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Practical Money Matters Radio Series

December 16, 2013
4 Essential Insurance Plans


What insurance plans are essential for your household?

Transcript

When trying to lower expenses, it's tempting to reduce or drop insurance coverage. But all it takes is one serious uncovered incident to wipe you out financially.

The four insurance policies no household should be without include:

  • Medical. When choosing a plan, make sure your doctors are "in network" and your medications are covered.
  • Homeowner or renter. Faulty plumbing, theft and home accident lawsuits are just a few catastrophes that you need to be protected from.
  • Vehicle. Be sure to get adequate liability coverage, which pays if you cause an accident, and uninsured motorist coverage, which pays if someone else is to blame.
  • Life insurance. Buy coverage worth at least five times your annual pay.

Bottom line: Passing on vital insurance coverage isn't worth the gamble.


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