KristiLyn Wilkinson, AFC, Empowering Financial Wellness Program Manager
Let’s talk about insurance. It’s important. The problem is that there are A LOT of different types of insurance out there. Some of them you really need, and most likely don’t have or at least don’t have enough coverage, and some insurances you might have, but likely don’t even need. We often jump to retirement and investment planning before we make sure that we have adequate coverage. This is an unfortunate thing because all it takes is one accident or set-back to completely derail your financial life if you aren’t adequately insured. So, let’s talk about the 5 insurances that most everyone needs. I say most because maybe you don’t own a car so therefore, you don’t need car insurance, but most people own a car, so go with me on this.
There you have it, the five insurances that most everyone needs. As I said in the beginning, you likely have a lot of this coverage already, the question is whether you have enough coverage. Insurance is not a one and done thing. As your circumstances change that could impact how much coverage you need. Take some time to review your coverage and make sure it is sufficient. Your future self will thank you because it is not “if” you ever have any emergency it’s “when”.
Source: Garman, T., & Forgue, R. (2018). Personal Finance. Boston, MA: Cengage
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