Insurance Services

What Types Of Insurance Do I Really Need?

There are all kinds of insurance product available and the key to determining what coverage you need really depends on where you are in your life. When you are single and on your own, you are probably less concerned about insurance than if you are married and have a family depending on you.

But no matter what age, you need to make sure that you are covered - yet not spending money on insurance that isn't necessary. Here are five types of insurance you should have:

Health Insurance. No matter what age you are, you should have health insurance. If not, you run the risk getting yourself into deep financial trouble should something happen. If your employer does not provide health insurance, you might consider a higher-deductible plan to make it more affordable.

Life Insurance. Where you are in your life and who is depending on you will determine how much life insurance coverage you need. These numbers can be tricky; it is best to work with a financial professional to determine the right amount of life insurance for you.

Homeowners Insurance / Renters Insurance. If you own a home, you are required by law to have homeowners insurance. Just like life insurance, the amount you choose is, to a certain degree, flexible. If you are renting, you may want to consider obtaining renter's insurance to cover any loss of belongings - if your landlord doesn't already require you to have it.

Car Insurance. This is another insurance that, if you own a vehicle, is required by law. However, the options and amount of coverage are flexible. Increasing your deductible will reduce your costs.

Disability Insurance. This insurance provides a percentage of your income should you be unable to work - due to disability, illness or accident.

How Much Life Insurance Do I Need?

If you have a family that is dependent on your income, then you need life insurance, but exactly how much you need is always tricky to determine. Truth be told, many of us carry too much life insurance - mostly out of fear of leaving our family in a financial bind should something happen to us.

Most people want enough life insurance to enable their family to continue their current lifestyle if they pass away. To accurately determine whether you need $100,000 or $500,000, though, takes a lot of thought and planning. Some questions to ask yourself include:

  • How much money would my family need after my death to pay for immediate expenses, such as funeral expenses and debt?
  • How much money will my family need for future costs (such as private school tuition or college)?
  • What resources can my surviving family members draw upon (i.e., spouse's salary)?

It may look simple enough, but when you are dealing with such an emotional issue, it can be complicated. To help you through this process, talk to one of our knowledgeable insurance representatives.

Is There Such A Thing As Wedding Insurance?

Actually, yes there is wedding insurance (sometimes called special event insurance). Wedding insurance policies differ from company to company, but here's a general overview of the coverage you can expect:

  • Repairs and damage to the bride's dress or groom's tuxedo
  • Lost rings
  • Deposits made if a vendor goes out of business
  • Severe weather, such as a hurricane, that postpones your special day
  • Commercial transportation shutdown that prevents honorees, parents and others from getting there
  • Bride or groom is called to active duty

Optional coverage is also available against special event liability and liquor liability. Our Insurance Services experts can help you with some extra peace-of-mind on your special day.

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*APR=Annual Percentage Rate   **APY=Annual Percentage Yield