🕷️ Crawler Inspector

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Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 81 (from laksa179)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa081.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.sofi.com/learn/content/insurance-kinds-of-coverage/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.sofi.com/learn/content/insurance-kinds-of-coverage/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.sofi.com\/learn\/content\/insurance-kinds-of-coverage\/","crawl_time":1777011195,"first_indexed_time":1698442177,"http_code":200,"src_unparsed":"com,sofi!www,\/learn\/content\/insurance-kinds-of-coverage\/ s443","src_root_hash":"4971557884644933681","history_drop_reason":null,"meta_title":"Which Insurance Types Do You Really Need? Here Are 6 to Consider | SoFi","meta_descriptions":["Do you ever wonder which insurance types you really need? We’ll walk you through various kinds of coverage so you can determine which suits your needs."],"attrs_boilerpipe_text":"By\nSoFi Editors\n.\n                        July 15, 2025 ·\n7\nminute read\nThis content may include information about products, features, and\/or services that may only be available through SoFi's affiliates and is intended to be educational in nature.\nThese days, you can insure almost anything. Did you know, for example, that Julia Roberts once had insurance for her teeth, and before Daniel Craig filmed a James Bond movie, he insured his entire body? While you probably don’t need to insure any of your body parts for millions of dollars, you might find yourself wondering when you should buy life insurance, or whether renter’s insurance is really necessary.\nTo help you decide on the right type and amount of coverage, we’ve broken down which kinds of insurance you will most likely need (other than health insurance, of course).\nKey Points\n•   Life insurance offers financial support for families, covering more than just funeral expenses.\n•   Employer-provided life insurance may not be sufficient for comprehensive coverage.\n•   Term life insurance is affordable and covers specific periods.\n•   Whole life insurance provides lifelong coverage and can be more expensive.\n•   Long-term care insurance is crucial for managing elderly care costs.\n1. Life Insurance\nLife insurance is about more than just financing your funeral. It also allows your family to keep paying the bills if something happens to you.\nPeople often think they don’t need life insurance if they don’t have dependents. But if you have debt such as student loans that someone has co-signed, your life insurance can be used to\npay off your loans\n.\nIt’s common for\nemployers to offer life insurance\nas part of their benefits package, but the life insurance your employer offers may not be enough, especially if you have dependents. Ideally, your life insurance payout should be enough to invest and yield returns that could replace your income annually. For example, if you assume that you’ll get a 5% return on the money you invest, you would need $1 million in coverage to replace a $50,000 income.\nHere’s an overview of some of the most common life insurance options you might consider.\nTerm Life Insurance\nTerm life insurance\nis the simplest and most common form of life insurance. It covers your life for a specific period of time, and pays only if your death occurs during the term. This timeframe is typically anywhere from one to 30 years — the longer the term, the higher the premium. Term life insurance can be more affordable than other types of life insurance.\nWhole Life Insurance\nWhole life insurance\ncovers you for your entire life. If you make consistent payments toward your policy, you’ll build a cash reserve for your family upon your death.\nLife Insurance, Made Easy.\nApply in minutes with a simple online application. No medical tests are required for many eligible applicants.*\n*While medical exams may not be required for coverage up to $3M, certain health information is required as part of the application to determine eligibility for coverage.\nUniversal Life Insurance\nIn exchange for premiums,\nuniversal life insurance\ncan provide coverage for as long as the policyholder is alive, and some policies also accrue cash value. When the policyholder dies, their beneficiaries typically receive a tax-free death benefit in the amount specified by the policy.\nIndexed Universal Life Insurance\nIndexed universal life insurance (IUL) gives policyholders the option to put money towards either a fixed account or an equity index account. Index accounts with universal life policies often include well-known indexes and can be a good option if you’d like to accumulate tax-deferred cash as well as maintain a set amount of money in a fixed account.\nRecommended:\nLife Insurance Resources: A Comprehensive Guide to Life Insurance\n2. Disability Income Insurance\nDisability income insurance, also referred to as disability insurance, replaces a portion of your salary if you become disabled. Some employers don’t offer disability insurance, but even if yours does, you may want to consider a supplementary policy to top up the amount that you receive.\nDepending on the policy, disability insurance kicks in when you become partially, completely, temporarily, or permanently disabled. There is often a waiting period before benefits start, which could range from one month to a year, depending on your policy and whether you have\nshort-term or long-term disability insurance\n. The longer the waiting period on your policy, the cheaper your premiums often are.\nIf you have to take a job that pays less because of a disability, some policies may pay you part of the difference.\nNote that\ndisability insurance\nis expensive, often between 1% and 3% of your salary, and many organizations offer it as a benefit. If you’re evaluating offers between two employers, it’s worth factoring in how valuable this type of insurance is to you.\n3. Long-Term Care Insurance\nIf you’re considering a nursing home, day care, home health aide, or other type of long-term care, be prepared to pay. A 2024 Genworth survey found that the average price of a private room in a nursing home is around $10,645 a month. A typical assisted living facility charges around $5,900 a month, while a home health aide runs $6,482 a month.\nTo ensure you can foot the bill, the American Association for Long-Term Care Insurance recommends buying a policy in your mid-50s to qualify for the best premiums. Benefits kick in when someone isn’t able to take care of everyday activities or suffers from severe cognitive impairments. Policies vary by the specific level of impairment, the type of services provided, and the length of time the covered person lives after becoming impaired.\nDepending on your policy, your benefits may not start until up to 90 days after impairment, and some may require that you receive paid care in the meantime.\nRecommended:\n8 Popular Types of Life Insurance for Any Age\n4. Car Insurance\nIf you own or lease a car,\ncar insurance\nis a must. But there are different kinds to consider.\nCollision and comprehensive insurance will cover damage to your car and can help replace it if it’s been stolen.\nLiability insurance covers\nyou if you get sued after causing an accident. There are three maximum liability limits you can get in a car insurance policy: bodily injury per person in a given accident, bodily injury for all injuries in a given accident, and personal property damage in a given accident. Each state requires different\ninsurance minimums by law\n.\nFind the Right Auto Coverage at the Right Price.\nCompetitive quotes from different car insurance providers could help you save $1,007 a year on average.*\n*Results will vary and some may not see savings. Average savings of $1,007 per year for customers who switched and saved with Experian from May 1, 2024 through April 30, 2025. Savings based on customers’ self-reported prior premium. Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc.\nHowever, you may want higher limits than the minimum. You may be able to save money on collision and comprehensive coverage by getting a higher deductible of $500 or $1,000. If you drive a car that’s worth less than $1,000, you may want to consider dropping collision and comprehensive, though you’ll still need liability.\nRecommended:\nCheapest Car Insurance Companies\n5. Homeowners or Renter’s Insurance\nHomeowners insurance\ncovers damages to your home or theft of personal possessions. It also includes liability insurance to cover accidents that happen on your property. However, it excludes things like floods, earthquakes, and the (hopefully unlikely) event of war.\nYou should have at least enough insurance to cover the replacement value of your home and possessions. This usually means getting guaranteed (or extended) replacement cost coverage. That’s different from actual cash value coverage, which covers you for the\ncurrent value\nof your possessions.\nRecommended:\nHomeowners Insurance Resources: A Comprehensive Guide to Homeowners Insurance\nSee How Much You Could Save on Home Insurance.\nYou could save an average of $1,342 per year* when you switch insurance providers. See competitive rates from different insurers.\nResults will vary and some may not see savings. Average savings of $1,342 per year for customers who switched multiple policies and saved with Experian from May 1,2024 through April 30, 2025. Savings based on customers’ self-reported prior premiums.\nIf you’re renting instead of buying,\nrenters insurance\nis similar, but only covers your possessions and personal liability for damages. It’s worth having in case you leave the water on and accidentally flood your kitchen. The minimum deductible for tenant or homeowner’s insurance is usually $500, but according to the Insurance Information Institute, raising the deductible could save you money.\nRecommended:\nCheapest Renters Insurance Companies: Find Affordable Coverage\nOne important element for both of these is liability insurance. This helps protect you against lawsuits, and covers things like people slipping and falling on your property. One hundred thousand dollars of liability coverage is a fairly standard amount.\nRecommended:\nHow Much Is Homeowners Insurance?\n6. Umbrella Liability Coverage\nUmbrella coverage is essentially extra liability insurance, and most importantly, it protects you and your assets in the event of a lawsuit. It covers you beyond the limits of your car or home liability coverage. For example, umbrella coverage will protect you from libel, slander and false imprisonment.