Whether you are a homeowner, single, married or living in an apartment the following ten suggestions will help you start your finances off on the right foot.
- Pull out your life insurance policy, dust it off and look to see how much coverage you actually have. If you have not looked at your policy in some time you may be surprised to find out actually how much coverage you do have.
- Increase or decrease your life insurance coverage depending on recent changes (marriage, divorce, children, new home, debt etc.) to your financial situation. You should of course speak with a trusted insurance agent that will analyze your specific situation to see if you need more or
less coverage. - Learn about renters insurance if you are currently renting. The cost is minimal and the coverage usually extends to property in your car while it is parked at home. This small investment could protect some of your more expensive items in the home.
- Make an appointment with your homeowners’ insurance agent to discuss your coverage. Be prepared for the New Year by ensuring you have adequate coverage and find out about appropriate additional coverage (fire, earthquake, wind, flood and landslide insurance to name a few) for your situation.
- If you are currently paying Private Mortgage Insurance (PMI) then find out when and if you can drop the coverage. You may be unnecessarily paying PMI coverage instead of redirecting that money to a better purpose.
- Find out the maximum annual guidelines for your Variable or Universal life insurance policy and if you are not currently maxing it out do your best to contribute more. Every extra dollar you contribute will go towards either the sub accounts you have chosen or the separate universal life account.
- Contact your human resources department and find out the exact amount and kinds of insurance coverage you have. Companies vary but many offer not just life but disability as well. Write down the coverage and keep it with your other important financial information.
- Speak with you auto insurance representative about lowering your rates. Compare your current premiums with other companies and see if you can receive a better deal. That extra one hundred or more dollars saved in a year can be squirreled away for other purposes.
- Consider purchasing Long Term Care (LTC) insurance. This type of insurance is often considered frivolous or unnecessary but if you are not on a path towards saving enough money for retirement it could be a solid back up plan. I highly recommend speaking with an agent that has many years of experience in the LTC market as this type of product is very different from many other personal insurance products.
- Write down all of the insurance coverage you have on one piece of paper and put it in a file. List the coverage amounts and premiums you are paying. Make sure and update the list as you add or drop certain insurance coverage. Let your family know where the information is so they can access it if needed. This will come in handy for not just personal convenience but also in case the coverage is ever needed.
Happy New Year and I wish you the best for your varied resolutions.
Hi Andrew,
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Posted by: cheap auto insurance | January 7, 2008 10:40 PM | Permalink to Comment