Bankruptcy offers a fresh financial start, but you won’t get the best out of it if you’re not prepared for life’s unexpected disasters. Below are five insurance policies you must get after bankruptcy:
Health Insurance
Medical debt is one of the leading causes of bankruptcy. If you don’t want to take a second trip to Chapter 7 or Chapter 13 bankruptcy, it’s important that you get enough health insurance to protect yourself from the cost serious illness that could require expensive surgery and hospitalization.
Car Insurance
If you’re driving and you don’t have insurance (at least liability) you could face stiff fines and expensive court costs if you’re in a car accident. Protect yourself and your finances by purchasing car insurance that covers you and any other drivers who are using your vehicle.
Homeowners/Renters Insurance
While you may not realize it, your home shelters many expensive and valuable assets such as your computer, furniture, jewelry, and books. What would you do if you had a fire or your home was destroyed by a natural disaster? Get proper homeowners/renters insurance so that you can replace any personal possessions you might lose in a natural disaster or house fire.
Long-Term Disability Insurance
It’s difficult to consider, but life sometimes delivers very difficult situations such as a debilitating disease or an accident that incapacitates you. To ensure that you’re getting enough money to cover your expenses in case you’re disabled, get long-term disability insurance.
Life Insurance
Eventually, everyone will pass away. When you do, you don’t want to leave your family struggling financially. Get enough life insurance to help your family survive for at least three to four years after your death.
Getting the right insurance won’t just give you peace of mind it’ll help you get the financial security you deserve.
