How to Insure the Things That Matter to You

Most of us are aware we should have insurance for things such as our cars, our home, our health, and our life. Yet, in 2019, as many as 8 percent of people living in the United States had no health insurance (according to the United States Census Bureau). Only 54 percent of Americans had life insurance last year (according to Statista).

While paying for coverage can feel like throwing money away (until something bad happens), there’s no beating the peace of mind of having it. Consider getting the following things covered:

Income Protection Insurance

Due to the global coronavirus pandemic, we’ve all become painfully aware of how quickly our everyday life can drastically change. Many have also become aware of the dangers of living paycheck to paycheck (which is extremely common in the U.S.). This was illustrated by a December 2020 article published by NPR that discussed how as many as one in three Americans (of multiple socioeconomic statuses) found it difficult to pay basic expenses such as food, rent, or car payments during the pandemic. Do you have enough savings to cover the lack of a paycheck if you can no longer work?

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This is where income protection insurance comes in. While most income protection plans won’t cover the exact amount you were making, income protection insurance can pay up to 75 percent of your income (before taxes) if you become unable to work because of disability or severe sickness. By comparing income protection policies with iSelect, you can find the best insurance products for you, your family, and your lifestyle with a premium you can afford. Depending on your profession, location, age, health, and how much disability coverage you already have through your profession (think short-term disability benefits or social security disability benefits); you can find an insurance plan that will get you the monthly benefit you would need if you become unable to work.

Bonus tip: be sure to ask if any deductions could be applied to your taxes as taxable income.

Jewelry Coverage

Whether it’s a family heirloom, a sentimental bracelet, a limited-edition timepiece, jewels, or another kind of jewelry with a lofty price tag, it could be worth making sure you have coverage in case these items go missing get stolen or become damaged in some way. This is especially true if you’re a collector of luxury watches. Not a lot adds the level of class to a wardrobe and gives you a sense of pride and prestige, quite like a luxury watch. But, with a collection with such a high price tag like that of popular men watch brands, you’re going to want coverage.

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Let’s face it — the best luxury watches don’t come cheap. Insuring an investment that comes with such a lofty price tag is a smart thing to do (especially if you plan to become a collector). Watches such as the classic Rolex Submariner (the world’s first dive watch), the royal Cartier luxury watches (actually spotted being worn by royalty), or the eco-friendly timepiece the Citizen Eco-Drive; are all going to come with varying price tags (none of which are considered cheap).

Even a significantly budget-conscious model (as far as luxury watches go) such as a genuine Seiko Automatic watch (the brand responsible for the first quartz watch and the first watch to be able to adjust to changing time zones automatically) will still cost you hundreds of dollars. If you desire timepieces worn by famous wearers such as the Hamilton Ventura worn by Elvis Presley in the film Blue Hawaii or if you desire the elegant designs of the Swiss watchmakers such as Omega, Tag Heuer, Rolex, or Tissot — before you know it, your collection is worth a high five figures (or a low six figures).

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Other Considerations:

Your very identity- According to the Bureau of Justice Statistics (BJS), in 2018, roughly 9 percent of people sixteen and older had experienced identity theft in the U.S., with the total monetary losses reaching 18.1 billion dollars. The good news? You can sign up for identity protection insurance quite easily.

Expensive hobbies- Purchasing specialty insurance for high ticket items such as event tickets, trips, and even fantasy football can be a good way to save yourself a lot of cash. You can also get covered for liability if your hobbies involve teaching a class (such as yoga) if somebody gets hurt in the process and tries to sue you.

A body part or your voice- For example, if you’re a specialist such as a surgeon, artist, musician, etc., and depend on your hands for your livelihood, then insuring your hands is a great option. Note that you may cover this type of coverage under disability insurance.

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