insurance - managing risks to your financial security

Posted : February 22, 2018
Last Updated : February 22, 2018
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insurance - managing risks to your financial security

Insurance is protection from financial loss if the unexpected happens. Some of the most common types of insurance coverage that may help you avoid a financial setback include:
  • Health insurance to help pay for medical and recovery costs if you get sick.
  • Auto insurance for repair or replacement of your car and liability coverage to protect you if you’re in an accident and held responsible for someone else’s property damage or bodily injuries.
  • Homeowner’s or renter’s insurance for repair or replacement of your home and contents, and liability coverage to protect you if you’re held responsible for someone else’s loss.
  • Disability insurance, which provides you with income if you become too ill to work.
  • Life insurance, which provides money for your loved ones if you die.

Determining how much and what type of insurance you need will depend on your circumstances. If you can’t afford the consequences of the risk, then you should consider getting insurance.

Insurance Coverage Tips

Check with organizations (e.g., your state’s department of insurance, the Better Business Bureau, and the FTC) for free tips and online tools and information prior to purchasing insurance. Additional resources include:
In addition:
  • Shop around for products and services; not every company charges the same rate or offers the same features.
  • Ask about discounts for good driving records, good health, good grades, and special education or training.
  • Consider the cost and benefits of opting for higher deductibles.
  • Read your insurance policy carefully and ask questions if you don’t understand any terms.
  • Review your insurance coverage at least once a year.

Remember to help manage risk:
  • Plan ahead for unexpected life events to minimize the risk of a financial loss.
  • Maintain and review files for insurance policies.
  • Evaluate your situation; needs change with life stages.
  • Risk management strategies can be combined with savings and investments to achieve financial goals.


Source: PlanningYourDreams.org
 

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