Keyblast.com: How to Budget

After working diligently to improve your credit and build a retirement nest egg; it is important to protect both your wealth and yourself from identity theft or other financial disasters.  In this lesson we will review different types of insurance and protection that are available, and how and when to use them.

Insurance is available for just about anything these days. Most needs can be met with property, health, and life insurance.  Along with good insurance plans, you also need to take precautions to protect your identity.

Keyblast Bonus #18:  Property, Health, & Life Insurance

1st - Property Insurance

Auto Insurance is required by law on all motor vehicles.  The most basic is liability insurance which will cover injury to other people and damage to their property.  Beyond liability insurance, coverage can vary greatly. 

In general, a higher deductible (the amount you pay out of pocket before insurance kicks in) will reduce your premium each month.  Still, the cost of auto insurance can be highly variable from one company to another.  You may be able to save a substantial amount for the same coverage by comparing quotes from several different insurance companies.  If you have not received a car insurance quote over the past year, you can check at Net Quote to see if your rate is still competitive.

Homeowner’s Insurance covers your home and possessions.  Loss resulting from any injuries that may occur on your property is covered under the personal liability coverage in a homeowner’s insurance policy.  Your mortgage lender will require a certain amount of insurance coverage to complete a loan.  You may also want to consider increasing your deductible in order to reduce your monthly premiums.  You can see if your current rate is competitive by getting a free homeowner’s insurance quote at Net Quote. 2nd - Health InsuranceMedical insurance pays for some, but not all, of your doctor, hospital and prescription drug costs.  Many people have become overwhelmed with medical bills due to lack of health insurance.  Make sure that you always have full medical coverage.Health insurance for children. Every state provides free or low-cost health insurance for children in low- to moderate-income households. For more information about state programs, contact the U.S. Department of Health and Human Services at 877-Kids Now (877-543-7669) or go to www.insurekidsnow.gov.

Or if you would like to see if your current health insurance is still competitive try Assurant Health. 

They are the oldest national health insurer in the United States (founded in 1892).  They are very reputable and will let you know if you are getting the best rates possible. Disability Insurance.  According to the Federal Reserve Bank of Dallas, “Statistics show that you have a higher risk of becoming disabled than of dying before age 65. Disability insurance helps you pay living expenses if you are sick or injured and unable to work for a long time. Your employer may offer this insurance in its benefits plan. It is a good idea to buy this protection even if you have to pay for part of the premium.”3rd - Life Insurance

Life insurance pays money to your beneficiary (whoever you choose) in the event of your death.  The amount and timing of life insurance depends on your individual circumstances.  Life insurance provides the financial protection for your family and parents.  It may even protect your business interests.

Lots of different types of life insurance are available and range greatly in price.  The cheapest option is to get as much life insurance coverage through your employer as possible. 

If that is not an option, or if you would like to see how much life insurance could cost you; here is legitimate company that will search among multiple insurance providers to find the best rates for you.  Get a free (no obligation) quote at Insure Me.

Tips for Protecting Your WealthCovering all aspects of insurance types, variations, and costs is beyond the scope of this course; however, here are a few additional tips:

• Research the insurance offered through your company and use it to its full capacity.
• Shop around and get at least two quotes.
• Consider a higher deductible to lower your premium.
• Ask companies if they can provide discounts for any reason.
• Review your insurance coverage each year to make sure you are keeping up with life changes.
• Make sure you get all the facts before purchasing insurance.

Continue >> Identity Theft Protection

Keyblast.com offers a free financial course to help improve personal finances.  If you have not done so already, please start from the beginning and learn How to Budget.