What’s your favorite book to read? It’s probably one on the NY Times Best Seller list. But there’s another Best Seller that you might not have even thought about. In fact, you probably already own it, but the chances that you’ve read it from cover to cover are slim. What are we talking about? Insurance of course!
We know that insurance is a necessary part of our finances. We pay into it month after month with the hope of never having to place a claim on the policy, but knowing it’s there should a catastrophe happen. Well today is Insurance awareness day, and although its not the most fun financial topic to discuss, it is an important one, so let’s talk about why.
Insurance comes in many different shapes and sizes. We have our health insurance, auto and home insurance, life insurance, disability insurance, and then other one-off policies such as an umbrella policy or key person business insurance. The difficult thing about insurance, much like all of our personal finances, is that there isn’t a one size fits all. While we all may need these various types of policies, the type and amount of coverage we need can be vastly different from person to person. You might be wondering how to figure out the right amount of insurance for you? The best way is to complete an insurance analysis for you and your family.
Insurance analyses are easy ways for us to determine if you are adequately insured, under insured over even over insured. This helps prevent the unthinkable from happening. A major car accident with inadequate coverage, a lawsuit without an umbrella policy, or the unthinkable death of a loved one without the resources to grieve or meet the financial needs of the family. This brings us to the importance of insurance awareness month. As much as people dislike the topic of insurance, we need to be well informed about the reasons to purchase it and how to make sure that we purchase the correct amount. No one wants to be oversold insurance or to pay excess premiums for something they don’t need, but for piece of mind it’s important to find the most affordable, and reputable, coverage for your family’s needs.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.