Saving You Money For Life

Purchasing a term life insurance policy is one of the most important financial decisions you’ll make for your family’s future. But it’s not the only type of insurance you should have to protect your most important assets. In fact, many people underestimate the value of insurance and are consequently under insured, which can lead to devastating circumstances. Alternatively, a large portion of the population is over insured, and as a result throwing away money for unnecessary coverage.

Following are types of life insurance you can’t live without:

• Health insurance – The cost of health care is so high that most people wouldn’t be able to afford out of pocket fees for a medical procedure or even a preventative check-up without health insurance coverage.

• Auto insurance – If you own a car, most states require by law that you have auto insurance. It’s up to you how much auto insurance protection you have, but if your car has a lot of value, it’s best to have full coverage rather than liability.

• Home or renter’s insurance – As a homeowner, you are required to have some sort of home insurance. As a renter, you probably only need renter’s insurance if you have very valuable items on the property that you are renting. But the cost of renter’s insurance is very low, so it’s worth the protection it provides.

• Life insurance – As a general rule of thumb, most people should have 10 times their annual salary in life insurance coverage. This will leave your family financially protected when you die. And, term life insurance rates are near record lows so it’s a great time buy.

Following are types of life insurance you can live without:

• Credit insurance – If you have enough term life insurance, it will cover your debts for a lot less than credit insurance.

• Mortgage insurance – Mortgage insurance is more expensive than it’s worth. If you’re concerned about leaving your loved ones with a costly mortgage payment when you die, a term life policy is a more affordable option if you want to cover the remaining cost of a mortgage.

• Flight insurance – The chances that you’ll be involved in a plane crash are very low. In fact, according to statistics, you could fly everyday for 26,000 years before being involved in one. Also, if you paid for a plane ticket with a credit card, you may have automatic coverage. Check with your credit card company for details.

• Cancer insurance – Health insurance can offer a significant amount of coverage if you develop cancer. Many cancer policies only cover some types of cancer and not all cancer treatments.

Remember – insurance is one of the most important purchases you’ll make, but just be sure to buy the right kind and the right amount of coverage.

For term life insurance that will cover your many needs when you die, compare life insurance rates online. By shopping at a multi-carrier brokerage firm, you can get the best term life insurance for your specific needs.

You can leave a response, or trackback from your own site.