Imagine the unthinkable. Flames engulf your home, you’re in need of memory care, or a loved one is taken too soon. The last thing anyone wants to worry about in times of tragedy is financial hardship. That’s where insurance comes in.
National Insurance Nerd Day was on July 18th, celebrating the insurance industry as well as drawing attention to the importance of insurance in our lives today. Insurance plays an important role in protecting us, our future, and our assets and is vital to our risk management strategy. Though insurance itself doesn’t lessen the risk of these tragedies, it does help mitigate the financial burden that could result from them.
So, you might be thinking to yourself, “Well I have insurance, I’m all good, right?” While you’re on the right path, it’s important to review your insurance regularly and determine if you’re properly insured, underinsured or even over insured.
Here are some things to consider when you’re doing an insurance review:
- Do I understand my policies and what is covered?
- Are my premiums priced fairly? An advisor or insurance professional can research this and see how a competitor would price a similar policy.
- Is this insurance going to last long enough? Think term life insurance, will the policy last until you need it to (i.e. kids through school, retirement, etc.) or will you need to reapply for insurance down the road (and potentially go through underwriting again as well).
What types of insurance should you have?
This varies for everyone, but here are some of the most common insurance policies for people to own:
- Life Insurance
- Long Term Care Insurance
- Health Insurance
- Liability Insurance
- Auto, Home, Umbrella Policies
Key Takeaways
Insurance is a part of life. Typically, it’s a policy we own that we hope we never need to draw upon, but should the unimaginable happen it can help save us from financial ruin. If you have been putting insurance on the backburner, or simply want to review to see if you’re adequately insured, the first step is an insurance analysis with your advisor. From there, we can make decisions on how to best protect you and your assets.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.