Top Automobile Insurance Facts
Life insurance should be called death insurance, because that is what you are really protecting or insuring against. If you have debt, or have children, you really need to have life insurance, so they are not left in the lurch should you unexpectantly pass away while they are still minors and in your care.
Life insurance comes in many flavors, and with each of these styles, comes an associated cost. The lowest cost alternative would be cheap term life insurance. This is a straight payout if you die, and nothing more, and covers you for the term associated with the policy. At the other end of the spectrum is whole life insurance or universal life insurance, which is as much an investment vehicle as it is insurance.
Premiums on whole life or universal life are sometime tens times what they are for cheap term life, but cover you with an annuity to cover your retirement costs. In other words, it is both an insurance policy, and a retirement plan.
Automobile insurance covers you should you be in a car crash, or hit something with your car. Not all car insurance covers the cost of repairing the car, which seems implied in the name. To cover the car repair, you need to include comprehensive coverage.
The reason this is separate is because cars that are not worth much do not need to be included. On the other hand, the main reason for car coverage is to reduce your liability, and this is the type of insurance required by the government. Some states have no fault insurance, which means no blame is placed, and everyone pays for their own repairs - be those repairs to the cars, property or life, human or otherwise.
Many states have low amounts of coverage required, but it is recommended that you have at least $100,000 per person, $250,000 per incident of liability coverage so you don't end up in court - bankruptcy court, that is.
Health insurance is a touchy subject in America right now, because so many people are not covered, and it costs a lot of money if you get hurt or sick. Speaking from experience, even with fair health insurance, my bills out of pocket for a recent bout with cancer were over $10,000 in each of two consecutive years. This does not count the lost income from me being in the hospital or chemo ward and not being able to work or get paid. Our health system is broken, but everyone knows that already.
At a minimum, I suggest carrying some form of what is referred to as catastrophic loss insurance. It may not cover the trips to the doctor for a flu shot or antibiotics, but if something serious happens (like cancer, which will hit one in three people), you are covered.
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| Les Brown
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