\nOften it is more economical to get an umbrella policy rather than getting excess home or car liability coverage. It’s a good idea to coordinate car, home, and liability coverages. After all, you wouldn’t typically have a $100,000 deductible on your umbrella policy if your car and homeowner’s insurance have $100,000 of coverage.\nThe first $1 million in umbrella coverage typically costs about $150 to $300 a year, which is often less than what most people would pay for additional coverage in that amount. As your income grows and you accumulate assets, you may want to consider raising the limit.\nRecommended:\nThe Basics of How Umbrella Insurance Works\nThe Takeaway\nInsurance can offer peace of mind and a degree of financial security. But the type and amount of coverage you need will depend on a number of factors, including your lifestyle, health, budget, and financial goals.\nWhen the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.\nFind affordable auto, life, homeowners, and renters insurance with SoFi Protect.\nPhoto credit: iStock\/urbazon\nAuto Insurance: Must have a valid driver’s license. Not available in all states.\nHome and Renters Insurance: Insurance not available in all states.\nExperian is a registered trademark of Experian.\nSoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.\nCoverage and pricing is subject to eligibility and underwriting criteria.\nLadder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.\nLadder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy.\nLadder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.\nAll services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.\nThird-Party Brand Mentions:\nNo brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.\nThird Party Trademarks:\nCertified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®\nFinancial Tips & Strategies:\nThe tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.\nSOPRO-Q325-001","attrs_markdown":"[![SoFi](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/git\/svgs\/sofi-logo.svg)](https:\/\/www.sofi.com\/)\n\n- [**Log In**](https:\/\/www.sofi.com\/b\/) [**Contact Us**](https:\/\/www.sofi.com\/contact-us\/)\n- [Products]()\n  Loans\n  \n  [Student Loan Refinancing](https:\/\/www.sofi.com\/refinance-student-loan\/)\n  \n  - [Medical Resident Refinancing](https:\/\/www.sofi.com\/medical-resident-refinance\/)\n  - [Parent PLUS Refinancing](https:\/\/www.sofi.com\/parent-plus-refinancing\/)\n  - [Medical Professional Refinancing](https:\/\/www.sofi.com\/medical-professional-refinancing\/)\n  - [Law and MBA Refinancing](https:\/\/www.sofi.com\/law-mba-degree-refinancing\/)\n  - [SmartStart Refinancing](https:\/\/www.sofi.com\/smart-start\/)\n  ***\n  [Private Student Loans](https:\/\/www.sofi.com\/private-student-loans\/)\n  \n  - [Undergraduate Student Loans](https:\/\/www.sofi.com\/private-student-loans\/undergraduate-loans\/)\n  - 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Comments? Just want to talk? Get in touch with us via phone or email.\n\n- [Log In](https:\/\/www.sofi.com\/b\/)\n- [Get Started]()\n\nYou are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website.\n\n[Okay](https:\/\/www.sofi.com\/) [Close]()\n\n## Select a product to get started.\n- [**Invest** →](https:\/\/www.sofi.com\/login\/registration\/?endpoint=https%3A%2F%2Fwww.sofi.com%2Fwealth%2Fapp%2Fproductselection)\n- [**Personal Loans** →](https:\/\/www.sofi.com\/login\/registration\/?appType=pl)\n- [**Student Loan   Refinancing** →](https:\/\/www.sofi.com\/login\/registration\/?appType=refi)\n- [**Banking** →](https:\/\/www.sofi.com\/banking\/)\n- [**Mortgages** →](https:\/\/www.sofi.com\/home-loans\/mortgage\/)\n- [**Credit Card** →](https:\/\/www.sofi.com\/credit-card\/)\n- [**Private Student   Loans** →](https:\/\/www.sofi.com\/login\/registration\/?appType=inschool)\n- [**Insurance** →](https:\/\/www.sofi.com\/protect\/)\n- [**Credit Score   & Budgeting** →](https:\/\/www.sofi.com\/mfi\/new-user)\n- [**Auto Loan Refinancing** →](https:\/\/lanterncredit.com\/auto-loan-refi?utm_source=SoFi&utm_medium=productmodal)\n\n[Or just create an account.](https:\/\/www.sofi.com\/b\/registration)\n\n**Share**\n\n- [Facebook](https:\/\/www.sofi.com\/#facebook \"Facebook\")\n- [Twitter](https:\/\/www.sofi.com\/#twitter \"Twitter\")\n- [LinkedIn](https:\/\/www.sofi.com\/#linkedin \"LinkedIn\")\n- [Reddit](https:\/\/www.sofi.com\/#reddit \"Reddit\")\n\n# Which Insurance Types Do You Really Need? Here Are 6 to Consider\nBy [SoFi Editors](https:\/\/www.sofi.com\/learn\/authors\/sofi-editors\/). July 15, 2025 ·   7 minute read\n\nThis content may include information about products, features, and\/or services that may only be available through SoFi's affiliates and is intended to be educational in nature.\n\n![Which Insurance Types Do You Really Need? Here Are 6 to Consider](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/wp\/wp-content\/uploads\/raw\/SOPT1023001_780x440_mobile.jpg)\n\nThese days, you can insure almost anything. Did you know, for example, that Julia Roberts once had insurance for her teeth, and before Daniel Craig filmed a James Bond movie, he insured his entire body? While you probably don’t need to insure any of your body parts for millions of dollars, you might find yourself wondering when you should buy life insurance, or whether renter’s insurance is really necessary.\n\nTo help you decide on the right type and amount of coverage, we’ve broken down which kinds of insurance you will most likely need (other than health insurance, of course).\n\nKey Points\n\n• Life insurance offers financial support for families, covering more than just funeral expenses.\n\n• Employer-provided life insurance may not be sufficient for comprehensive coverage.\n\n• Term life insurance is affordable and covers specific periods.\n\n• Whole life insurance provides lifelong coverage and can be more expensive.\n\n• Long-term care insurance is crucial for managing elderly care costs.\n## 1\\. Life Insurance\nLife insurance is about more than just financing your funeral. It also allows your family to keep paying the bills if something happens to you.\n\nPeople often think they don’t need life insurance if they don’t have dependents. But if you have debt such as student loans that someone has co-signed, your life insurance can be used to [pay off your loans](https:\/\/www.sofi.com\/learn\/content\/fastest-ways-to-payoff-debt\/).\n\nIt’s common for [employers to offer life insurance](https:\/\/www.sofi.com\/learn\/content\/employment-life-insurance\/) as part of their benefits package, but the life insurance your employer offers may not be enough, especially if you have dependents. Ideally, your life insurance payout should be enough to invest and yield returns that could replace your income annually. For example, if you assume that you’ll get a 5% return on the money you invest, you would need \\$1 million in coverage to replace a \\$50,000 income.\n\n“Life insurance isn’t necessarily a must-have for everyone. But if you have dependents or debt — or think you might someday — you may want to take a closer look at whether life insurance could help protect your loved ones and your legacy.”\n\n\\-Brian Walsh, CFP® and Head of Advice & Planning at SoFi\n\nHere’s an overview of some of the most common life insurance options you might consider.\n\n### Term Life Insurance\n[Term life insurance](https:\/\/www.sofi.com\/online-insurance\/life-insurance\/) is the simplest and most common form of life insurance. It covers your life for a specific period of time, and pays only if your death occurs during the term. This timeframe is typically anywhere from one to 30 years — the longer the term, the higher the premium. Term life insurance can be more affordable than other types of life insurance.\n\n### Whole Life Insurance\n[Whole life insurance](https:\/\/www.sofi.com\/learn\/content\/term-vs-whole-life-insurance\/) covers you for your entire life. If you make consistent payments toward your policy, you’ll build a cash reserve for your family upon your death.\n\n### Life Insurance, Made Easy.\n#### Apply in minutes with a simple online application. No medical tests are required for many eligible applicants.\\*\n\n\\*While medical exams may not be required for coverage up to \\$3M, certain health information is required as part of the application to determine eligibility for coverage.\n\n### Universal Life Insurance\nIn exchange for premiums, [universal life insurance](https:\/\/www.sofi.com\/learn\/content\/what-is-universal-life-insurance\/) can provide coverage for as long as the policyholder is alive, and some policies also accrue cash value. When the policyholder dies, their beneficiaries typically receive a tax-free death benefit in the amount specified by the policy.\n\n### Indexed Universal Life Insurance\nIndexed universal life insurance (IUL) gives policyholders the option to put money towards either a fixed account or an equity index account. Index accounts with universal life policies often include well-known indexes and can be a good option if you’d like to accumulate tax-deferred cash as well as maintain a set amount of money in a fixed account.\n\n***Recommended: [Life Insurance Resources: A Comprehensive Guide to Life Insurance](https:\/\/www.sofi.com\/life-insurance-guide\/)***\n\n## 2\\. Disability Income Insurance\nDisability income insurance, also referred to as disability insurance, replaces a portion of your salary if you become disabled. Some employers don’t offer disability insurance, but even if yours does, you may want to consider a supplementary policy to top up the amount that you receive.\n\nDepending on the policy, disability insurance kicks in when you become partially, completely, temporarily, or permanently disabled. There is often a waiting period before benefits start, which could range from one month to a year, depending on your policy and whether you have [short-term or long-term disability insurance](https:\/\/www.sofi.com\/learn\/content\/short-term-vs-long-term-disability\/). The longer the waiting period on your policy, the cheaper your premiums often are.\n\nIf you have to take a job that pays less because of a disability, some policies may pay you part of the difference.