It took me until my 30's to learn which insurance policies were the most important to get.Chris Leitch
We get calls at the office about rates going up all the time. As an insurance consultant at the Springer Agency this gives me a great opportunity to educate people on how and why insurance policies work.
My parents didn’t teach me the value of insurance, and how it protects the solvency of any life you are building, so I had to learn for myself through other people’s mishaps.
Personally, I do not purchase insurance policies based on cost. Instead, I know that each year a bucket of money is set aside to pay the “general insurance” fund. In fact, I’ve had to adjust my spending habits to make sure that this bucket is always adequately funded.
Being in the insurance business I have helped many people navigate the misfortunes of life’s happenings. Sometimes they are unplanned and other times they are the results of poor decisions. It took me until my 30’s to learn which insurance policies were the most important to get.
For instance, If I become disabled due to a sickness or injury, then my Disability policy will pay me a good portion of my salary to get my family bills paid. If I wreck my car or run into somebody’s property, my Auto Policy will help pay for someone trying to sue me for the damages I caused. If I die in my earning years, I have a Life Insurance policy that will supplement the loss of my income and help with final expenses, a Home Policy to protect my home from heavy damage and to keep my bank lending me money for my mortgage. I have an Umbrella policy that gives me extra coverage in the event my home or auto policies reach their full payout, and finally Health Insurance that allows me more choices when I seek care for illnesses or injuries. Health insurance also protects my family from getting sued by the hospitals and doctors because I couldn’t afford to pay off my medical bills.
Keep an eye on your extended warranties, subscriptions, or other types of insurance, so they don’t deplete your general insurance fund.