Items to consider when choosing insurance coverage

Every type of insurance, regardless of whether it’s health, disability or car insurance, comes with various levels of coverage. With so many options it can be difficult to figure out which level is the best for you. If you’re confused, you can always call us and we’ll do our best to steer you in the direction of the best policy. However, in the meantime, here’s some valuable questions to ask yourself that can impact the level of coverage you need.

Do you have a spouse or a family? If you have either a spouse or a family to take care of, having higher amounts of both health, life and disability insurance is important. This will ensure that your family is taken care of, even in the worst case scenario that you pass away unexpectedly.

What is your standard of living or level of expenses? For things like life insurance, it’s important to choose a coverage that will allow your family or spouse to continue living at or near their current lifestyle, even if you pass away. Pay particular attention to expensive monthly items that you might be paying for now, like a mortgage, childcare or private school.

How healthy are you and your family? If you are pretty healthy and rarely make trips to the doctor’s office, you can likely get away with a lower level of health insurance coverage. However, if you or your family make regular trips to the doctor or anticipate upcoming medical needs, it can be wise to opt for a higher level of insurance coverage. It will likely increase your monthly premiums, but can pay off in the long run by helping you avoid being stuck with expensive medical bills.

How dangerous or physically demanding is your job? Many trade jobs come with a significant risk of injury. The higher your risk of injury, the more important it is that you have a healthy disability insurance policy. An injury could impact your paycheck or potentially your ability to continue on at your current job. Having a solid disability insurance policy helps mitigate some of the risk of lost wages or employability.

How valuable are your things? If you have anything of significant value, like a nice car, jewelry, or valuable collectibles, it should impact the amount of coverage you choose for things like auto insurance or homeowners insurance. An appropriate policy in these areas can ensure that your vehicle can be repaired or your jewelry can be replaced in the situation that they are damaged or stolen.

Curious what level of insurance coverage is right for you? Give one of our agents a call and we’ll set up a time to discuss what coverage you already have and what additional coverage best fits your situation.

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