\n\nNote that [disability insurance](https:\/\/www.sofi.com\/learn\/content\/short-term-vs-long-term-disability\/) is expensive, often between 1% and 3% of your salary, and many organizations offer it as a benefit. If you’re evaluating offers between two employers, it’s worth factoring in how valuable this type of insurance is to you.\n\n## 3\\. Long-Term Care Insurance\nIf you’re considering a nursing home, day care, home health aide, or other type of long-term care, be prepared to pay. A 2024 Genworth survey found that the average price of a private room in a nursing home is around \\$10,645 a month. A typical assisted living facility charges around \\$5,900 a month, while a home health aide runs \\$6,482 a month.\n\nTo ensure you can foot the bill, the American Association for Long-Term Care Insurance recommends buying a policy in your mid-50s to qualify for the best premiums. Benefits kick in when someone isn’t able to take care of everyday activities or suffers from severe cognitive impairments. Policies vary by the specific level of impairment, the type of services provided, and the length of time the covered person lives after becoming impaired.\n\nDepending on your policy, your benefits may not start until up to 90 days after impairment, and some may require that you receive paid care in the meantime.\n\n***Recommended: [8 Popular Types of Life Insurance for Any Age](https:\/\/www.sofi.com\/learn\/content\/types-of-life-insurance\/)***\n\n## 4\\. Car Insurance\nIf you own or lease a car, [car insurance](https:\/\/www.sofi.com\/online-insurance\/auto-insurance\/) is a must. But there are different kinds to consider.\n\nCollision and comprehensive insurance will cover damage to your car and can help replace it if it’s been stolen.\n\n[Liability insurance covers](https:\/\/www.sofi.com\/learn\/content\/what-does-liability-auto-insurance-typically-cover\/) you if you get sued after causing an accident. There are three maximum liability limits you can get in a car insurance policy: bodily injury per person in a given accident, bodily injury for all injuries in a given accident, and personal property damage in a given accident. Each state requires different [insurance minimums by law](https:\/\/www.sofi.com\/learn\/content\/minimum-car-insurance-requirements\/).\n\n### Find the Right Auto Coverage at the Right Price.\n#### Competitive quotes from different car insurance providers could help you save \\$1,007 a year on average.\\*\n\n\\*Results will vary and some may not see savings. Average savings of \\$1,007 per year for customers who switched and saved with Experian from May 1, 2024 through April 30, 2025. Savings based on customers’ self-reported prior premium. Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc.\n\nHowever, you may want higher limits than the minimum. You may be able to save money on collision and comprehensive coverage by getting a higher deductible of \\$500 or \\$1,000. If you drive a car that’s worth less than \\$1,000, you may want to consider dropping collision and comprehensive, though you’ll still need liability.\n\n***Recommended: [Cheapest Car Insurance Companies](https:\/\/www.sofi.com\/learn\/content\/cheapest-car-insurance\/)***\n\n## 5\\. Homeowners or Renter’s Insurance\n[Homeowners insurance](https:\/\/www.sofi.com\/online-insurance\/homeowners-insurance\/) covers damages to your home or theft of personal possessions. It also includes liability insurance to cover accidents that happen on your property. However, it excludes things like floods, earthquakes, and the (hopefully unlikely) event of war.\n\nYou should have at least enough insurance to cover the replacement value of your home and possessions. This usually means getting guaranteed (or extended) replacement cost coverage. That’s different from actual cash value coverage, which covers you for the *current value* of your possessions.\n\n***Recommended: [Homeowners Insurance Resources: A Comprehensive Guide to Homeowners Insurance](https:\/\/www.sofi.com\/homeowners-insurance-guide\/)***\n\n### See How Much You Could Save on Home Insurance.\n#### You could save an average of \\$1,342 per year\\* when you switch insurance providers. See competitive rates from different insurers.\n\nResults will vary and some may not see savings. Average savings of \\$1,342 per year for customers who switched multiple policies and saved with Experian from May 1,2024 through April 30, 2025. Savings based on customers’ self-reported prior premiums.\n\nIf you’re renting instead of buying, [renters insurance](https:\/\/www.sofi.com\/online-insurance\/renters-insurance\/) is similar, but only covers your possessions and personal liability for damages. It’s worth having in case you leave the water on and accidentally flood your kitchen. The minimum deductible for tenant or homeowner’s insurance is usually \\$500, but according to the Insurance Information Institute, raising the deductible could save you money.\n\n***Recommended: [Cheapest Renters Insurance Companies: Find Affordable Coverage](https:\/\/www.sofi.com\/learn\/content\/cheapest-renters-insurance\/)***\n\nOne important element for both of these is liability insurance. This helps protect you against lawsuits, and covers things like people slipping and falling on your property. One hundred thousand dollars of liability coverage is a fairly standard amount.\n\n***Recommended: [How Much Is Homeowners Insurance?](https:\/\/www.sofi.com\/learn\/content\/how-much-is-homeowners-insurance\/)***\n\n## 6\\. Umbrella Liability Coverage\nUmbrella coverage is essentially extra liability insurance, and most importantly, it protects you and your assets in the event of a lawsuit. It covers you beyond the limits of your car or home liability coverage. For example, umbrella coverage will protect you from libel, slander and false imprisonment.\n\nOften it is more economical to get an umbrella policy rather than getting excess home or car liability coverage. It’s a good idea to coordinate car, home, and liability coverages. After all, you wouldn’t typically have a \\$100,000 deductible on your umbrella policy if your car and homeowner’s insurance have \\$100,000 of coverage.\n\nThe first \\$1 million in umbrella coverage typically costs about \\$150 to \\$300 a year, which is often less than what most people would pay for additional coverage in that amount. As your income grows and you accumulate assets, you may want to consider raising the limit.\n\n***Recommended: [The Basics of How Umbrella Insurance Works](https:\/\/www.sofi.com\/learn\/content\/what-is-umbrella-insurance\/)***\n\n## The Takeaway\nInsurance can offer peace of mind and a degree of financial security. But the type and amount of coverage you need will depend on a number of factors, including your lifestyle, health, budget, and financial goals.\n\nWhen the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.\n\n*Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.*\n***\nPhoto credit: iStock\/urbazon\n\nAuto Insurance: Must have a valid driver’s license. Not available in all states.  \n Home and Renters Insurance: Insurance not available in all states.  \n Experian is a registered trademark of Experian.  \n SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.  \n Coverage and pricing is subject to eligibility and underwriting criteria.  \n Ladder Insurance Services, LLC (CA license \\# OK22568; AR license \\# 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.  \n Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy.  \n Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.  \n All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.   \n  \n **Third-Party Brand Mentions:** No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.   \n  \n **Third Party Trademarks:** Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®   \n  \n **Financial Tips & Strategies:** The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. 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[Exploring Different Types of Investments: Pros and Cons](https:\/\/www.sofi.com\/learn\/content\/different-types-of-investments\/)\n- [Investment Fees Explained: Definition, Types, Costs](https:\/\/www.sofi.com\/learn\/content\/investment-fees\/)\n- [What Is Mortgage Life Insurance? How It Works](https:\/\/www.sofi.com\/learn\/content\/mortgage-life-insurance\/)\n- [Life Insurance Calculator - How Much Life...](https:\/\/www.sofi.com\/calculators\/life-insurance-calculator\/)\n\n#### ALSO OF INTEREST\n- [Types of Retirement Plans and Which to Consider](https:\/\/www.sofi.com\/learn\/content\/different-retirement-plan-types\/)\n- [Exploring Different Types of Investments: Pros and Cons](https:\/\/www.sofi.com\/learn\/content\/different-types-of-investments\/)\n- [Investment Fees Explained: Definition, Types, Costs](https:\/\/www.sofi.com\/learn\/content\/investment-fees\/)\n- [What Is Mortgage Life Insurance? How It Works](https:\/\/www.sofi.com\/learn\/content\/mortgage-life-insurance\/)\n- [Life Insurance Calculator - How Much Life...](https:\/\/www.sofi.com\/calculators\/life-insurance-calculator\/)\n\n![SoFi Daily](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/wp\/wp-content\/uploads\/raw\/SoFi_OnTheMoney_lightmode.png)  **Intel, insights, and inspo for this financial moment, delivered straight to your inbox.**\n\n[Subscribe](https:\/\/www.sofi.com\/signup\/on-the-money)\n\n- ![social-logo-Facebook](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/wp\/wp-content\/uploads\/raw\/CN24-1943855__Facbook_Logo.svg)\n- ![social-logo-LinkedIn](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/wp\/wp-content\/uploads\/raw\/CN24-1943855_Linkedin_Logo.svg)\n- ![social-logo-Twitter](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/wp\/wp-content\/uploads\/raw\/CN24-1943855_X_Logo.svg)\n- ![social-logo-Instagram](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/wp\/wp-content\/uploads\/raw\/CN24-1943855_Instagram_Logo.svg)\n- ![social-logo-YouTube](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/wp\/wp-content\/uploads\/raw\/CN24-1943855_Youtube_Logo.svg)\n\n- ![SoFi QR code, Download now, scan this with your phone’s camera](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/wp\/wp-content\/uploads\/raw\/Global-footer-QR-code%402x.png)\n- [![SoFi iOS App, Download on the App Store](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/dist\/img\/apple-badge-expires.png)](https:\/\/sofi.app.link\/9PWl9h1gs4\/ \"Apple\")\n- [![SoFi Android App, Get it on Google Play](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/dist\/img\/android-badge-expires.png)](https:\/\/sofi.app.link\/iXoJohohs4 \"Android\")\n\n2750 East Cottonwood Parkway \\#300  \n Cottonwood Heights, Utah 84121\n\n**See what SoFi can do for you and your finances.