You want to make sure your assets are properly protected. This means you need to make sure you have the right homeowners’ insurance, health insurance, and auto insurance coverage. To ensure your family is properly protected in the event of your sudden death, you will need to obtain the proper amount of life insurance coverage. A licensed insurance agent will help you review your assets and your financial situation so you can make sure your family has the right financial protection when situations arise.
Now is the time to review your life insurance protection as well as your home and auto coverage. Here is a rundown of the coverage you should have and how to choose the proper protection for your family.
How Much Life Insurance Do You Need?
Life insurance is a necessity to ensure your family is protected in the event of your untimely death. Life insurance is used to cover medical bills and funeral expenses. But if you still owe on a mortgage or have other debts and your family depends on your income, you will want to make sure you increase your coverage. There are two kinds of life insurance coverage. Whole life coverage, which is good for the duration of the individual’s life, and then term life, which is for a set time frame, usually ranging from 10 to 30 years.
When buying life insurance protection, you will want to consider what costs your family needs covered if you die. Consider your annual income and how dependent your family is on that income. Review any bills that would need to be paid, such as a mortgage, credit cards, business loans, medical expenses, and any final expenses. Usually, people get enough coverage to take care of those expenses and then 3 to 5 years of your salary to ensure your family is protected.
What Does Homeowners Insurance Cover?
You will need to make sure all your assets are protected as well. Homeowners insurance will protect your assets in the event of a natural disaster, such as a fire or storm. It also protects your home and its contents in the event of a robbery. You are also protected from premises liability claims if a visitor is injured while on your property. Work with your insurance agent to make sure you have enough coverage to rebuild if there is a complete loss. You will also want to insure any outbuildings. Check to see if you need to add special coverage for any collectibles and jewelry that exceed a set amount.
What About Auto Insurance?
Auto insurance is important for any driver. If you have an older vehicle, liability coverage is probably enough protection because it covers any damages to other people’s property, and it covers physical injury if you are at fault for the crash. If you have a newer vehicle, or if you have it financed, you will want to have full coverage which will cover the book value of your vehicle if it is damaged or totaled by a collision, bad weather, a falling tree, theft, or vandalism. You might want to compare your vehicle’s book value to the payoff for your car. This is because, if there is a significant difference, you may want to check on purchasing a pay-off rider, which will cover that difference so you will not be stuck with paying for your totaled vehicle out of pocket. You should get estimates from different insurance companies and review different levels of coverage.
How Important Is Health Insurance?
You need to make sure you have the best health insurance coverage for your specific needs. Just one medical emergency, such as an accident or a serious medical problem like a heart attack, can lead to financial ruin. Without insurance, you could find yourself hundreds of thousands of dollars in debt for one hospital stay or surgical procedure. Even with health insurance, if you don’t have the right coverage for your needs, you could find yourself owing tens of thousands of dollars.
Sit down with an insurance agent and review your medical needs. You should consider not only how much you can afford in premiums, but also how much you can afford in copays and deductibles. With the help of a knowledgeable insurance agent, you can do a thorough review and make sure you have the best health insurance coverage for your specific needs.
Review Your Financial Situation
You should take the time to carefully review your assets, such as any property and vehicles. You will want to make sure you have enough insurance to cover your liability plus take care of your losses in the event you face a disaster or an accident. Without the proper insurance protection, you could end up facing serious financial devastation. It is imperative to make sure you are protected by buying the best coverage for your specific needs.
To make sure you have the right coverage, schedule an appointment with your agent. They can help you review your assets and your current financial situation to determine what kinds of coverage you need, and ensure you have the best protection in place for you and your family. When choosing insurance, you will want to make sure you work with an insurance agent that looks out for your overall financial interests and helps protect your family in the event the unexpected occurs.