Insurance
You’ve Lost Your Job! Now What?
So you have lost your job and you life has suddenly changed. You may be in a state of shock and disbelief, confused or just plain scared of what the future will hold. Despite your feelings, you need to move on as quickly as possible and deal with the hand you’ve been dealt.
Should I Buy Insurance?
Yesterday I wrote about the emergency fund as a self funded insurance policy that is intended to cover the risk of a short term cash crisis or temporary loss of employment. However, for many people self funded insurance is not reasonable in all circumstances and it necessary to use the services of an insurance company. There are many different types of insurance in the market that is designed to cover different types of risks. But how do you decide what to insure?
Emergency Funds: Cash vs. Credit
I’ve always viewed the emergency fund as a self funded insurance policy designed to protect me and my family from unexpected expenses or to cover me for a period of time should my employment be interrupted. The only real differences between risk based policies sold by insurance companies and a self funded policy is that with self funded policies your premiums stop once your policy is fully funded, your premiums are not jacked sky high if you make a claim, and your funds are accessible at any time for any reason. Like any insurance policy you expect to access the funds when an event triggers the policy to pay out and with a self funded policy you must ensure that you can get access to your funds in a reasonable period of time.
Calculating How Much Life Insurance I Need?
Over the last few years my income has changed rather steadily and we’ve had another baby. So it’s time to re-evaluate my life insurance coverage.
I view insurance as protection to my family in case I should suddenly die. I want to ensure that my wife and children are adequately taken care of and that they are not unnecessarily burdened as my income is a significant portion of our household income. I do not view insurance as a windfall for my family, but simply a mechanism to replace certain obligations that I have and will cover through the years.
Saving Money on Insurance With A Phone Call
I received my homeowners’ insurance policy renewal a few weeks ago. This is one thing that I’ve always looked at but never given any real consideration. Perhaps its ignorance or maybe I think it’s a necessary evil, but I put it off to the side and don’t give it much thought. This year I looked at the renewal notice because I’ve been getting calls from the insurance broker that insures my cars asking me to consolidate my homeowners’ policy.
