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  • Posted March 21, 2022

How to Know if You’re Properly Insured

Whether a business owner or an individual employee, you need to make sure that the insurance you have is right for you. If it isn’t – you may end up paying too much for services that you do not need. Or even worse, you may end up desperately needing coverage in an emergency situation and not receive it. Making sure you are properly insured is key to having peace of mind in the good times and safety in the bad times.

Evaluate Your Risk

Everyone’s insurance needs are going to be distinct. Your needs are going to depend on risks based on your location, quality of life, whether or not you have a family, and more. It will be important for you to sit down and carefully prioritize what coverage is most valuable to you and a certified financial planner can help you determine this. For example, if you work in a high-casualty job, you will want to consider life insurance. If you live in a dry, wooded area, you will want insurance that covers forest fires. If you have a partner living with you, make sure to get their input as well – the insurance you pick can affect every aspect of your private life.

Identify Your Needs

Beyond simply the risks of life, insurance also can take care of the necessities. Inevitably, you or a loved one will need to get a check-up with your doctor. Or perhaps you will need to drive a car someplace. Regardless of the details, every one of us must have some basic forms of insurance in order to get through life. Some common insurance needs include (but are not limited to) car insurance, medical insurance, dental insurance, homeowner’s insurance, or life insurance. It is important that you research how each of these are relevant to you and how advantageous they might be, according to your circumstance. For example, term life insurance is quite affordable for younger workers – so those first-time insurance clients may want to consider it. Insurance planning is a key component of financial planning.

Communicate With Others Within Your Demographic

Part of researching insurance is just learning from others’ experiences. Friends, family, acquaintances, or even just other people with similar experiences can be invaluable sources of information. Talk to those who have needs adjacent to yours, who live in your area, have parallel socioeconomic backgrounds, and who are working towards ambitions that are comparable. Talking to those and your certified financial planner who have experienced emergencies as well. Ask about experiences with customer satisfaction, price, and efficiency of a given agency or plan. Online reviews are also a great resource.

As intimidating as the complications of insurance can be at times, it is simply something you cannot live without in modern society. Being properly insured can be a literal lifesaver. By taking the time and effort to jump through these precautionary hoops, you will ensure a better life for yourself and your family.

Click here to learn about the basic insurance policies that everyone needs!

Contact Tenpath Financial Group for certified financial planning services.