Don’t Find Yourself Underinsured
I’ve found that the plight of many consumers is that at one time or another they find themselves grossly underinsured. It doesn’t matter what type of insurance we are referring to, between one policy or another they will find themselves in a financial bind at least once in their lives because of the unexpected. In fact, this has happened to me more times than I want to admit.
When I first graduated college I started with an automotive company and I was kicked off my parents health insurance. My new company had fantastic benefits, but being new to the health care scene I opted for the cheapest monthly premium. It cost me literally nothing each month for full coverage. What I didn’t pay attention to was the catastrophic coverage in case of an emergency. A couple years into the job and I needed to have surgery, an unexpected one at that. That result in an expensive $10,000 surgery that I need to pay out of my own pocket! Had I been paying just a few more bucks a month I would’ve been covered.
I remember when I purchased my first new car, I just graduated high school and used my entire savings as a down payment. Not the most financially responsible thing to do, but I was just a kid after all. Within a week I was rear-ended on the freeway by a very large truck! Because I only cared about having the lowest monthly insurance payment and not the coverage itself, I ended up paying for an expensive rental out of my own pocket for the next several weeks. That cost far exceed the few measly dollars it would’ve cost me extra each month to have rental coverage. Live and learn I suppose.
This takes me to my current day situation, and the life lessons I have learned. There are two areas that I have made sure not to skimp on. Life insurance and an overall umbrella policy! I’m no longer a single man, and I have a family to think about, which means I can’t afford to get it wrong when it comes to life insurance. Once you are married with children this probably becomes the most important type of insurance. Stop by and check out InsureChance today for the options that are available to you.
An umbrella policy is also important to have. I have one of these policies to protect my assets in case of a lawsuit. The lawsuit could stem from something that happens in a vehicular accident, or even a slip and fall at my home. While these things are unlikely, they can and do happen.