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Life & Health Insurance

There are many facts to consider when choosing your life and health insurance provider. When planning the types of insurance and amount of coverage you need, you should keep in mind that you need to adjust your coverage to meet your changing needs and cover all essential areas.

Important Facts You Should Know

• You have a 55% chance of being involved in an automobile accident in the next three years.
• Eight out of ten men and women between the ages of 25 and 65 will suffer from an accident or illness that keeps them away from work for an average of 90 days.
• One out of four people suffer a disability of six months or longer at some point before they retire.

Important Matters to Keep in Mind when Planning for Health & Life Insurance

• Cover all essential areas.You and your insurance agent must make certain that all foreseeable areas of catastrophic risk are insured. The four most common gaps in coverage are (1) inadequate long-term disability coverage, particularly if you are self-employed; (2) inadequate life insurance coverage; (3) lack of an umbrella liability policy; and (4) insufficient coverage on valuable personal possessions such as jewelry and silverware.
• Obtain the correct policy coverage. Carefully evaluate each insurance policy before you purchase it so that you are assured of receiving the kind and amount of coverage that you need. Sometimes, you don't need to purchase the most comprehensive policy, but you should be certain that the coverage you receive meets your own specific needs. Also you should be able to pay any deductibles or policy limits out of your savings.
• Adjust coverage to meet your changing needs. Even though you may have adequate coverage now, your needs will change in the future. Therefore, you should review the adequacy of your insurance coverage at least annually. For example, if there is an obvious change in your status, such as marriage, the birth of a child, or a job change, update your coverage as soon as possible.
• Minimize the cost of insurance. Studies have shown that many people pay too much for their insurance coverage. Fortunately, companies in the insurance industry are intensely competitive. The premiums they charge for similar coverage can vary dramatically. Thus, you may be able to achieve significant savings by carefully shopping and comparing policy features offered by different companies.

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