**\n\nSelect a product below and get your rate in just minutes.\n\n[Student Loan  Refinancing](https:\/\/www.sofi.com\/b\/registration?appType=refi)\n\n[Personal  Loans](https:\/\/www.sofi.com\/b\/registration?appType=pl)\n\n[Online  Investments](https:\/\/www.sofi.com\/b\/registration)\n\n[Other](https:\/\/www.sofi.com\/b\/registration)\n\n**Terms and conditions apply.** SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is \\$5,000. The average of SoFi Personal Loans funded in 2023 was around \\$33K. Information current as of 2\/26\/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS \\#696891 [(www.nmlsconsumeraccess.org)](https:\/\/www.nmlsconsumeraccess.org\/). See [SoFi.com\/legal](https:\/\/www.sofi.com\/legal\/) for state-specific license details. See [SoFi.com\/eligibility](https:\/\/www.sofi.com\/eligibility\/) for details and state restrictions.\n\n✝ To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.\n\n©2026 Social Finance, LLC All rights reserved.\n\nTLS 1.2 Encrypted\n\nEqual Housing Lender\n\n![](https:\/\/www.sofi.com\/measure\/pixel\/refer?referrer=https:\/\/www.sofi.com)\n\n✓\n\nThanks for sharing\\!\n\n[AddToAny](https:\/\/www.addtoany.com\/ \"Share Buttons\")\n\n[More…](https:\/\/www.sofi.com\/learn\/content\/insurance-kinds-of-coverage\/#addtoany \"Show all\")","attrs_readable_markdown":"By [SoFi Editors](https:\/\/www.sofi.com\/learn\/authors\/sofi-editors\/). July 15, 2025 ·   7 minute read\n\nThis content may include information about products, features, and\/or services that may only be available through SoFi's affiliates and is intended to be educational in nature.\n\n![Which Insurance Types Do You Really Need? Here Are 6 to Consider](https:\/\/d32ijn7u0aqfv4.cloudfront.net\/wp\/wp-content\/uploads\/raw\/SOPT1023001_780x440_mobile.jpg)\n\nThese days, you can insure almost anything. Did you know, for example, that Julia Roberts once had insurance for her teeth, and before Daniel Craig filmed a James Bond movie, he insured his entire body? While you probably don’t need to insure any of your body parts for millions of dollars, you might find yourself wondering when you should buy life insurance, or whether renter’s insurance is really necessary.\n\nTo help you decide on the right type and amount of coverage, we’ve broken down which kinds of insurance you will most likely need (other than health insurance, of course).\n\nKey Points\n\n• Life insurance offers financial support for families, covering more than just funeral expenses.\n\n• Employer-provided life insurance may not be sufficient for comprehensive coverage.\n\n• Term life insurance is affordable and covers specific periods.\n\n• Whole life insurance provides lifelong coverage and can be more expensive.\n\n• Long-term care insurance is crucial for managing elderly care costs.\n## 1\\. Life Insurance\nLife insurance is about more than just financing your funeral. It also allows your family to keep paying the bills if something happens to you.\n\nPeople often think they don’t need life insurance if they don’t have dependents. But if you have debt such as student loans that someone has co-signed, your life insurance can be used to [pay off your loans](https:\/\/www.sofi.com\/learn\/content\/fastest-ways-to-payoff-debt\/).\n\nIt’s common for [employers to offer life insurance](https:\/\/www.sofi.com\/learn\/content\/employment-life-insurance\/) as part of their benefits package, but the life insurance your employer offers may not be enough, especially if you have dependents. Ideally, your life insurance payout should be enough to invest and yield returns that could replace your income annually. For example, if you assume that you’ll get a 5% return on the money you invest, you would need \\$1 million in coverage to replace a \\$50,000 income.\n\nHere’s an overview of some of the most common life insurance options you might consider.\n\n### Term Life Insurance\n[Term life insurance](https:\/\/www.sofi.com\/online-insurance\/life-insurance\/) is the simplest and most common form of life insurance. It covers your life for a specific period of time, and pays only if your death occurs during the term. This timeframe is typically anywhere from one to 30 years — the longer the term, the higher the premium. Term life insurance can be more affordable than other types of life insurance.\n\n### Whole Life Insurance\n[Whole life insurance](https:\/\/www.sofi.com\/learn\/content\/term-vs-whole-life-insurance\/) covers you for your entire life. If you make consistent payments toward your policy, you’ll build a cash reserve for your family upon your death.\n\nLife Insurance, Made Easy.Apply in minutes with a simple online application. No medical tests are required for many eligible applicants.\\*\n\n\\*While medical exams may not be required for coverage up to \\$3M, certain health information is required as part of the application to determine eligibility for coverage.\n\n### Universal Life Insurance\nIn exchange for premiums, [universal life insurance](https:\/\/www.sofi.com\/learn\/content\/what-is-universal-life-insurance\/) can provide coverage for as long as the policyholder is alive, and some policies also accrue cash value. When the policyholder dies, their beneficiaries typically receive a tax-free death benefit in the amount specified by the policy.\n\n### Indexed Universal Life Insurance\nIndexed universal life insurance (IUL) gives policyholders the option to put money towards either a fixed account or an equity index account. Index accounts with universal life policies often include well-known indexes and can be a good option if you’d like to accumulate tax-deferred cash as well as maintain a set amount of money in a fixed account.\n\n***Recommended: [Life Insurance Resources: A Comprehensive Guide to Life Insurance](https:\/\/www.sofi.com\/life-insurance-guide\/)***\n\n## 2\\. Disability Income Insurance\nDisability income insurance, also referred to as disability insurance, replaces a portion of your salary if you become disabled. Some employers don’t offer disability insurance, but even if yours does, you may want to consider a supplementary policy to top up the amount that you receive.\n\nDepending on the policy, disability insurance kicks in when you become partially, completely, temporarily, or permanently disabled. There is often a waiting period before benefits start, which could range from one month to a year, depending on your policy and whether you have [short-term or long-term disability insurance](https:\/\/www.sofi.com\/learn\/content\/short-term-vs-long-term-disability\/). The longer the waiting period on your policy, the cheaper your premiums often are.\n\nIf you have to take a job that pays less because of a disability, some policies may pay you part of the difference.\n\nNote that [disability insurance](https:\/\/www.sofi.com\/learn\/content\/short-term-vs-long-term-disability\/) is expensive, often between 1% and 3% of your salary, and many organizations offer it as a benefit. If you’re evaluating offers between two employers, it’s worth factoring in how valuable this type of insurance is to you.\n\n## 3\\. Long-Term Care Insurance\nIf you’re considering a nursing home, day care, home health aide, or other type of long-term care, be prepared to pay. A 2024 Genworth survey found that the average price of a private room in a nursing home is around \\$10,645 a month. A typical assisted living facility charges around \\$5,900 a month, while a home health aide runs \\$6,482 a month.\n\nTo ensure you can foot the bill, the American Association for Long-Term Care Insurance recommends buying a policy in your mid-50s to qualify for the best premiums. Benefits kick in when someone isn’t able to take care of everyday activities or suffers from severe cognitive impairments. Policies vary by the specific level of impairment, the type of services provided, and the length of time the covered person lives after becoming impaired.\n\nDepending on your policy, your benefits may not start until up to 90 days after impairment, and some may require that you receive paid care in the meantime.\n\n***Recommended: [8 Popular Types of Life Insurance for Any Age](https:\/\/www.sofi.com\/learn\/content\/types-of-life-insurance\/)***\n\n## 4\\. Car Insurance\nIf you own or lease a car, [car insurance](https:\/\/www.sofi.com\/online-insurance\/auto-insurance\/) is a must. But there are different kinds to consider.\n\nCollision and comprehensive insurance will cover damage to your car and can help replace it if it’s been stolen.\n\n[Liability insurance covers](https:\/\/www.sofi.com\/learn\/content\/what-does-liability-auto-insurance-typically-cover\/) you if you get sued after causing an accident. There are three maximum liability limits you can get in a car insurance policy: bodily injury per person in a given accident, bodily injury for all injuries in a given accident, and personal property damage in a given accident. Each state requires different [insurance minimums by law](https:\/\/www.sofi.com\/learn\/content\/minimum-car-insurance-requirements\/).\n\nFind the Right Auto Coverage at the Right Price.Competitive quotes from different car insurance providers could help you save \\$1,007 a year on average.\\*\n\n\\*Results will vary and some may not see savings. Average savings of \\$1,007 per year for customers who switched and saved with Experian from May 1, 2024 through April 30, 2025. Savings based on customers’ self-reported prior premium. Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc.\n\nHowever, you may want higher limits than the minimum. You may be able to save money on collision and comprehensive coverage by getting a higher deductible of \\$500 or \\$1,000. If you drive a car that’s worth less than \\$1,000, you may want to consider dropping collision and comprehensive, though you’ll still need liability.\n\n***Recommended: [Cheapest Car Insurance Companies](https:\/\/www.sofi.com\/learn\/content\/cheapest-car-insurance\/)***\n\n## 5\\. Homeowners or Renter’s Insurance\n[Homeowners insurance](https:\/\/www.sofi.com\/online-insurance\/homeowners-insurance\/) covers damages to your home or theft of personal possessions. It also includes liability insurance to cover accidents that happen on your property. However, it excludes things like floods, earthquakes, and the (hopefully unlikely) event of war.