Don’t Cut This Corner: Insurance
I have life insurance. Often, when that money comes out of my account, I think about all the things I could have spent it on, or how nice it would be to put it in savings. The same is true for my personal property insurance and health insurance (don’t get me started on needing separate coverage for my eyes and teeth). When you need to budget carefully, it’s so tempting to forego “unnecessary” coverage and hope for the best. Not to be all adulty, but there are a lot of really solid reasons to stick with it and keep that insurance up to date.
Cover your ass(ets).
Your home or renter’s policy only covers so much. In all reality, you own much more than the minimal property coverage protects. For example, a standard home policy only covers about $1000 for jewelry. Getting a personal property policy in addition will help cover things like jewelry, sporting goods, electronics and firearms that are above these limits.
Crippling debt, anyone?
If you don’t have health insurance, you will pay out of pocket–at prices much higher than they bill insurance. One accident, one illness, one fall down the steps and you could find yourself under a mountain of debt. Your body may recover, but your bank account and credit score never will.
You're going to assume room temperature eventually.
Like my grandma used to say, “no one wants to deal with your dead carcass”. But seriously, leaving a big pile of crap for your loved ones to deal with isn’t cool, bro. Make sure your family has some funds to take care of your final expenses at a minimum. And if there are people that rely on your income (or they would have to suddenly pay for childcare in your absence), make sure that is covered too.
Insurance of every type is a safety net for when bad stuff happens. And who are we kidding–it will. Paying those premiums isn’t fun, but it’s really a big deal to protect yourself and your family for the long haul. Do you know an insurance professional that you trust? Tag them in the comments!
#insurance #protection #life #property #medical #smallbusiness #entrepreneur
