Screams could be heard last week as I forced myself to sit down and review all the business and personal insurance policies and I’m a pro. It reminded me to remind you how important this torturous exercise is.
Let’s get it done,
Your Insurance Money
No piggy bank can hold enough coin to cover the costs of our insurance coverage but much can be done to control it. As October is often when rate increases hit, let’s look at a few things that might help.
Property & Casualty
Put your money where the risk is. Most of us would be well-served by increasing liability limits and umbrella coverage while self-insuring small property claims. Watch for traps like the “dropping off” of your alarm discounts just because you forgot to mail in updated certificate.
I tend to favor the separation of “buying life insurance” and “investing for life”. Many of today’s products try to combine the two concepts and they are not created equal. If you own one of these hybrids, get a copy of it to me and we’ll examine the nuts and bolts for cost effectiveness. Many people covered by one of them are underinsured and overpaying.
Health & Long-term Care
Do not be afraid of large deductibles. Most policies offer large discounts for carrying a $5,000 or $10,000 deductible and, since most deductibles only apply to hospitalization, you may find it an affordable option. Your normal co-pays and visits may stay at same level. Check it out.
Most of us don’t wish to enter a care facility unless we really have to so choosing a 6 or 9 or 12 month waiting period can save lots too on long-term coverage costs.
Did you let your business life or disability insurance coverage lapse during recession to save money? Did you leave the formal agreements in place? Answer yes to both and you should be very worried about unfunded liability. Fix it fast.
These are just a few thoughts on many concerns I have for you and your insurance money. Contact me for help; I’m willing to do it.
Until next week,
Susan R. Linkous
The Linkous Group, Ltd.
We are qualified and willing to help review your insurance policies and needs. It’s crucial to your financial security. Please don’t neglect it.
The firm and Susan hold licenses in property, casualty, life, and health/long-term care insurance along with over two decades of experience.
Our fee-based investment management clients receive this service at no additional fee. Fee-based advice offered through The Linkous Group, Ltd., A Registered Investment Advisor and separate entity from LPL Financial.
Securities offered through LPL Financial
Member FINRA and SIPC