A few years back in my life as a banker, I learned the importance of insurability. To kick the year off right it’s necessary to consider your insurance options.
Here are 8 Smart Ways to Secure the bag and remove worry and anxiety from your life:
How many of us know that most disasters aren’t included in their home or renters insurance? Majority of the times they are not. Since I moved into my condo, there has been at least a dozen of flood related incidents. Even as a renter, you can protect yourself against theft and fire.
In the words of Rihanna, you can stand under my umbrella. With umbrella insurance, when an insured is liable, the primary insurance policies pay up to their limits. Any additional amount is paid by the umbrella policy (up to the limit of the umbrella policy).
HDHP’s & HSA’s aren’t for everybody but are at least worth considering. If you can learn to be extremely frugal, putting up a sizable portion of your income in savings and investment , this may be your best option. Additional qualifiers are the super-healthy and those who rarely get sick. This helps companies as well by cutting medical expense of workers. Check with your FP (Financial Planner) for more details on this and to be certain you qualify.
A few years ago I had surgery and my short-term disability insurance kicked in. Keyword here is short-term. However I takes most people months to truly recover from surgery whether intended or unintended. Realistically you may need two to three months. You can hedge against income lost with long-term disability coverage.
For your Auto liability coverage max it out up to at least 500k. Why?
Liability insurance protects you against the claims of other drivers for their injuries or damage to their vehicles in the event that you cause an accident, up to the limits of liability in your policy. Most states require that drivers have liability insurance up to certain minimum limits. It protects bodily and property injury that you have caused to other drivers.
Rate shop for the best term life policy. Typical feature of term insurance include:
No cash value
Sometimes convertible to permanent life insurance
There was a time when people invested their entire savings on insurable death benefits. Luckily these days there are more options.
Long-term care (LTC) insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse. Experts suggest obtaining LTC between the ages of 45 and 55 as part of an overall retirement strategy plan to protect assets from the burdens of extended health care needs.
According to the FTC.gov, “The government’s IDENTITYTHEFT.gov website provides free personal recovery plans and step-by-step guidance to help identity theft victims recover.” That being said, opt for one of the free services prior choosing to pay out of pocket. Recent data breaches and online security threats make this a high priority on the list.
Keep in mind the plans mentioned in this article only scratch the surface. A more thorough consulted review must be done in order to reap the true benefits.
Posted in: A penny for your thoughts