Do You Have All the Insurance You Need

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Do You Have All the Insurance You Need?

Part of your financial plan should include protecting your assets, including your
possessions, as well as your income, loved ones and health-related financial
concerns. Insurance isn't very exciting, and it can certainly be expensive. But when
you need it, you’ll be glad you have it. Unfortunately, there’s no single policy that will
give you all the coverage you need.

Take inventory of your insurance coverage. Do you have these 5 important policies?

Life Insurance

Life insurance protects those people who depend on you financially if you die
unexpectedly. Consider the hardships on your loved ones if you should happen to die

How do you determine how much life insurance you should get?

Consider these matters:

     Replacing your income. How much and for how long?

     Last illness expenses

     Funeral expenses

     Would you like to pay off certain debts, like your mortgage, so you don’t leave
     those behind for your loved ones?

No one likes to think about these things. However, if you deal with it now, it's

something your family doesn't have to deal with later.

Health Insurance

Health insurance is expensive, but health care is expensive too, really expensive. A
simple trip to the doctor can easily be several hundred dollars. A routine surgery that
only results in being in the hospital for a couple of hours can be over $10,000.

Health insurance costs are a burden, but the cost of a genuine medical issue can be

If this isn't something you can get through your employer, be prepared to do some
legwork to find a policy that’s right for you.

Long-Term Disability Insurance

This insurance replaces a portion of your lost income if you become unable to work.
The cost depends on the amount of income that you wish to replace, your age, health,
the length, and the limits of coverage. Policies will also differ regarding what they
consider to be a “disability.”

This coverage can also be quite expensive. Hopefully, you can also get this through
your employer. If not, sit down with your life or health insurance agent to go over the
details of this important insurance.

Homeowners Insurance

If you still owe money on your home, your lender requires homeowners insurance. If
you don't owe money on your home, you should still carry this type of financial
protection. Consider how many thousands of dollars your house and the contents
would cost to replace.

The price of homeowners insurance is quite small compared to the amount of
coverage you're getting.

                                   Besides covering the structure of the house and its contents, some policies will even
                                   cover putting you up in a hotel until your house is repaired. Any injuries that occur to
                                   friends and strangers are also covered under your house policy.

                                   Consider what you need; there are a lot of options for benefits, limits, and price.

                                   Automobile Insurance

                                   Nearly all states require automobile insurance to varying degrees (New Hampshire is
                                   the exception). Everyone should have coverage, even if you drive a 1975 Chevy Nova
                                   that has been paid off for years. Even in that case, you’re still financially responsible
                                   for the damage you cause to other vehicles and property.

                                   Without automobile insurance, you might face a lawsuit that could potentially cost
                                   you everything you own. Ensure you have all the coverage you need, not only for
                                   your own vehicle, but to cover your liability as well.


                                   Insurance isn't exciting or sexy, but it's a necessity. When looking at new policies,
                                   shop around because prices and coverage can differ widely from one company to the

                                   One tip to save some money: Get a policy with a higher deductible. The more you have
                                   to pay before the insurance kicks-in, the less that insurance coverage will cost you.

                                   Do your homework and find an insurance professional you can trust. Don't just focus
                                   on what insurance costs you; think of what it will cost you if you don't have it.


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Curtis Rose is an experienced professional with extensive experience in all
aspects of personal finance. Curtis writes and publishes articles, courses,
guides and special reports on his personal finance blog. Sign up for his
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