Critical illness insurance and cancer insurance
Critical illness insurance and cancer insurance are types of insurance policies created to provide benefits that can help cover the costs of treating acute illnesses and medical conditions, like heart attacks, chronic illnesses, and cancer.
In many cases, they offer policyholders a cash payout for covered incidents, which can be used to cover treatment costs, living expenses, or however you see fit. Your employer may also offer benefits such as dependent coverage for your spouse and children and coverage for recurring illnesses.
How to get critical illness and cancer insurance
When getting critical illness insurance or cancer insurance through your employer, you can typically enroll during the open enrollment period, when you first join the company or after a qualifying life event (QLE). You can also purchase these benefits through an independent insurance provider.
Accident insurance provides benefits in the event the participant sustains certain injuries caused by an accident. Most accident insurance plans provide benefits that can be used as the participant sees fit, including to help cover a range of expenses, such as emergency room visits, insurance deductibles, and copays.
These plans typically provide enrollees with a lump-sum payout they can use how they see fit. For example, you can use the money to pay for costs directly related to medical treatment, like a hospital bill, or indirect expenses like food, hotel stays, or transportation.
How to get accident insurance
If this benefit is offered through your workplace, follow the instructions provided by your employer to enroll. If not, research providers, compare plans, and enroll online with your chosen provider.
Legal insurance provides access to attorneys offering legal services — including drafting and reviewing documents, consultation, or representation in court. For a monthly premium, you get access to a network of attorneys, making it easier to find a trusted advisor for whatever legal assistance you need.
How to get legal insurance
You can opt into a legal insurance plan through your employer (if offered) or on your own. If you're a federal employee or member of the military, you have the option to enroll in legal insurance anytime during the year, even if it's outside of the typical enrollment period.
Pet insurance can help cover costs related to your pet’s healthcare, including emergencies, overnight vet stays, and unexpected illnesses. It helps reimburse covered veterinary costs from accidents and illnesses — like ear infections, broken bones, and cancer. However, certain expenses — like grooming, food not prescribed by a vet, and elective surgeries — generally aren’t covered.
How to get pet insurance
Your employer may offer coverage as part of your benefits package, or you can buy pet insurance online through a commercial provider.
Homeowners insurance may be mandated by mortgage lenders in order to get a homeowner’s loan. This coverage provides financial protection in case your home is damaged. Most home insurance policies help cover costs related to dwelling and personal property damage, additional living expenses, and certain types of natural disaster damage.
How to get homeowners insurance
Homeowners insurance generally isn’t offered by employers, so you'll most likely need to purchase a policy on your own. Evaluate your coverage needs by considering the value of your property, its contents, and any additional structures you want to insure before choosing a provider.
A landlord’s insurance covers any structural damage to your rental home or apartment, like roof repairs or fire damage. Renters insurance, however, provides financial protection for your personal belongings while you’re renting
How to get renters insurance
Renters insurance is most often purchased by an individual through an insurance provider. Compare coverage, deductibles, and premiums, and then choose a plan that aligns with your needs and budget.
Long-term care insurance
According to the Administration for Community Living, about 60% of people will require long-term care at some point.3 And no matter what type of long-term care you may need, it can get costly. Long-term care (LTC) insurance helps pay for costs related to a variety of long-term care services, including in-home assistance, short- or long-term nursing home stays, and adult day care.
Some may wait to invest in LTC when they’re in their 50s or 60s. However, the cost to purchase LTC insurance can increase with age, which may make it more cost-effective to enroll at a younger age. Some life insurance policies allow you to add an LTC rider, so contact your insurance agent or human resources representative to learn more about your options.
How to get LTC insurance
Some employers offer group long-term care insurance as part of their employee benefits package. If they do, you can enroll during open enrollment periods. If not, you can purchase it independently.
Almost every state requires drivers to have auto insurance. Car insurance helps cover costs related to accidents, car theft, or damage to your vehicle from natural disasters. It may also help protect you against lawsuits related to an accident.
How to get auto insurance
Employers don't typically offer auto insurance, so you’ll probably need to purchase it on your own through an insurance provider. Consider bundling home or renters insurance and auto insurance through one provider to save money.
Travel insurance is designed to safeguard travelers against unforeseen events and financial losses associated with a trip. It offers coverage for things like trip cancellations, lost or delayed baggage, medical emergencies, and other travel-related expenses.
How to get travel insurance
Some employers may offer travel insurance to cover employees for business-related trips. However, for personal travel protection, you most likely need to purchase it on your own through an insurance company, travel agency, or credit card company.
Umbrella insurance is a type of liability insurance that offers coverage beyond the limits of your existing insurance policies — such as auto or homeowners insurance — to provide additional financial protection.
Let’s say you’re at fault in a car accident, and the damages exceed the liability limits of your auto insurance policy. Without umbrella insurance, you’d be responsible for covering the remaining costs out of pocket. However, with umbrella insurance, that extra amount would be covered up to the limit specified in your policy.
How to get umbrella insurance
To obtain umbrella insurance, you’ll first need to have an underlying primary insurance policy with certain minimum liability limits. Most umbrella insurance coverage plans are purchased from the provider that issued your primary policy.
Knowing the different types of insurance helps you prepare for life’s curveballs
Now that you’re familiar with the most common types of insurance, consider which types align with your needs and offer the best coverage for your circumstances. It’s important to consider factors like your health, dependents, financial situation, and assets. As you dive into the details of the plans, consider consulting with an insurance professional to help make the best decision for you and your family.