home warranties can cover all or some of the following items:
- Garage door openers
- Air conditioners
- Clothes washer
- Clothes dryer
This list is not exhaustive and warranties can cover fewer or more items. It can also be set up to cover select items only. Prices typically range between $25 to $100 per month, depending on which appliances you want to be covered and how much coverage you need. Compared to the potential price of cold-calling a servicer, however (not to mention full appliance replacement), a home warranty is an inexpensive and valuable financial protection to have.
Home security systems
Home security systems help protect your home and outdoor property via a system of technical components and electronic devices. These are tied to a primary control panel that turns on when motion or intruders are detected in locations where they shouldn’t be. Emergency response services may also be notified, depending on the circumstances and the settings you have applied to your individual system.
All of the other financial protections on this list will cease to be valuable if you can’t first protect who and what is in your home. Fortunately, home security systems aren’t exorbitantly priced and they’re easy to install. You can get a free quote here now or you can start shopping for some top home security providers via the table below.
With the cost of gasoline still high, airfare and overall travel are more expensive. Accordingly, it pays to have travel insurance to protect against any sickness or emergencies that could lead to trip cancellation. Without travel insurance, the money you’ve already spent obtaining a round-trip flight, hotel and planned excursions will be permanently lost.
But travel insurance, purchased prior to your departure date, can help reimburse you for most or all of the money you’ve laid out. Costs for an insurance plan vary, although they typically fall between 5% and 10% of your total trip costs. Considering that traveling is pricey, particularly when taking multiple flights and heading overseas, travel insurance is a smart way to protect yourself should anything go wrong.
You can easily search multiple travel insurance policies online now to find the right one for you.
The bottom line
Not all financial protections are created equal. And not all financial protections apply equally across the board. You won’t need travel insurance if you’re staying home, for example. And if you’re a renter you may be able to skip a home warranty.
In general, life insurance, home warranties, home security systems and travel insurance can keep you safe financially while also offering comfort and peace of mind. Learn more by getting a free life insurance price estimate online now.
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