Saturday -- May 19, 2012

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An Insurance Primer

by at 8 Comments

It is a good idea to use insurance as a hedge against assuming significant financial risk. Do you know what the most important types of insurance coverage that you need? Are you adequately covered? How can you insulate yourself from excessive risk during these times of financial stress?

Kevin Gear, The Money Hawk, has written an interesting post on Five Insurance Policies You Must Carry To Avoid Financial Disaster. Learn what coverage you need to maintain, especially if you’re thinking about letting any of your policies expire because of the cost. Thanks Kevin for sharing this information.

Are there different policies you think should be on the “must have” list? Let me know what your experiences suggest. Thanks!

Warmly,

Judith

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  • http://www.wiki-site.com/index.php/Electronic_fax Micahel

    Its nice to see you posting on this topic, I should bookmark this website. Just keep up the good work.

  • vitiligo

    Very Stellar information. I think im gonna stick around and read one of your posts. greets

  • Vitiligo

    Hey, love the blog – i will try and keep up with it!! please keep more coming :)

  • http://www.accountingelf.com AccountingElf

    As a nerdy accounting student, I think it’d be fun to get ahold of some actuarial tables and statistics, and see how statistically likely these things are. Of course, with most of them, the key issue is that no matter how unlikely it is, the cost if it DID happen is too much to risk.

    I had a finance professor who’s theory was that through his own actions he could reduce his risk of causing an accident (by not driving when sleepy, always following the laws) and so would only pay the very minimum insurance. (He would have paid $0 insurance if it was legal and his wife let him, haha.)

    AccountingElfs last blog post..How accountants are saving the world!

    • http://yestofinancialfitness.com Judith Stephens

      Your professor is right. We can decrease the probability of causing accidents. However, insurance is also about protecting us from the risks involved with other drivers on the road. We have little/no control over their actions.

      • http://www.prestiti-online.org/prestito.aspx Prestito Loans

        Insurance companies hire teams of attorneys to write policies and use pages of fine print to define their coverage. We can't begin to explain everything, but we'll try to cover the important points. Use this site as a primer, then do your own research or work with a trusted agent. The Insurance Primer is not a buyer's guide and isn't affiliated with an insurance company, agency, or brokerage.

  • http://www.informezvous.com/hypotheque/comment_choisir_consultant.html marc@courtier hypothécaire

    Those 5 suggestions seem pretty sensible. Interesting to see mortgage insurance is not on the list.

    • http://yestofinancialfitness.com Judith Stephens

      Probably because many people rent their spaces. They need renters, instead of mortgage, coverage.