There are so many types of insurance available to the modern consumer, it is hard to know which types are the most important to carry. The first question I asked myself was, what types of insurance are available? As a young woman about to leave home for the first time, it is very important to me that I make unexpected events less stressful for myself and family. I started asking myself what types of insurance I would need as I begin this next step of my life. After doing a little research, talking to my parents, I realized that I already carried health and life insurance. There are many other types of insurance available, such as home, commercial, renters, etc. But as an incoming college student, the three most important types of insurance to carry are auto, health, and life.
Obviously if you have a vehicle, you must carry some type of insurance, whether it is liability or full coverage. This is extremely important, not only because it is the law, but also because an accident can become very costly and time consuming. Insurance can help lighten the blow of an accident by providing the necessary resources to repair your vehicle, get a rental, or take steps to replace a totaled vehicle. Auto insurance can also help to cover the cost of any medical expenses that may incur from an accident, or property damage caused in the process. It is important to find a provider that will both explain your policy as well as put you at ease. Insurance can be very confusing for first time buyers, and it is a good idea to do your research on several different companies in order to find one that will suit your needs and budget.
At some point and time, we all get sick. Whether it is just a cold, or the full blown flu, I like most people would like to spend the least amount of time feeling under the weather. Being on a tight budget, a doctor’s visit is something that is definitely not included in the college lifestyle. However, with homework, deadlines, classes, exams, and extracurricular activities, there is no time to be sick. There are also many unexpected things that could happen. Falling off a bike on the way to class and breaking a bone, eating something bad in the cafeteria, that weird rash you caught from your roommate. College life will be an exciting experience filled with unexpected events that will no doubt require the aid of a nurse or physician. This is why to me, health insurance is such a vital thing to have. Being able to see a doctor and get back to work and school as soon as possible is something that is important to me. Health insurance gives me the security in knowing that I will be covered no matter what the medical situation.
Although death is a subject often avoided, it is something that happens to us all. Throughout my own lifetime I have seen families struggle with the death of a loved one. It is not only the emotional burden, but the financial as well. Funeral expenses can run into the thousands of dollars, and without the coverage of life insurance, families can be stuck with bills that they are unprepared for and unable to pay. It was surprising to me to find out that my parents had purchased life insurance for me many years ago. This is important to me, because I know that if something unexpected should happen to me, my family would be able to focus on their own emotional healing instead of being worried about how to pay for expenses. There are many types of life insurance available, such as whole life and term life. Whole life earns cash value, and when it matures, you can cash it in. This is something like a savings account. Term life insurance is temporary, must be renewed, and holds no cash value. Whatever type of life insurance you have, it is important to do your own research and find the best fit for your situation and budget.
I am very excited to begin by freshman year of college, and having auto, health, and life insurance will give me the security I need to begin this new phase of my life. Making new friends, having new experiences, and learning new things will help me to become a better person who is able to give back to my family and the community around me. I know that when I am driving to my classes, to practice, or any other after school activity, that I am covered by my auto insurance in case I am involved in an accident. I also know that if I get sick or injured, my health insurance will allow me to seek the help I need in order to get better as soon as possible. And finally, should the unexpected happen, I know that my life insurance will cover any expenses that my family may be faced with. My parents have enough to worry about, sending their first child off to college. Insurance will make the transition a little easier for us all.
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