Choosing Insurance

Submitted by ConsumerFu on Thu, 05/29/2014 – 12:01

Insurance is a vital part of financial planning because life is unpredictable at best. Insurance helps protect you against the vagaries of life that can cause you financial harm.
Many individuals have not considered this or are new to the idea of purchasing insurance. Almost everyone is familiar with insuring their car because the law requires it, but there are varieties of other types available. When you’re purchasing Columbus insurance, it’s necessary to begin with evaluating and identifying your risk exposure. Do this by examining valuable property you own or lease, consider activities you engage in that could injure yourself, consider activities you do that could cause injury to others, and determine how vital a steady income is to you if you should become injured or disabled. Think about the effect upon your dependents and their lives if you die unexpectedly.

Agents who represent the companies involved sell insurance. An agent can help you determine if purchasing insurance policies can reduce the possibilities of risk. Choose an insurance agent you can trust by doing research online, through friends and family, and through the official insurance commissioner site for the state.

An agent will discuss and recommend the necessary insurance policies with you based upon your assessment of risk exposure with the intent of helping you protect yourself against the vagaries of life. Here is a list of suggestions that you might consider and discuss with your agent:

  • Life insurance – This type of insurance pays out when the individual who’s insured dies. The intent is to protect loved ones from sudden loss of financial support. Types of life insurance are term, whole, and universal with a certain use for each type.
  • Health insurance – This type of insurance protects you and your family from the costs of illnesses that may cripple you financially. Agents are familiar with group insurance and individual insurance as well as the ins and outs of the Affordable Care Act.
  • Disability insurance – Protects you from the possibility that you will no longer be able to earn an income if you are disabled.
  • Personal Property and Liability insurance – This type of insurance protects you against loss of property as well as legal liability you may incur resulting from an act of commission or omission on your part.

An insurance agent, carefully chosen, can be an asset to your financial plans.