Insurances That Protect & Save

by Penny M. Hagerman

Life contains so much that's unexpected. And when it takes us by surprise and we struggle to cope, various insurances offer the resources needed to make things right so we emerge healthy and whole.

Whether recovering from a car accident, suffering ill health, losing a home to disaster or dealing with the death of a loved one, having the right insurance means family finances stay protected, the things we work hard for remain secure—and disaster is only temporary.

Which Insurance Policies You Need & How Much

Because insurance is regulated state by state—and each state establishes its own minimum coverage levels for certain insurances (such as auto), whereas others are based solely on need—the type of policy and amount that should be purchased may be all-inclusive, minimal, or somewhere in between.

To decide which protections are called for and in what amounts, first examine need and finances by following these simple steps.

1. Take a look at these areas to see where coverage, provision and resources are lacking—and where financial hardship would most pose a problem: car, home, life, health or long term care.
2. Decide what's most important in that type of insurance plan:
   Flexibility
   Ease of use
   Claims help
   Broad network of providers
3. Determine how much can be paid out of pocket affordably when an incident covered by insurance occurs. (This is the deductible portion of the policy.) In general, the higher the deductible, the lower the premium.

Once need and finances have become more apparent, contact the state department of insurance, or an agent licensed to sell insurance within state lines, and ask if:

• Certain insurance types are required by your state
• Particular insurance companies have complaints lodged against them
• The state mandates a "free look" period, during which time contracts for different insurance plans may be cancelled, no questions asked

Getting Protected at the Right Price

Finding the right insurance takes a little forethought and analysis. But by examining individual need, priorities, deductibles and requirements, it's easy to make a wise, informed decision—and protect the people and things most important.