Jay on Twitter asks Dave how to determine the amount of the deductible on your home insurance. Dave explains how this can be accomplished through a simple break even analysis.Read Transcript
5 Insurance Policies Everyone Should Have
Not all insurance options are a good idea. Stick with these basics, and you'll be covered for most of life's major accidents.
Homeowner's Insurance or Renter's Insurance
This will replace your home and belongings if a natural disaster or a burglary damages or destroys your property. Renting? Your belongings aren't covered unless you have renter's insurance.
Liability insurance only covers the repairs of the other car if an accident is your fault. Collision insurance covers your car too. Comprehensive insurance covers your car if it's damaged (think tree or deer) or stolen.
Unpaid medical bills are the number-one cause of bankruptcy. Health insurance is a must. Many coverage options are available to fit your family's needs.
This isn't something we want to think about, but we should. You need to ensure your spouse and children can live comfortably in your absence. Look for a term life insurance policy that replaces 10-12 times your annual income. Avoid all whole life insurance policies.
This replaces your income if you are hurt or injured on the job. Many employers provide a small disability policy as a benefit. Find out how much coverage your employer provides. If it doesn't replace at least 70% of your pay, look for an additional policy from an independent agent.
Are you missing one of these insurance policies or unhappy with your current coverage? Contact one of our independent insurance agents today!
Fundamentals of Insurance
Hear From the Experts
Steve's mom is 71 and debt-free. She's investing $600 a month in a universal life insurance policy worth $250,000. What could she invest that money in instead of this life insurance to leave an estate?Read Transcript
Jody asks if she needs life insurance if she isn't married and doesn't have kids.Read Transcript