Do You Have All the Insurance You Need? 5 Important Policies You Should Consider

Part of your financial plan should include protecting your assets, including your possessions, as well as your income, loved ones and health-related financial concerns. Insurance isn’t very exciting, and it can certainly be expensive. But when you need it, you’ll be glad you have it. Unfortunately, there’s no single policy that will give you all the coverage you need.

Take inventory of your insurance coverage. Do you have these 5 important policies?


Life Insurance

 Life insurance protects those people who depend on you financially if you die unexpectedly. Consider the hardships on your loved ones if you should happen to die prematurely.

How do you determine how much life insurance you should get?

Consider these matters:

  • Replacing your income. How much and for how long?
  • Last illness expenses
  • Funeral expenses
  • Would you like to pay off certain debts, like your mortgage, so you don’t leave those behind for your loved ones?

No one likes to think about these things. However, if you deal with it now, it’s something your family doesn’t have to deal with later.

Health Insurance

 Health insurance is expensive, but health care is expensive too, really expensive. A simple trip to the doctor can easily be several hundred dollars. A routine surgery that only results in being in the hospital for a couple of hours can be over $10,000.

Health insurance costs are a burden, but the cost of a genuine medical issue can be catastrophic.

If this isn’t something you can get through your employer, be prepared to do some legwork to find a policy that’s right for you.


Critical Illness Coverage

 Critical Illness insurance is used in the event of a big health emergency, such as cancer, heart attack or stroke. It could be the only protecting you from financial ruin. Unfortunately, many people assume they are covered in their standard health insurance plan, but that is not the case.

Because these emergencies or illnesses often incur greater than average medical costs, these policies pay out cash to help cover what standard health insurance may fall short. The money can also be used for non-medical costs related to the illness, including transportation, childcare, etc.

Consider what you need; there are a lot of options for benefits, limits, and price.


Long-Term Disability Insurance

This insurance replaces a portion of your lost income if you become unable to work. The cost depends on the amount of income that you wish to replace, your age, health, the length, and the limits of coverage. Policies will also differ regarding what they consider to be a “disability.”

This coverage can also be quite expensive. Hopefully, you can also get this through your employer. If not, sit down with your life or health insurance agent to go over the details of this important insurance.


Short Term Disability

If you were to get injured or become ill, your ability to work could be affected. Without your paycheck, how long would it take for your household finances to suffer? That’s where short term disability insurance come in.


This type of coverage protects a portion of your income for a short period of time, such as if you are hurt, sick, or even recovering from the birth of a child. Coverage typically lasts between six and 12 months, with benefits that begin immediately in some cases.




Insurance isn’t exciting or sexy, but it’s a necessity. When looking at new policies, shop around because prices and coverage can differ widely from one company to the next.

One tip to save some money: Get a policy with a higher deductible. The more you have to pay before the insurance kicks-in, the less that insurance coverage will cost you.

Do your homework and find an insurance professional you can trust. Don’t just focus on what insurance costs you; think of what it will cost you if you don’t have it.



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