There are some forms of insurance that you are required by law to purchase. However, there are other forms of insurance that are not required but that are highly recommended. Then, there are forms of insurance that may be a waste of money. If you are considering purchasing an additional insurance policy, it is recommended that you consider these types of insurance first.

Long-Term Disability Insurance Policies

Always purchase long-term disability insurance. Otherwise, you will simply be relying on hope that something horrible doesn't happen to you that leads to you being unable to work and unable to pay your bills. Long-term disability insurance will allow you to continue with your lifestyle regardless of whether you are able to return to work or not.

Renters Insurance

Renters insurance is highly recommended — even if it is not required — for those who rent a property. Renters will be happy when the property that was destroyed in a fire or flood can be replaced. Another great thing about renters insurance is that it tends to be inexpensive, which leaves little reason to not have it. 

Life Insurance

Life insurance is a great idea if there are individuals who are dependent on you. This can be parents, children, a spouse, or anyone else whom you would like to be able to maintain a standard of living. Also, life insurance pays for your funeral expenses and pays off debt, which could burden your loved ones otherwise. 

Umbrella Insurance

Even if you have purchased the insurance that you believe is sufficient enough to keep you covered, if your expenses are higher than normal, you may not be fully covered under regular insurance policies. Purchasing additional umbrella insurance will further cover you when an original health, auto or homeowner's insurance policy runs out. 

Pet Insurance

If you own a pet and you could see yourself paying thousands of dollars for a pet's surgery, it may make sense to purchase pet insurance. There are some pet insurance policies that will also pay for routine visits to the vet. Also, the premiums for insuring a pet are lower than the premiums for insuring a human. Also, there are pet insurance policies that might pay for your pet if it is lost or becomes sick. If you plan on purchasing several forms of insurance, consider getting them from the same insurance agency, such as  United Counties Insurance Group, because you may be able to receive discounts.