\n\nYou should have at least enough insurance to cover the replacement value of your home and possessions. This usually means getting guaranteed (or extended) replacement cost coverage. That’s different from actual cash value coverage, which covers you for the *current value* of your possessions.\n\n***Recommended: [Homeowners Insurance Resources: A Comprehensive Guide to Homeowners Insurance](https:\/\/www.sofi.com\/homeowners-insurance-guide\/)***\n\nSee How Much You Could Save on Home Insurance.You could save an average of \\$1,342 per year\\* when you switch insurance providers. See competitive rates from different insurers.\n\nResults will vary and some may not see savings. Average savings of \\$1,342 per year for customers who switched multiple policies and saved with Experian from May 1,2024 through April 30, 2025. Savings based on customers’ self-reported prior premiums.\n\nIf you’re renting instead of buying, [renters insurance](https:\/\/www.sofi.com\/online-insurance\/renters-insurance\/) is similar, but only covers your possessions and personal liability for damages. It’s worth having in case you leave the water on and accidentally flood your kitchen. The minimum deductible for tenant or homeowner’s insurance is usually \\$500, but according to the Insurance Information Institute, raising the deductible could save you money.\n\n***Recommended: [Cheapest Renters Insurance Companies: Find Affordable Coverage](https:\/\/www.sofi.com\/learn\/content\/cheapest-renters-insurance\/)***\n\nOne important element for both of these is liability insurance. This helps protect you against lawsuits, and covers things like people slipping and falling on your property. One hundred thousand dollars of liability coverage is a fairly standard amount.\n\n***Recommended: [How Much Is Homeowners Insurance?](https:\/\/www.sofi.com\/learn\/content\/how-much-is-homeowners-insurance\/)***\n\n## 6\\. Umbrella Liability Coverage\nUmbrella coverage is essentially extra liability insurance, and most importantly, it protects you and your assets in the event of a lawsuit. It covers you beyond the limits of your car or home liability coverage. For example, umbrella coverage will protect you from libel, slander and false imprisonment.\n\nOften it is more economical to get an umbrella policy rather than getting excess home or car liability coverage. It’s a good idea to coordinate car, home, and liability coverages. After all, you wouldn’t typically have a \\$100,000 deductible on your umbrella policy if your car and homeowner’s insurance have \\$100,000 of coverage.\n\nThe first \\$1 million in umbrella coverage typically costs about \\$150 to \\$300 a year, which is often less than what most people would pay for additional coverage in that amount. As your income grows and you accumulate assets, you may want to consider raising the limit.\n\n***Recommended: [The Basics of How Umbrella Insurance Works](https:\/\/www.sofi.com\/learn\/content\/what-is-umbrella-insurance\/)***\n\n## The Takeaway\nInsurance can offer peace of mind and a degree of financial security. But the type and amount of coverage you need will depend on a number of factors, including your lifestyle, health, budget, and financial goals.\n\nWhen the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.\n\n*Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.*\n***\nPhoto credit: iStock\/urbazon\n\nAuto Insurance: Must have a valid driver’s license. Not available in all states.  \n Home and Renters Insurance: Insurance not available in all states.  \n Experian is a registered trademark of Experian.  \n SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.  \n  \n  Coverage and pricing is subject to eligibility and underwriting criteria.  \n Ladder Insurance Services, LLC (CA license \\# OK22568; AR license \\# 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.  \n Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy.  \n Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.  \n All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.\n\n**Third-Party Brand Mentions:** No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.\n\n**Third Party Trademarks:** Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®\n\n**Financial Tips & Strategies:** The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. 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By SoFi Editors . July 15, 2025 · 7 minute read This content may include information about products, features, and/or services that may only be available through SoFi's affiliates and is intended to be educational in nature. These days, you can insure almost anything. Did you know, for example, that Julia Roberts once had insurance for her teeth, and before Daniel Craig filmed a James Bond movie, he insured his entire body? While you probably don’t need to insure any of your body parts for millions of dollars, you might find yourself wondering when you should buy life insurance, or whether renter’s insurance is really necessary. To help you decide on the right type and amount of coverage, we’ve broken down which kinds of insurance you will most likely need (other than health insurance, of course). Key Points • Life insurance offers financial support for families, covering more than just funeral expenses. • Employer-provided life insurance may not be sufficient for comprehensive coverage. • Term life insurance is affordable and covers specific periods. • Whole life insurance provides lifelong coverage and can be more expensive. • Long-term care insurance is crucial for managing elderly care costs. 1. Life Insurance Life insurance is about more than just financing your funeral. It also allows your family to keep paying the bills if something happens to you. People often think they don’t need life insurance if they don’t have dependents. But if you have debt such as student loans that someone has co-signed, your life insurance can be used to pay off your loans . It’s common for employers to offer life insurance as part of their benefits package, but the life insurance your employer offers may not be enough, especially if you have dependents. Ideally, your life insurance payout should be enough to invest and yield returns that could replace your income annually. For example, if you assume that you’ll get a 5% return on the money you invest, you would need $1 million in coverage to replace a $50,000 income. Here’s an overview of some of the most common life insurance options you might consider. Term Life Insurance Term life insurance is the simplest and most common form of life insurance. It covers your life for a specific period of time, and pays only if your death occurs during the term. This timeframe is typically anywhere from one to 30 years — the longer the term, the higher the premium. Term life insurance can be more affordable than other types of life insurance. Whole Life Insurance Whole life insurance covers you for your entire life. If you make consistent payments toward your policy, you’ll build a cash reserve for your family upon your death. Life Insurance, Made Easy. Apply in minutes with a simple online application. No medical tests are required for many eligible applicants.* *While medical exams may not be required for coverage up to $3M, certain health information is required as part of the application to determine eligibility for coverage. Universal Life Insurance In exchange for premiums, universal life insurance can provide coverage for as long as the policyholder is alive, and some policies also accrue cash value. When the policyholder dies, their beneficiaries typically receive a tax-free death benefit in the amount specified by the policy. Indexed Universal Life Insurance Indexed universal life insurance (IUL) gives policyholders the option to put money towards either a fixed account or an equity index account. Index accounts with universal life policies often include well-known indexes and can be a good option if you’d like to accumulate tax-deferred cash as well as maintain a set amount of money in a fixed account. Recommended: Life Insurance Resources: A Comprehensive Guide to Life Insurance 2. Disability Income Insurance Disability income insurance, also referred to as disability insurance, replaces a portion of your salary if you become disabled. Some employers don’t offer disability insurance, but even if yours does, you may want to consider a supplementary policy to top up the amount that you receive. Depending on the policy, disability insurance kicks in when you become partially, completely, temporarily, or permanently disabled. There is often a waiting period before benefits start, which could range from one month to a year, depending on your policy and whether you have short-term or long-term disability insurance . The longer the waiting period on your policy, the cheaper your premiums often are. If you have to take a job that pays less because of a disability, some policies may pay you part of the difference. Note that disability insurance is expensive, often between 1% and 3% of your salary, and many organizations offer it as a benefit. If you’re evaluating offers between two employers, it’s worth factoring in how valuable this type of insurance is to you. 3. Long-Term Care Insurance If you’re considering a nursing home, day care, home health aide, or other type of long-term care, be prepared to pay. A 2024 Genworth survey found that the average price of a private room in a nursing home is around $10,645 a month. A typical assisted living facility charges around $5,900 a month, while a home health aide runs $6,482 a month. To ensure you can foot the bill, the American Association for Long-Term Care Insurance recommends buying a policy in your mid-50s to qualify for the best premiums. Benefits kick in when someone isn’t able to take care of everyday activities or suffers from severe cognitive impairments. Policies vary by the specific level of impairment, the type of services provided, and the length of time the covered person lives after becoming impaired. Depending on your policy, your benefits may not start until up to 90 days after impairment, and some may require that you receive paid care in the meantime. Recommended: 8 Popular Types of Life Insurance for Any Age 4. Car Insurance If you own or lease a car, car insurance is a must. But there are different kinds to consider. Collision and comprehensive insurance will cover damage to your car and can help replace it if it’s been stolen. Liability insurance covers you if you get sued after causing an accident. There are three maximum liability limits you can get in a car insurance policy: bodily injury per person in a given accident, bodily injury for all injuries in a given accident, and personal property damage in a given accident. Each state requires different insurance minimums by law . Find the Right Auto Coverage at the Right Price. Competitive quotes from different car insurance providers could help you save $1,007 a year on average.