After the housing bubble and double dip recession many people have become financially responsible - yet savvy. Nowadays, people are more concerned about their personal finances like insurance, budgeting, savings etc. If you are really savvy about your personal finances, you might have come across terms like gap insurance that’s required for your brand new vehicle or long term disability insurance to protect your income in case you are in grip of an awful accident of disease.
However, the insurance insurance industry is vast than your imagination. Even if you have high esteem about you that you know everything about the insurance industry, here are a few insurance products that you have never heard of. However, these could make sense for you and your family’s safety and secure future.
Multiple Birth Insurance
Nope, my wife isn’t pregnant yet. But if we start planning of having a kid, we might want to take a look into this exciting stuff named multiple birth insurance. Though I never had one, the very idea of having a kid sounds very expensive and the idea of 2 at a time is really horrible.
If you are really worried, you can think about buying a multiple birth or twin insurance and the policy will come to your rescue if you’re screwed up with twins or more! This extra cash is definitely going to help you as now you need to buy all in pairs - clothes, diapers, food, and everything else - double the amount.
Wedding Insurance
Are you amazed? Did you have any clue about it? Did you know that you could insure your wedding too? I didn’t have any. Just back in March I spent around $20k for my wedding and I was extremely anxious about the successful completion of the entire event. I wish I knew about this then!!
What if the photographer simply goes unwell on the D'Day and you have no backup plan? What if the venue goes out of business? Or, what if all of a sudden you become ill? A valid wedding insurance will cover all of these expenses. For someone like me who managed to get a budget of $20k, a wedding insurance would come in as very hand and worth under such circumstances. Fortunately, nothing unfortunate happened that day but for a few hundred dollar I could have a chilling out wedding.
Payment Protection Insurance
I’ve a friend in the insurance industry. I wanted to check this with him and called him this morning. He told me that he too needs to check it for once and would call me back. So this is the scenario. If you have a loan out for mortgage, vehicle, or some other huge purchases, sometimes banks and other non-traditional lending institutions offer or include payment protection insurance or PPI.
The sole purpose of PPI is to ensure steady payments towards your mortgage or vehicle loan if you lose your job, become ill, or even die. It’s a popular product in the UK but it’s available in the US too. Click here to know more about PPI.
