Tuesday, April 26, 2011

Protect yourself by performing financial check-ups

In addition to having your finances in order, it is also important to have your insurance needs in order.
Following are some things to check.
Perform a health insurance check-up. Find out what services are covered and what preventive services are offered with your health insurance. Ask if there are limits on medical test, out-of-hospital care, and prescription drugs. Research your premiums and co-payments. Explore the difference in cost between using doctors in the network and those outside it. Find out if there a limit to the maximum you would pay out-of-pocket. If you do not have health insurance, seek assistance from Medicaid or your local state-sponsored plan.
Perform an auto insurance check-up. Auto insurance pays for damages, injuries and other losses specifically covered by your policy. Read your policy carefully while performing your auto insurance check-up to know exactly what it covers. Pay special attention to the exclusions section, which lists the things your policy does not cover.
Make sure you have adequate life insurance. Realistically determine how much life insurance you need and then shop around. Term insurance is the most affordable type of life insurance, just be sure that the term lasts until your children are financially self-sufficient.
Don’t skimp on disability insurance. At any given age, your chances of becoming disabled are higher than your chances of dying. If your employer does not offer group disability insurance, seek an individual policy.
Protect your assets. You don’t need to have a lot of assets to need a will. Most importantly, a will allows you name guardians for your children. Without a will, state law determines how your assets will be distributed.

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