Insurance you should know about

Most people are familiar with auto insurance or home insurance.  Here are some others you should think about adding depending on your life situation.

Liability Umbrella

You can add this insurance for added liability coverage for just about everything in your life.  I have an umbrella policy that adds Two Million Dollars of liability above and beyond my car and home owner's insurance.  This would cover my family should someone sue me for more than my current coverage.  Consider this type of insurance if you have substantial assets.  The insurance costs between $150-$300.  Why do you need it?  Maybe your dog attacks a neighbor.  Someone gets in a car accident after leaving a party at your house.  A friend gets hurt on your boat.

Life Insurance

Should you die, your estate would receive the money to help cover your bills.  This is a lump sum payment to you heirs that can help clear up debt and help them pay your final bills.  If your estate is large, you may or may not need life insurance.  The older you get the more the life insurance costs, so make sure you have the right balance.

Renter's Insurance

Similar to house insurance, renters insurance covers loss if you are renting a house or apartment.  It can also cover living expenses if you are forced to move from your apartments.

Long Term Care

Earlier this year, I learned that I had long term care insurance through my employer.  I decided to continue to play for this coverage into retirement.  Long Term Care insurance helps with the cost of nursing home care, in home care or other types of care.  This type of insurance can help you protect your assets should you need this type of care.  This type of insurance can be expensive and goes up as you age, so you'll need to way the cost / benefit analysis.

Long Term Disability

If you get sick or injured and can't work, long term disability insurance covers covers about 60% of you pay until you are able to return to work or turn 65. If your retired and are living off a pension or social security, this wouldn't apply to you. This is why it ends at age 65 when medicare kicks in. The policy's are based on salary not bonus or commission, so this could make your payment even less.

Talk to you insurance agent to see how he might help answer your questions.

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