Which Insurance Do You Need? Our Oneida Bankruptcy Attorney Advises

oneida bankruptcy attorney provides insurance informationInsurance: The Ultimate Form of Protection

Every year, nearly 2 million people go through bankruptcy. Although debt comes from multiple sources, overwhelming medical bills are number one on the list. Among the many studies conducted on this very topic, one involved the analysis of data from the federal court system, Commonwealth Fund, Centers for Disease Control and Prevention, and the U.S. Census Bureau; the analysis discovered that 60 percent of all bankruptcies are directly linked to unpaid medical bills.

You have options for protecting the people that you love as well as your personal assets, including your home, vehicle, and health. With the right insurance policies, you have peace of mind. Yes, insurance is an added expense, but not having insurance when you need it is a recipe for disaster.

Many of the clients our Oneida bankruptcy attorney practice sees could have avoided filing bankruptcy if only they had been properly insured.

5 Necessary Insurance Policies:


Life Insurance Coverage

  • The last thing you want to think about is death. However, it is important that you think about the people you love and how you can protect them once you are gone. For your loved ones who depend on you for their very existence, you need to take action to prevent them from struggling financially. With life insurance, your family can pay off medical expenses and other debt, arrange for a nice funeral, and have income replacement.


Long-Term Disability Insurance Coverage

  • Often, long-term disability insurance is an elective, meaning it is not mandated. In addition, this type of insurance coverage is usually expensive, although the exact cost depends on your age, current health condition, and salary. Even so, if you were unable to work for an extended period of time due to a serious injury or illness, life would be extremely difficult without long-term disability insurance coverage. For the best policy and most affordable rate, it is important to talk to a number of insurance companies. As part of this, remember that “disability” often has different meanings, so you need all the facts.


Health Insurance Coverage

  • Everyone in the United States is required to have health insurance. Although this expense is sometimes a burden, when you consider how much you could lose without having protection, the importance of good health insurance quickly becomes evident. Regardless of the type of health insurance that you have, if you are struggling financially, remember that an Oneida bankruptcy attorney can provide answers and guidance to help you get out of debt.


Homeowner’s Insurance Coverage

  • Being a homeowner is exciting but also a huge responsibility. To own a home, you must maintain proper insurance coverage so you have protection in the event of a disaster. As you can imagine, the cost of replacing lost, stolen, or damaged items would be far greater without insurance. Along with the protection of personal belongings, homeowner’s insurance is designed to offer protection should someone be injured while on your property. For the best policy, take time to talk to a number of insurance companies to discuss the various available options.


Automobile Insurance Coverage

  • Automobile insurance is also required. You can choose full coverage, which offers protection for you and another driver in case of an accident. However, to save money, you can purchase liability insurance, which only covers expenses of the other driver in an accident where you are the at-fault party. To better understand the different types of policies, it is important to speak with a reputable insurance company.


Without question, insurance is expensive but necessary. Without proper protection, there is simply too much at risk. By working with a reputable insurance company, the right plan can be devised, one that offers outstanding protection for an affordable price. However, if you are in a situation of needing help with finances beyond insurance, we encourage you to talk to Oneida bankruptcy attorney, Laura Harris-Courage. She will review your situation and offer viable solutions for getting back on track.

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