Posted by André Nosalsky :: August 6, 2008 @ 9:15 am

Insurance is one of the things that most people don’t like to think about but need to purchase. For students attending college, most of the insurance is provided or paid for by parents or the college.

Upon graduating, however, it is time to think about and purchase your own insurance since the insurance provided by the college will lapse, and your parents will probably want you to purchase your own policies. Insurance can be what stops you from having a financial crisis before you’re even up and running financially. We here at the Lending Club blog want to help you understand the major types of insurance that you should consider.

Health Insurance

Health insurance often includes dental and prescription coverage and will most likely be provided by your employer. Talk to the HR department and they will provide you with the necessary information and options. You can also read this government guide. If you’re self-employed or the company does not offer insurance, you can purchase your own. Research sites like BankRate.com or eHealthInsurance.com are helpful. There are many different options and choices to make when selecting health insurance coverage, so make sure to do your research before purchasing. But don’t delay, because your health is the most important thing you have.

Auto Insurance

Auto insurance is required in all states to operate a vehicle. Comprehensive or “full coverage” covers your car and any liability, while “liability only” plans cover only the damage that you might cause. There are many options with auto insurance, so make sure to talk to an agent who can answer your questions before buying a car or making changes to your current coverage. Read this guide from Kiplinger for some valuable tips.

Life Insurance

If you have any financial responsibilities after graduating from college (those college loans), make sure to look at term life insurance. This is an inexpensive way to purchase a lot of coverage for a “term” or a time period (10 years, for example) during which you can better your financial position.

Renters Insurance

Renting an apartment might expose you to different risks to your property; purchasing renters insurance can reduce some of those risks. It protects your property while you are a renter. Nobody expects to be robbed or have to have his or her apartment broken into, but it happens. Here’s an excellent article explaining why you need renters insurance.

There are other types of insurance out there, but this covers the basics. It might seem like insurance costs a lot, but when something goes wrong (and many times it does), you will most likely be saying that you should have purchased more of it.