A payday advance loan is designed to help in an emergency situation. However, its high interest rate makes it costly. You can protect yourself against these emergency situations with insurance.
Insurance provides peace of mind in many different situations, including situations that far exceed what a payday advance could cover. In many cases, the cost of insurance is less than what you would expect.
Life insurance is one type of insurance that many people overlook, especially when they are young. Of course, it is unique in the fact the insurance doesn’t help the person that is covered, but the beneficiaries, such as your loved ones.
If you want to help prevent your loved ones from being forced into a payday advance if you die suddenly, then you can get a life insurance policy that will provide them money if you die. If you start the policy at an early age, then it will likely cost just a few dollars a month depending on your health history.
Health insurance is different in that it protects you from costly medical bills. However, health insurance premiums have increased significantly over the last few years. The nice thing is that the premiums are consistent, so you can include them in your budget for living expenses, and many employers will pay at least part of the health insurance premiums, which are taken out of paychecks before taxes so employees can save on the taxes as well.
Don’t let medical bills force you into payday advance loan
What also helps is that health insurance often encourages preventative medical treatment by reducing or even eliminating a deductible or copay. The preventative treatment, such as flu shots or physicals, can prevent much more costly treatment from being needed.
You can help yourself further by taking measures to improve your health, such as stopping smoking or losing weight. These can prevent health care costs or at least reduce costs by preventing complications.
If you still can’t afford health insurance, you should research what help is available through your county and state. They may have programs available that provide extremely cheap health insurance for you or your children if you have a low income.
You’ll also want to consider dental and vision insurance as well, especially if your family has a history of problems with teeth or vision. These will often fully cover regular checkups, which will go a long way toward preventing more expensive things like root canals or needing glasses.
Homeowner’s and car insurance are similar in the fact that both are often required for people making payments on a house or a car. However, people often get the minimum insurance required instead of considering how a high deductible could cause them to take out a payday advance loan.
Also, if you rent, you will want to consider renter’s insurance. You may not need to protect a home, but if something were to happen to where you live, you could still lose all your belongings and you don’t want to be forced into a payday advance loan just to get some clothes to wear or a bed to sleep on.
In the end, it is all about managing risk. If you can insure yourself in as many ways as possible, you can lower the risk that you’ll need another payday advance loan.