Insurance: It’s Time to Check Your Coverage
Insurance can be a confusing topic that most people prefer to avoid. With the dizzying array of offerings and solicitations in the market today, how can a lawyer be sure to have the right insurance?
There is a consensus among many insurance and personal finance professionals regarding the core coverage most individuals and families should carry.* The checklist below highlights some categories of insurance ABA members may want to consider. Your specific situation affects which coverage options are right for you.
• Disability Insurance – Most experts agree that disability insurance should be a high priority, especially long-term disability coverage. Disability insurance is protection against the loss of your income in the event that you become injured or disabled and cannot work for an extended period of time. ABE’s Coverage Calculator can help you determine how much coverage is right for you. Or download our free Ebook: Taking A Closer Look at Disability Insurance.
• Health Insurance – Health insurance protects you and your family against significant medical expenses from illness and accidents, as well as covering you for many well-visit procedures. Even though the high cost of health insurance has historically discouraged many potentially insurable individuals, for most people the high cost of medical care makes it a must.
• Auto Insurance – Automobile insurance of some kind is required in almost every state. There are several components to most policies – collision coverage, liability, personal injury, comprehensive and uninsured motorist protection.
• Homeowner’s/Renter’s Insurance – Homeowner’s insurance protects your house and its contents, although not for all risks. Renter’s insurance only protects the contents of your apartment. There are multiple coverage options with homeowner’s insurance, so ask questions to be sure that your mix and levels of coverage are adequate.
• Life Insurance – Life insurance provides a benefit to your beneficiary in the event of your death. It can be used to cover your final expenses, pay off debts and provide income to your family for many years to come. ABE’s Coverage Calculator can help you determine how much coverage you might consider for your specific situation. Download our free Ebook: What Type of Life Insurance is Right For Me?
*Click here for a list of sources used for this checklist.
The information above is designed to be a coverage checklist to compare your own personal/family insurance with the kinds of insurance many experts recommend. It does not address business insurance or other specific types of insurance that may be appropriate for your circumstances.
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