How to Protect Your Wealth
After working diligently your whole life to improve your credit and build a retirement nest egg; it is important to protect both your wealth and yourself from identity theft or other financial disasters. In this article we will review different types of insurance and protection that are available, and how and when to use them.
Insurance is available for just about anything these days. Most needs can be met with property, health, and life insurance. Along with good insurance plans, you also need to take precautions to protect your identity.
1st - Property Insurance
Auto Insurance is required by law on all motor vehicles. The most basic is liability insurance which will cover injury to other people and damage to their property. Beyond liability insurance, coverage can vary greatly.
In general, a higher deductible (the amount you pay out of pocket before insurance kicks in) will reduce your premium each month.
Homeowner\'s Insurance covers your home and possessions. Loss resulting from any injuries that may occur on your property is covered under the personal liability coverage in a homeowner\'s insurance policy. Your mortgage lender will require a certain amount of insurance coverage to complete a loan. You may also want to consider increasing your deductible in order to reduce your monthly premiums.
2nd - Health Insurance
Medical insurance pays for some, but not all, of your doctor, hospital and prescription drug costs. Many people have become overwhelmed with medical bills due to lack of health insurance. Make sure that you always have full medical coverage.
Health insurance for children. Every state provides free or low-cost health insurance for children in low- to moderate-income households. For more information about state programs, contact the U.S. Department of Health and Human Services at 877-Kids Now (877-543-7669) or go to insurekidsnow.gov.
Disability Insurance. According to the Federal Reserve Bank of Dallas, \"Statistics show that you have a higher risk of becoming disabled than of dying before age 65. Disability insurance helps you pay living expenses if you are sick or injured and unable to work for a long time. Your employer may offer this insurance in its benefits plan. It is a good idea to buy this protection even if you have to pay for part of the premium.\"
3rd - Life Insurance
Life insurance pays money to your beneficiary (whoever you choose) in the event of your death. The amount and timing of life insurance depends on your individual circumstances. Life insurance provides the financial protection for your family and parents. It may even protect your business interests.
Lots of different types of life insurance are available and range greatly in price. The cheapest option is to get as much life insurance coverage through your employer as possible.
These are the basic three areas of insurance that everyone needs; Property, Health, and Life. Don\'t let a disaster in any of these three areas cause you to lose all the assets that you have accumulated.
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Spencer has a BA in Finance, an MBA, and is currently a Commercial Banker advising Business owners on Business and Personal financial issues.
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