How To Know When You Need Insurance

When it comes to insurance, we often find ourselves debating whether or not we should get it. We often see it as an additional, useless expense. Some even find it to be a burden.

So how do we know when we need insurance and when we can well, “leave it up to chance”? Maybe I can help:

1. Cars. When it comes to cars if it is leased or you have a car loan, you need full coverage insurance. This would eliminate running the risk of a huge debt and/or damages to your credit in the event of an accident. When it comes to a cash car or car you own, I still say full coverage. But that would depend greatly on the overall value of the car. At the very least liability insurance is recommended. Reason being in the event of a accident the insurance would cover the other vehicles damages (if you were in the wrong) and you would be left with only having to fix or replace your vehicle.

2. Health. If you follow me on any media or medium. I always stress the importance of health insurance. When I became an entrepreneur that tiny detail slipped me that I am now the employer and the employee. Thus all of these benefits are now on me. Unfortunately, this only became real when I had the misfortune of needing it and not having it at the time.

3. Dental & Vision. Much like health, dental insurance is key. Vision can be some what comprised, though not recommended and generally the two are bundled anyway. Again, I had the pleasure of having health insurance but no dental and needing two procedures done. Boy was I mad! Lucky! I was able to get a dental savings plan temporarily which saved me quite a bit on costs.

4. Life. I had honestly never thought about life insurance until the passing of both maternal grandparents. Things like Life Insurance, Will & Trust Power of Attorney and so forth, we tend to think I have time. I’ll do it when I get older. With mortility rates becoming more and more unpredicatble, it best to know that your loved ones are covered.

5. Electronics & Appliances. That would include, phones, computers, tablets, high end blenders… Anything of value or a certain price point, get the insurance. I remember in NY I got a brand new phone, fresh out of the box. I walked out the store and was running down the stairs to catch the train and as fate would have it my very uninsured phone fell out my hand unto the concrete steps, face first cracking the screen. The moral of the story, stop being cheap. Get the insurance!

6. Travel. I don’t even understand why I have to address this one. Travel insurance should not be debated. And for some countries travel health insurance shouldn’t be compromised. Why take the risk to be in a bind in a country that is not your homeland. That’s like an oxymoron.

7. Software. Now software is debateable. But here’s the logic for deciding. Ask yourself, what would I lose if this software crashed and my information was lost or I had to replace it? That right there would tell you deal or no deal!

For more tips, visit https://finucoaching.com. To connect with Chai, visit https://chaishaddai.com.

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