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Which Insurance Should You Buy?

By Jason Markum

Insurance… it’s a tricky business. It’s a subtle balance between what you need, what you can afford, and what you can get away with not having!

Nobody wants to pay for insurance, at least not until you need it… and then everybody wants it! The trick, it seems, is to pay as little as you can but at the same time make sure you have the coverage that you need. There are lots of different tricks and secrets to do just that, but I’m not going to get into them in this article. No, in this article I’m going to talk about which basic insurance policies you should look into buying depending on your current living situations.

People need different types of insurance at different stages of their lives. Somebody who’s just out of high school, or even just finished with college, probably doesn’t need a large umbrella life insurance policy. You typically need these kinds of policies when you have a family with lots of children and a spouse that depend on you for their livelihood. This becomes more important if you are the main breadwinner of the family because what happens to the rest of your family if something happens to you? For that exact reason it’s not importantly to have this type of life insurance if you’re young and don’t yet have a family.

Likewise Medical insurance… different people in different stages of their lives require different levels of health insurance. Somebody who’s younger perhaps can get away with a policy with a higher deductible because the chance that they are going to need major life-saving surgery, that is- major expensive surgery, is probabilistically lower than for an older adult.

If you own a home you probably need homeowners insurance… on the other hand if you don’t own a home, you obviously don’t need homeowners insurance. But if that’s the case, you may need renters insurance!

The point I’m trying to make is that everybody’s situation is different and therefore everybody’s insurance needs are different… sometimes wildly different. Because of that, it’s very difficult to suggest what exactly you need in the form of insurance because let’s face it, I don’t know you from the next guy or gal.

So what I suggest is that you ask around to other people who are your peers. I’m talking about people in your same age group, your same work group, your same income level, your same health level generally speaking and talk to them. Ask them what they’ve got as far as insurance goes. Don’t ask them how much they pay, just ask them what kind of coverage they have. And also ask who their insurance agent is. Finding the right insurance agent is very important because the right agent will steer you towards the insurance that you need and nothing more.

A bad insurance agent will try and sell you more than you need. A good insurance agent will realize that if they do right by you now, they have a client for decades and that is far more important than a quick upsell today.

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