Major life events make it critically important to construct a financial security net, and buying the right insurance is a cornerstone element of that security net. That said, it’s all the more remarkable that a survey by Princeton Survey Research Associates International found an entire generation is woefully underinsured.
Insurance costs much less than you imagine and the National Association of Insurance Commissioners (NAIC) found that many of the underinsured wildly overestimate the cost of simple protections such as renters insurance – and not just by a little – but by more than five times its average annual cost.
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So here are some tips you can use to make sure you buy the right insurance:
It all comes down to finding adequate coverage, and while price is important, the key is finding precisely the kind of coverage you need. Once you have that covered, you tailor your budget to build the most comprehensive policy for your specific situation. While it’s tempting to choose insurance based on the lowest price, the wrong amount of coverage will result in inadequate financial benefit following a claim.
Discounts Are Your Friends
Evaluate your coverage needs, pay attention to your budget and use the proper tools to discover ways to save. Carriers offer discounts if you pay your policy in full, avoid auto accidents or tickets and purchasing life, home and auto policies from a single carrier.
Purchase Life Insurance
Now’s the time while you’re young. It’s much, much cheaper to buy a life insurance policy when you’re young and healthy.
Have more Life Insurance questions? Read our article The Most Frequently Asked Life Insurance Questions