* *Results will vary and some may not see savings. Average savings of $1,007 per year for customers who switched and saved with Experian from May 1, 2024 through April 30, 2025. Savings based on customers’ self-reported prior premium. Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc. However, you may want higher limits than the minimum. You may be able to save money on collision and comprehensive coverage by getting a higher deductible of $500 or $1,000. If you drive a car that’s worth less than $1,000, you may want to consider dropping collision and comprehensive, though you’ll still need liability. Recommended: Cheapest Car Insurance Companies 5. Homeowners or Renter’s Insurance Homeowners insurance covers damages to your home or theft of personal possessions. It also includes liability insurance to cover accidents that happen on your property. However, it excludes things like floods, earthquakes, and the (hopefully unlikely) event of war. You should have at least enough insurance to cover the replacement value of your home and possessions. This usually means getting guaranteed (or extended) replacement cost coverage. That’s different from actual cash value coverage, which covers you for the current value of your possessions. Recommended: Homeowners Insurance Resources: A Comprehensive Guide to Homeowners Insurance See How Much You Could Save on Home Insurance. You could save an average of $1,342 per year* when you switch insurance providers. See competitive rates from different insurers. Results will vary and some may not see savings. Average savings of $1,342 per year for customers who switched multiple policies and saved with Experian from May 1,2024 through April 30, 2025. Savings based on customers’ self-reported prior premiums. If you’re renting instead of buying, renters insurance is similar, but only covers your possessions and personal liability for damages. It’s worth having in case you leave the water on and accidentally flood your kitchen. The minimum deductible for tenant or homeowner’s insurance is usually $500, but according to the Insurance Information Institute, raising the deductible could save you money. Recommended: Cheapest Renters Insurance Companies: Find Affordable Coverage One important element for both of these is liability insurance. This helps protect you against lawsuits, and covers things like people slipping and falling on your property. One hundred thousand dollars of liability coverage is a fairly standard amount. Recommended: How Much Is Homeowners Insurance? 6. Umbrella Liability Coverage Umbrella coverage is essentially extra liability insurance, and most importantly, it protects you and your assets in the event of a lawsuit. It covers you beyond the limits of your car or home liability coverage. For example, umbrella coverage will protect you from libel, slander and false imprisonment. Often it is more economical to get an umbrella policy rather than getting excess home or car liability coverage. It’s a good idea to coordinate car, home, and liability coverages. After all, you wouldn’t typically have a $100,000 deductible on your umbrella policy if your car and homeowner’s insurance have $100,000 of coverage. The first $1 million in umbrella coverage typically costs about $150 to $300 a year, which is often less than what most people would pay for additional coverage in that amount. As your income grows and you accumulate assets, you may want to consider raising the limit. Recommended: The Basics of How Umbrella Insurance Works The Takeaway Insurance can offer peace of mind and a degree of financial security. But the type and amount of coverage you need will depend on a number of factors, including your lifestyle, health, budget, and financial goals. When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance. Find affordable auto, life, homeowners, and renters insurance with SoFi Protect. Photo credit: iStock/urbazon Auto Insurance: Must have a valid driver’s license. Not available in all states. Home and Renters Insurance: Insurance not available in all states. Experian is a registered trademark of Experian. SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership. Coverage and pricing is subject to eligibility and underwriting criteria. Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy. Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years. All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER® Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. SOPRO-Q325-001

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Here Are 6 to Consider By [SoFi Editors](https://www.sofi.com/learn/authors/sofi-editors/). July 15, 2025 · 7 minute read This content may include information about products, features, and/or services that may only be available through SoFi's affiliates and is intended to be educational in nature. ![Which Insurance Types Do You Really Need? Here Are 6 to Consider](https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SOPT1023001_780x440_mobile.jpg) These days, you can insure almost anything. Did you know, for example, that Julia Roberts once had insurance for her teeth, and before Daniel Craig filmed a James Bond movie, he insured his entire body? While you probably don’t need to insure any of your body parts for millions of dollars, you might find yourself wondering when you should buy life insurance, or whether renter’s insurance is really necessary. To help you decide on the right type and amount of coverage, we’ve broken down which kinds of insurance you will most likely need (other than health insurance, of course). Key Points • Life insurance offers financial support for families, covering more than just funeral expenses. • Employer-provided life insurance may not be sufficient for comprehensive coverage. • Term life insurance is affordable and covers specific periods. • Whole life insurance provides lifelong coverage and can be more expensive. • Long-term care insurance is crucial for managing elderly care costs. ## 1\. Life Insurance Life insurance is about more than just financing your funeral. It also allows your family to keep paying the bills if something happens to you. People often think they don’t need life insurance if they don’t have dependents. But if you have debt such as student loans that someone has co-signed, your life insurance can be used to [pay off your loans](https://www.sofi.com/learn/content/fastest-ways-to-payoff-debt/). It’s common for [employers to offer life insurance](https://www.sofi.com/learn/content/employment-life-insurance/) as part of their benefits package, but the life insurance your employer offers may not be enough, especially if you have dependents. Ideally, your life insurance payout should be enough to invest and yield returns that could replace your income annually. For example, if you assume that you’ll get a 5% return on the money you invest, you would need \$1 million in coverage to replace a \$50,000 income. “Life insurance isn’t necessarily a must-have for everyone. But if you have dependents or debt — or think you might someday — you may want to take a closer look at whether life insurance could help protect your loved ones and your legacy.” \-Brian Walsh, CFP® and Head of Advice & Planning at SoFi Here’s an overview of some of the most common life insurance options you might consider. ### Term Life Insurance [Term life insurance](https://www.sofi.com/online-insurance/life-insurance/) is the simplest and most common form of life insurance. It covers your life for a specific period of time, and pays only if your death occurs during the term. This timeframe is typically anywhere from one to 30 years — the longer the term, the higher the premium. Term life insurance can be more affordable than other types of life insurance. ### Whole Life Insurance [Whole life insurance](https://www.sofi.com/learn/content/term-vs-whole-life-insurance/) covers you for your entire life. If you make consistent payments toward your policy, you’ll build a cash reserve for your family upon your death. ### Life Insurance, Made Easy. #### Apply in minutes with a simple online application. No medical tests are required for many eligible applicants.\* \*While medical exams may not be required for coverage up to \$3M, certain health information is required as part of the application to determine eligibility for coverage. ### Universal Life Insurance In exchange for premiums, [universal life insurance](https://www.sofi.com/learn/content/what-is-universal-life-insurance/) can provide coverage for as long as the policyholder is alive, and some policies also accrue cash value. When the policyholder dies, their beneficiaries typically receive a tax-free death benefit in the amount specified by the policy. ### Indexed Universal Life Insurance Indexed universal life insurance (IUL) gives policyholders the option to put money towards either a fixed account or an equity index account. Index accounts with universal life policies often include well-known indexes and can be a good option if you’d like to accumulate tax-deferred cash as well as maintain a set amount of money in a fixed account. ***Recommended: [Life Insurance Resources: A Comprehensive Guide to Life Insurance](https://www.sofi.com/life-insurance-guide/)*** ## 2\. Disability Income Insurance Disability income insurance, also referred to as disability insurance, replaces a portion of your salary if you become disabled. Some employers don’t offer disability insurance, but even if yours does, you may want to consider a supplementary policy to top up the amount that you receive. Depending on the policy, disability insurance kicks in when you become partially, completely, temporarily, or permanently disabled. There is often a waiting period before benefits start, which could range from one month to a year, depending on your policy and whether you have [short-term or long-term disability