An Insurance Coverage Checklist
Below are some of the main insurance coverage options you should consider to
help create a healthy future.
1. Life Insurance
Life insurance will provide for your loss of income in the event of your death. You will want to make sure that your policy covers what your earnings would have provided plus any outstanding debt you may have. While term life insurance is the most affordable option, whole life insurance may provide additional cash value at the end of the policy.
2. Health Insurance
To make your healthcare more affordable, look for a solid healthcare policy that provides ample coverage and minimizes out-of-pocket expenses. This can help cover things such as, testing, preventative care, and healthcare treatments.
3. Homeowners Insurance
Your policy should have plenty of coverage to replace your physical home and its contents if you have a total loss. You should also have ample liability coverage in the event of a homeowner's lawsuit. If you rent instead of own, it is advisable to invest in renters insurance to receive similar coverage.
4. Auto Insurance
Auto insurance is another essential area of coverage required in most states in order to be behind the wheel of an automobile legally. Collision coverage will help cover the repair cost if you're in a collision, and liability coverage will cover other drivers' costs if you are at fault in an accident. You will also want to ensure you have enough personal injury protection coverage to cover medical expenses related to injuries from a collision.
5. Disability Insurance
While most people consider life insurance, they may not consider what would happen to their finances if they became disabled and could not work. Government programs such as SSI may help, but they often provide minimal payments. You may want to check with your employer to see if they have long-term disability coverage available. If so, consider additional coverage to satisfy your financial obligations should you become permanently disabled.
Important Disclosures:
This material contains only general descriptions and is not a solicitation to sell any insurance
product. All information is believed to be from reliable sources; however, LPL Financial
makes no representation as to its completeness or accuracy.
Prepared by LPL Marketing Solutions | Source: WriterAccess
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Footnotes:
Insurance Planning For Married Couples (Checklist), Forbes, https://www.forbes.com/advisor/life-insurance/getting-married-insurance-plan/