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Big Picture
Here are the key considerations when reviewing your insurance needs:
- Disability Insurance. If company employed, does my employer have an income replacement plan if I get sick or injured and I can not work? Am I covered... for what and how long? Can I get disability coverage that I can afford? Should my spouse also have coverage?
- Life Insurance. What is the best way to determine if I need life insurance? If I do need it, how much should I buy? What about my spouse and children? Should I buy the type that only pays a death benefit or one where my cash grows and is available to me? Does it make sense to get it through an employer?
- Medical Insurance. How can I tell which type of medical plan is best for me? Should I choose coverage under my employer's plan or my spouse's plan, or vice-versa? How can I keep my medical out-of-pocket expenses as low as possible?
- Other Types Of Insurance. How do I make the right coverage choices for automobile insurance coverage? What about homeowner's insurance? Do I need an umbrella policy? Who should consider purchasing Long-Term Care insurance?
- Prioritizing Your Insurance Needs. What if I can not afford as much insurance as I need? How do I prioritize the different types of insurance?
Make Sure You Are Protected
Do not ever assume you are covered under an employer plan. Take the time to read your employee benefits book. Determine if there is a waiting period before your benefits begin. If you leave your job, will you be able to pay for company-provided insurance coverage once you're gone? Also take the time to understand how any privately owned insurance you may have works. The best way to make sure you have enough protection is to consult with your financial advisor who can:
·Assess what coverage you have;
·Determine what you really need; and
·Advise you how to make up the difference.
To make sure that you're not paying too much, you have to:
·Understand what type of insurance you own and how it works;
·What it does and doesn't do; and
·Determine whether the pay-off in the short- and long-run is worth the cost today.
Here's the rule: Insurance is something you buy when you don't need it so you'll have it when you can't get it. You can't get it if you're uninsurable or a tragedy strikes. It has no value to you after the fact.
If you're underinsured, you're putting yourself and your loved ones at high risk for financial loss.
Disability Insurance: Making Sure the Income Stream Does Not Run Dry
A serious illness or injury doesn't discriminate against singles and couples... or those with children or dependent parents. The fact is everyone needs disability insurance. Be careful not to skimp on disability coverage to increase your other insurance coverages.
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