Are preparations in place to support your family in case of an accident or emergency? Brush up on insurance basics to make sure you have peace of mind for your financial future.
There is a balance to be sought between paying for insurance and saving money, so it is important to make sure you are not paying too much for insurance – or paying for insurance you do not need. It’s up to you to decide what types of insurance are crucial for your financial future.
Choosing the insurance company. It is beneficial to research a company before purchasing its policy. Once you research a company, obtain a quote. The Internet offers in-depth information about insurance policies, and many sites allow you to compare quotes. Never fill in sensitive personal data on these sites, such as your Social Security number or date of birth. However, you should reveal information, such as any medical conditions that will impact the quote (whether or not you smoke, your age, etc.).
Types of Insurance. There are numerous types of insurance coverage. Look into all of them – automobile, homeowner, health, life, flood and theft – to better protect you.
Insurance rates. The Internet has made it simple to search online for the lowest premiums, or you can speak with an insurance agent. Do your research and avoid companies that have low ratings, are on credit-watch reports or have received negative comments from companies that rate insurers.
Purchasing insurance. The most common way to purchase insurance is through a broker or insurance agent, who will take a commission. Some employers offer insurance, but this type of policy usually is for employees only, and you would have to take out separate insurance for your family. If you have done your research, purchasing online may be an option, but talking to a specialist would be the safest way to get the protection you want.
Health insurance is a very critical purchase. Do not take a gamble and hope you or a loved one avoids illness or an emergency. Insurance should fall behind only food and shelter in your list of priorities.
o May 18 – Keep Saving this Summer: Many college and high school students take on a summer job. Use this excellent opportunity to keep saving toward a financial goal or to combat education expenses.
o May 20 – College bound? Time to apply for federal student loans and parent PLUS loans (see http://studentaid.ed.gov)
o May 31 – Tax refunds are on the way. Use extra funds to bolster your emergency fund.
o June 1 – Budget Checkup: Compare expenses to the budget you have created and see if an adjustment is in order. Have you been following your budget?
o June 1 – Get in shape for summer with a gym membership (www.68insidesports.com)
o June 6 – Farmers markets open. Look for deals on fresh produce