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How Much Insurance Do I Really Need?

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What Types of Insurance do You Need?

The two types of health insurance are indemnity and managed care. Indemnity plans or fee-for-service will generally give you more flexibility for where you go but will cost more out of pocket. You’ll have to pay an annual deductible before your insurance kicks in and be responsible for a co-payment afterwards.

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Make sure you ask how the policy determines the amount they will pay. Many policies will pay a percentage of the ‘usual and customary’ fee for the particular medical service in your area, even if that fee is much less than was actually charged by the doctor. You will be responsible for the rest.

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Managed care plans use health maintenance organization networks (HMO) to lower fees. Managed care plans sometimes offer point-of-service plans (POS) so you can go outside the network without paying too much more.There are principally two types of life insurance, Term insurance is the purest form while whole life policies carry an

investment component. Whole life policies can take different forms like universal or

variable life though they are all basically just different combinations of a term policy with an investment component.

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Agents make even more money selling whole life policies so be wary of sales pitches leading you away from less expensive term life. The buildup of cash value isn’t usually enough to compensate for higher whole life premiums and you’ll pay huge penalties for cancelling the policy.When buying a life policy, make sure you know if your premiums are

Guaranteed Reviewable

Policies to cover your home and car are easier to understand. Most homeowners insurance will cover damage caused by fire, theft, vandalism and natural disasters. Floods and earthquakes are generally not covered. If you are in a flood plain, an area prone to flooding every once in a while, you need to get the extra insurance which usually isn’t much.

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How Much Insurance do You Need?

There are websites like Insure.com that offer online databases of carriers to make the process a little easier.

Unlike home or auto insurance, it’s tough to place a value to replace for your health insurance. You need to compare your plan options against how much you would have paid with each. If you go to the doctor often, you may want to pay a little more for premiums that will have lower co-pays and deductibles.

The standard rule for life insurance is to replace between five and seven years of your salary. If you’re younger, you may want to consider a policy that will cover more while you may not need as much if you’re closer to retirement.

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Most states have a minimum coverage requirement for liability insurance which pays in the event of an accident that was your fault.

Depending on the value of your car, collision coverage may not be worth it given premiums and the deductible.

Comprehensive coverage will pay if something happens to your car unrelated to an accident like weather damage, hitting an animal or theft.

Personal injury coverage will help pay medical bills in the event of an accident.

Uninsured motorist coverage isn’t usually very expensive and is another one of those things that is really great to have if you need it.

There are five types of coverage for your car:

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Group coverage from your employer is usually going to be the best bet. You’re employer did the hard part and negotiated a better rate, grab it.

Make sure you check out what the policy covers and how much you pay upfront.

Make sure you check out the coverage network included in your policy. How much extra will you have to pay to go outside of the network.

Some helpful things to remember when choosing a health policy:

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Whole life policies carry an investment component but can be several times more expensive than term life insurance. Consider the cheaper term policy that covers your needs and then invest the difference on your own.

Buy an umbrella when it’s sunny! Buy your life insurance policy when you’re young and healthy, when the premiums will be much cheaper.

Even if you don’t work, your family will still need to replace the time you spent taking care of the house and family when you’re gone.

Joint policies only pay out when the first partner passes and then the policy terminates. Individual policies may not be that much more expensive than joint.

Tell the truth on your documents. The insurance company will investigate any large claims and may have grounds to deny a claim if they find out you lied.

Some helpful things to remember when choosing a life policy:

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