Is there actually a day dedicated to insurance awareness? Yes, and it’s important. No one wants to think about insurance, but it is a part of our daily lives. With so many insurance options and requirements out there, it can be overwhelming. Let’s go over a short list of insurance types, including some you might want to consider purchasing.
Auto insurance: If you drive a car you are required by law to have auto insurance. Consider raising your deductible to reduce costs.
Homeowners’ insurance: If you have a mortgage, homeowner’s insurance is required. But what if you don’t have a mortgage or you are a renter? It’s a good idea to have insurance to cover accidents, theft or natural disasters.
Life insurance: This is important if you have a family or loved ones to care for after you are gone or if you become very ill. Did you know that life insurance can also have a “living” benefit?
Health insurance: The options are many as well as expensive. Consider a health co-op or if you are retired, Medicare Supplements and/or Medicare Advantage plans can save you money.
Key Person insurance, Travel insurance, Worker’s Compensation, Business insurance, Critical Care insurance, and the list goes on. With so many insurance terms, products and requirements, it’s no wonder there is actually a day dedicated to insurance awareness.
Some interesting historical insurance events*:
3000 B.C. Insurance Birth Year Chinese Merchants mixed their goods together on ships to limit extreme loss via shipwrecks
1666 A.D. Fire Insurance Ignited After a huge fire in London, Nicholas Barbon created the first fire insurance company
1850s Health Is Wealth Thanks Franklin Health Assurance Company for leading the way to pay for medical expenses
1897 Surely Cars Should Be Insured Mr. Loomis built his own car, then bought the first auto insurance policy
If you are wondering about insurance and what you may or may not need, we can help. Give us a call and we’ll go over your current policies and other insurance options with you.
Penny Lane Financial – Your Path To Better Investing.