While we usually can't prevent the unexpected from happening, sometimes we can get some protection. Insurance is meant to safeguard us, at least financially, should certain things happen. But there are numerous insurance options, and many financial experts will say you need to have them all. It can be difficult to determine what insurance you really need.

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Purchasing the right type and amount of insurance is always determined by your specific situation. Factors such as children, age, lifestyle, and employment benefits play a role when you're building your insurance portfolio. There are, however, four types of insurance that most financial experts recommend we all have: life, health, auto, and long-term disability.