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Activity #8. Objectively Evaluate Insurance Needs (life, health, disability, etc.) The purpose of this exercise is to enable you to objectively assess your individual insurance needs and learn about the alternative insurance products (advantages and disadvantages). The emphasis here is to determine your needs and then be equipped to shop around to find the best provider and cost combination. This approach is suggested as an alternative to inquiring of an insurance salesman with the question, “Do I have enough (life, health, disability, etc.) insurance?” From a private computer, you can investigate different types and levels of Life, Health, Disability, Long-Term Care insurance at: www.life-line.org Under each different type of insurance, there is information detailing the alternative options, criteria for evaluating how much insurance you need, and tips about what to know when buying different insurance products. Armed with this information, you will be able to objectively evaluate your own insurance needs, identify which products are best able to provide your desired level of protection, and then shop around for those specific type and level of policies. You can then concentrate your efforts on finding the best price for the products you select. This puts you in the driver’s seat when approaching insurance advisors and reduces the probability that you will be convinced to buy inappropriate or inadequate types/levels of insurance.
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