insurance](https://www.sofi.com/learn/content/short-term-vs-long-term-disability/). The longer the waiting period on your policy, the cheaper your premiums often are. If you have to take a job that pays less because of a disability, some policies may pay you part of the difference. Note that [disability insurance](https://www.sofi.com/learn/content/short-term-vs-long-term-disability/) is expensive, often between 1% and 3% of your salary, and many organizations offer it as a benefit. If you’re evaluating offers between two employers, it’s worth factoring in how valuable this type of insurance is to you. ## 3\. Long-Term Care Insurance If you’re considering a nursing home, day care, home health aide, or other type of long-term care, be prepared to pay. A 2024 Genworth survey found that the average price of a private room in a nursing home is around \$10,645 a month. A typical assisted living facility charges around \$5,900 a month, while a home health aide runs \$6,482 a month. To ensure you can foot the bill, the American Association for Long-Term Care Insurance recommends buying a policy in your mid-50s to qualify for the best premiums. Benefits kick in when someone isn’t able to take care of everyday activities or suffers from severe cognitive impairments. Policies vary by the specific level of impairment, the type of services provided, and the length of time the covered person lives after becoming impaired. Depending on your policy, your benefits may not start until up to 90 days after impairment, and some may require that you receive paid care in the meantime. ***Recommended: [8 Popular Types of Life Insurance for Any Age](https://www.sofi.com/learn/content/types-of-life-insurance/)*** ## 4\. Car Insurance If you own or lease a car, [car insurance](https://www.sofi.com/online-insurance/auto-insurance/) is a must. But there are different kinds to consider. Collision and comprehensive insurance will cover damage to your car and can help replace it if it’s been stolen. [Liability insurance covers](https://www.sofi.com/learn/content/what-does-liability-auto-insurance-typically-cover/) you if you get sued after causing an accident. There are three maximum liability limits you can get in a car insurance policy: bodily injury per person in a given accident, bodily injury for all injuries in a given accident, and personal property damage in a given accident. Each state requires different [insurance minimums by law](https://www.sofi.com/learn/content/minimum-car-insurance-requirements/). ### Find the Right Auto Coverage at the Right Price. #### Competitive quotes from different car insurance providers could help you save \$1,007 a year on average.\* \*Results will vary and some may not see savings. Average savings of \$1,007 per year for customers who switched and saved with Experian from May 1, 2024 through April 30, 2025. Savings based on customers’ self-reported prior premium. Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc. However, you may want higher limits than the minimum. You may be able to save money on collision and comprehensive coverage by getting a higher deductible of \$500 or \$1,000. If you drive a car that’s worth less than \$1,000, you may want to consider dropping collision and comprehensive, though you’ll still need liability. ***Recommended: [Cheapest Car Insurance Companies](https://www.sofi.com/learn/content/cheapest-car-insurance/)*** ## 5\. Homeowners or Renter’s Insurance [Homeowners insurance](https://www.sofi.com/online-insurance/homeowners-insurance/) covers damages to your home or theft of personal possessions. It also includes liability insurance to cover accidents that happen on your property. However, it excludes things like floods, earthquakes, and the (hopefully unlikely) event of war. You should have at least enough insurance to cover the replacement value of your home and possessions. This usually means getting guaranteed (or extended) replacement cost coverage. That’s different from actual cash value coverage, which covers you for the *current value* of your possessions. ***Recommended: [Homeowners Insurance Resources: A Comprehensive Guide to Homeowners Insurance](https://www.sofi.com/homeowners-insurance-guide/)*** ### See How Much You Could Save on Home Insurance. #### You could save an average of \$1,342 per year\* when you switch insurance providers. See competitive rates from different insurers. Results will vary and some may not see savings. Average savings of \$1,342 per year for customers who switched multiple policies and saved with Experian from May 1,2024 through April 30, 2025. Savings based on customers’ self-reported prior premiums. If you’re renting instead of buying, [renters insurance](https://www.sofi.com/online-insurance/renters-insurance/) is similar, but only covers your possessions and personal liability for damages. It’s worth having in case you leave the water on and accidentally flood your kitchen. The minimum deductible for tenant or homeowner’s insurance is usually \$500, but according to the Insurance Information Institute, raising the deductible could save you money. ***Recommended: [Cheapest Renters Insurance Companies: Find Affordable Coverage](https://www.sofi.com/learn/content/cheapest-renters-insurance/)*** One important element for both of these is liability insurance. This helps protect you against lawsuits, and covers things like people slipping and falling on your property. One hundred thousand dollars of liability coverage is a fairly standard amount. ***Recommended: [How Much Is Homeowners Insurance?](https://www.sofi.com/learn/content/how-much-is-homeowners-insurance/)*** ## 6\. Umbrella Liability Coverage Umbrella coverage is essentially extra liability insurance, and most importantly, it protects you and your assets in the event of a lawsuit. It covers you beyond the limits of your car or home liability coverage. For example, umbrella coverage will protect you from libel, slander and false imprisonment. Often it is more economical to get an umbrella policy rather than getting excess home or car liability coverage. It’s a good idea to coordinate car, home, and liability coverages. After all, you wouldn’t typically have a \$100,000 deductible on your umbrella policy if your car and homeowner’s insurance have \$100,000 of coverage. The first \$1 million in umbrella coverage typically costs about \$150 to \$300 a year, which is often less than what most people would pay for additional coverage in that amount. As your income grows and you accumulate assets, you may want to consider raising the limit. ***Recommended: [The Basics of How Umbrella Insurance Works](https://www.sofi.com/learn/content/what-is-umbrella-insurance/)*** ## The Takeaway Insurance can offer peace of mind and a degree of financial security. But the type and amount of coverage you need will depend on a number of factors, including your lifestyle, health, budget, and financial goals. When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance. *Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.* *** Photo credit: iStock/urbazon Auto Insurance: Must have a valid driver’s license. Not available in all states. Home and Renters Insurance: Insurance not available in all states. Experian is a registered trademark of Experian. SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership. Coverage and pricing is subject to eligibility and underwriting criteria. Ladder Insurance Services, LLC (CA license \# OK22568; AR license \# 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy. Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years. All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice. **Third-Party Brand Mentions:** No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. **Third Party Trademarks:** Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER® **Financial Tips & Strategies:** The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. 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By [SoFi Editors](https://www.sofi.com/learn/authors/sofi-editors/). July 15, 2025 · 7 minute read This content may include information about products, features, and/or services that may only be available through SoFi's affiliates and is intended to be educational in nature. ![Which Insurance Types Do You Really Need? Here Are 6 to Consider](https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SOPT1023001_780x440_mobile.jpg) These days, you can insure almost anything. Did you know, for example, that Julia Roberts once had insurance for her teeth, and before Daniel Craig filmed a James Bond movie, he insured his entire body? While you probably don’t need to insure any of your body parts for millions of dollars, you might find yourself wondering when you should buy life insurance, or whether renter’s insurance is really necessary. To help you decide on the right type and amount of coverage, we’ve broken down which kinds of insurance you will most likely need (other than health insurance, of course). Key Points • Life insurance offers financial support for families, covering more than just funeral expenses. • Employer-provided life insurance may not be sufficient for comprehensive coverage. • Term life insurance is affordable and covers specific periods. • Whole life insurance provides lifelong coverage and can be more expensive. • Long-term care insurance is crucial for managing elderly care costs. ## 1\. Life Insurance Life insurance is about more than just financing your funeral. It also allows your family to keep paying the bills if something happens to you. People often think they don’t need life insurance if they don’t have dependents. But if you have debt such as student loans that someone has co-signed, your life insurance can be used to [pay off your loans](https://www.sofi.com/learn/content/fastest-ways-to-payoff-debt/). It’s common for [employers to offer life insurance](https://www.sofi.com/learn/content/employment-life-insurance/) as part of their benefits package, but the life insurance your employer offers may not be enough, especially if you have dependents. Ideally, your life insurance payout should be enough to invest and yield returns that could replace your income annually. For example, if you assume that you’ll get a 5% return on the money you invest, you would need \$1 million in coverage to replace a \$50,000 income. Here’s an overview of some of the most common life insurance options you might consider. ### Term Life Insurance [Term life insurance](https://www.sofi.com/online-insurance/life-insurance/) is the simplest and most common form of life insurance. It covers your life for a specific period of time, and pays only if your death occurs during the term. This timeframe is typically anywhere from one to 30 years — the longer the term, the higher the premium. Term life insurance can be more affordable than other types of life insurance. ### Whole Life Insurance [Whole life insurance](https://www.sofi.com/learn/content/term-vs-whole-life-insurance/) covers you for your entire life. If you make consistent payments toward your policy, you’ll build a cash reserve for your family upon your death. Life Insurance, Made Easy.Apply in minutes with a simple online application. No medical tests are required for many eligible applicants.