Some people do not put any thought into who they chose to buy coverage from. They will employ the services of anyone recommended. What you should be looking for is someone who is willing to sit down with you and explain what types of coverage you need and why. You should never buy any policy that you do not personally understand. Having a trusted insurance agent in your professional portfolio is a necessary component to protecting yourself and your assets.
There are policies that cover just about everything imaginable. Unfortunately, not all of them are necessary. Here is a list of the absolutely important policies you need to get in place right now.
Homeowner’s or Renter’s
There is more to life than stuff, but that does not mean you should not protect the things you have. A homeowner’s or renter’s policy will cover your possessions in the event of a loss. Make sure you have guaranteed replacement costs in order to fully compensate you for the losses.
Driving around uninsured is inviting disaster to your finances. If you can afford a higher deductible, it will your monthly premium low. Ask your insurance agent to crunch the numbers and see if collision coverage makes sense in your situation and to confirm the adequate amount of liability for you.
Likewise, medical coverage is non negotiable. An emergency or devastating diagnosis will bankrupt you quicker than anything else. There have been a lot of changes recently with the passing of the Affordable Care Act, so be sure to explore all your options. You may want to consider opening a Health Savings Account as well.
Check with your employer to see if this is a benefit they provide. Many businesses offer disability at a lower rate than you would be able to get by yourself. You want the policy to cover at least 65% of your income and, if possible, to pay out if you are unable to perform your specific job duties.
This is a policy that you do not need to put in place until after you turn 60. Once you are 60, however, you have about a 70% chance of ending up in an extended care facility. Make sure you are able to afford that level of care easily if that time comes.
Identity theft is the fasting growing fraud activity in the United States. You can easily spend hundreds of hours trying to rectify the situation if your information gets stolen. Instead, make sure your provider has restoration services so the burden is on them to sort through everything, not you.
If anyone depends on your income, then you need life insurance. There are many different policies, but the best value is term life. Term has the lowest premiums with the most coverage. There is no savings or investing involved, and there shouldn’t be. You are transferring the risk of losing your income, not trying to grow an investment.
There may be some other coverage you require but these are the minimums. Again, make sure you are employing a trustworthy insurance agent that is willing to explain why you need what you need. Do not pay for anything that you do not understand or agree with.
For an insurance agent they know they can trust, Mobile, AL residents go to Thames Batre Insurance. Learn more at http://www.thamesbatre.com/.
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