What to consider when planning
With all the different types of insurance and levels of coverage, buying any kind of insurance can get complicated in a hurry. Don't let yourself be overwhelmed by all the choices and start with a simple list of questions that can guide you through the process:
- What possessions do I need to cover and how much are they worth?
- What, if any, level of auto coverage do I need (comprehensive, liability, etc.)?
- What level of health care coverage do I want (major medical, office visits, prescription, dental, vision, long-term care)?
- Are there personal circumstances that would require life insurance coverage (provide spouse with funds, pay for estate taxes, etc.)?
- What do I have in my budget to pay for premiums?
- Where do I want to set my deductibles so that my premiums are reasonable and my coverage kicks in at a reasonable level?
