How do I know what types of insurance I need?

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The sections that follow will explain the ins and outs of life, health, disability, and property insurance.  Here are a few basic considerations that you should start thinking about as you proceed:

  1. Identify and evaluate your risk exposure.
  • Identify valuable property you own or lease.
  • Identify activities you engage in that could cause harm to yourself.
  • Identify activities you engage in that could cause harm to others.
  • Assess the importance of maintaining a steady income should you become injured or disabled.
  • If you have dependents, assess the importance of enabling them to maintain their lifestyle should you die unexpectedly.
  1. Evaluate the likelihood of losses in the above categories and the potential value of such losses.  Could you absorb those costs without assistance from an insurance policy?                                                                                                                                                                                                                                 
  2. Determine the best way to manage your risks.
  • Insurance policies
  • Changes in behavior
  • Savings
  1. Develop some sort of risk management plan and periodically reconsider it in case your circumstances have changed.