\* \*While medical exams may not be required for coverage up to \$3M, certain health information is required as part of the application to determine eligibility for coverage. ### Universal Life Insurance In exchange for premiums, [universal life insurance](https://www.sofi.com/learn/content/what-is-universal-life-insurance/) can provide coverage for as long as the policyholder is alive, and some policies also accrue cash value. When the policyholder dies, their beneficiaries typically receive a tax-free death benefit in the amount specified by the policy. ### Indexed Universal Life Insurance Indexed universal life insurance (IUL) gives policyholders the option to put money towards either a fixed account or an equity index account. Index accounts with universal life policies often include well-known indexes and can be a good option if you’d like to accumulate tax-deferred cash as well as maintain a set amount of money in a fixed account. ***Recommended: [Life Insurance Resources: A Comprehensive Guide to Life Insurance](https://www.sofi.com/life-insurance-guide/)*** ## 2\. Disability Income Insurance Disability income insurance, also referred to as disability insurance, replaces a portion of your salary if you become disabled. Some employers don’t offer disability insurance, but even if yours does, you may want to consider a supplementary policy to top up the amount that you receive. Depending on the policy, disability insurance kicks in when you become partially, completely, temporarily, or permanently disabled. There is often a waiting period before benefits start, which could range from one month to a year, depending on your policy and whether you have [short-term or long-term disability insurance](https://www.sofi.com/learn/content/short-term-vs-long-term-disability/). The longer the waiting period on your policy, the cheaper your premiums often are. If you have to take a job that pays less because of a disability, some policies may pay you part of the difference. Note that [disability insurance](https://www.sofi.com/learn/content/short-term-vs-long-term-disability/) is expensive, often between 1% and 3% of your salary, and many organizations offer it as a benefit. If you’re evaluating offers between two employers, it’s worth factoring in how valuable this type of insurance is to you. ## 3\. Long-Term Care Insurance If you’re considering a nursing home, day care, home health aide, or other type of long-term care, be prepared to pay. A 2024 Genworth survey found that the average price of a private room in a nursing home is around \$10,645 a month. A typical assisted living facility charges around \$5,900 a month, while a home health aide runs \$6,482 a month. To ensure you can foot the bill, the American Association for Long-Term Care Insurance recommends buying a policy in your mid-50s to qualify for the best premiums. Benefits kick in when someone isn’t able to take care of everyday activities or suffers from severe cognitive impairments. Policies vary by the specific level of impairment, the type of services provided, and the length of time the covered person lives after becoming impaired. Depending on your policy, your benefits may not start until up to 90 days after impairment, and some may require that you receive paid care in the meantime. ***Recommended: [8 Popular Types of Life Insurance for Any Age](https://www.sofi.com/learn/content/types-of-life-insurance/)*** ## 4\. Car Insurance If you own or lease a car, [car insurance](https://www.sofi.com/online-insurance/auto-insurance/) is a must. But there are different kinds to consider. Collision and comprehensive insurance will cover damage to your car and can help replace it if it’s been stolen. [Liability insurance covers](https://www.sofi.com/learn/content/what-does-liability-auto-insurance-typically-cover/) you if you get sued after causing an accident. There are three maximum liability limits you can get in a car insurance policy: bodily injury per person in a given accident, bodily injury for all injuries in a given accident, and personal property damage in a given accident. Each state requires different [insurance minimums by law](https://www.sofi.com/learn/content/minimum-car-insurance-requirements/). Find the Right Auto Coverage at the Right Price.Competitive quotes from different car insurance providers could help you save \$1,007 a year on average.\* \*Results will vary and some may not see savings. Average savings of \$1,007 per year for customers who switched and saved with Experian from May 1, 2024 through April 30, 2025. Savings based on customers’ self-reported prior premium. Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc. However, you may want higher limits than the minimum. You may be able to save money on collision and comprehensive coverage by getting a higher deductible of \$500 or \$1,000. If you drive a car that’s worth less than \$1,000, you may want to consider dropping collision and comprehensive, though you’ll still need liability. ***Recommended: [Cheapest Car Insurance Companies](https://www.sofi.com/learn/content/cheapest-car-insurance/)*** ## 5\. Homeowners or Renter’s Insurance [Homeowners insurance](https://www.sofi.com/online-insurance/homeowners-insurance/) covers damages to your home or theft of personal possessions. It also includes liability insurance to cover accidents that happen on your property. However, it excludes things like floods, earthquakes, and the (hopefully unlikely) event of war. You should have at least enough insurance to cover the replacement value of your home and possessions. This usually means getting guaranteed (or extended) replacement cost coverage. That’s different from actual cash value coverage, which covers you for the *current value* of your possessions. ***Recommended: [Homeowners Insurance Resources: A Comprehensive Guide to Homeowners Insurance](https://www.sofi.com/homeowners-insurance-guide/)*** See How Much You Could Save on Home Insurance.You could save an average of \$1,342 per year\* when you switch insurance providers. See competitive rates from different insurers. Results will vary and some may not see savings. Average savings of \$1,342 per year for customers who switched multiple policies and saved with Experian from May 1,2024 through April 30, 2025. Savings based on customers’ self-reported prior premiums. If you’re renting instead of buying, [renters insurance](https://www.sofi.com/online-insurance/renters-insurance/) is similar, but only covers your possessions and personal liability for damages. It’s worth having in case you leave the water on and accidentally flood your kitchen. The minimum deductible for tenant or homeowner’s insurance is usually \$500, but according to the Insurance Information Institute, raising the deductible could save you money. ***Recommended: [Cheapest Renters Insurance Companies: Find Affordable Coverage](https://www.sofi.com/learn/content/cheapest-renters-insurance/)*** One important element for both of these is liability insurance. This helps protect you against lawsuits, and covers things like people slipping and falling on your property. One hundred thousand dollars of liability coverage is a fairly standard amount. ***Recommended: [How Much Is Homeowners Insurance?](https://www.sofi.com/learn/content/how-much-is-homeowners-insurance/)*** ## 6\. Umbrella Liability Coverage Umbrella coverage is essentially extra liability insurance, and most importantly, it protects you and your assets in the event of a lawsuit. It covers you beyond the limits of your car or home liability coverage. For example, umbrella coverage will protect you from libel, slander and false imprisonment. Often it is more economical to get an umbrella policy rather than getting excess home or car liability coverage. It’s a good idea to coordinate car, home, and liability coverages. After all, you wouldn’t typically have a \$100,000 deductible on your umbrella policy if your car and homeowner’s insurance have \$100,000 of coverage. The first \$1 million in umbrella coverage typically costs about \$150 to \$300 a year, which is often less than what most people would pay for additional coverage in that amount. As your income grows and you accumulate assets, you may want to consider raising the limit. ***Recommended: [The Basics of How Umbrella Insurance Works](https://www.sofi.com/learn/content/what-is-umbrella-insurance/)*** ## The Takeaway Insurance can offer peace of mind and a degree of financial security. But the type and amount of coverage you need will depend on a number of factors, including your lifestyle, health, budget, and financial goals. When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance. *Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.* *** Photo credit: iStock/urbazon Auto Insurance: Must have a valid driver’s license. Not available in all states. Home and Renters Insurance: Insurance not available in all states. Experian is a registered trademark of Experian. SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership. Coverage and pricing is subject to eligibility and underwriting criteria. Ladder Insurance Services, LLC (CA license \# OK22568; AR license \# 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy. Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years. All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice. **Third-Party Brand Mentions:** No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. **Third Party Trademarks:** Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER® **Financial Tips & Strategies:** The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. SOPRO-Q325-001

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