3 Things to Do This Week for Better Insurance Without Breaking the Bank

If you are like us, Monday’s are days to make progress and the start to a big week. So how can you get better insurance, insurance that better protects you and your family, without breaking the bank? Here are 3 simple and pain free (on the wallet) tips to consider this week.

Personal Umbrella Policy

What it is: A personal umbrella policy or by better name, personal catastrophe policy, is protection that goes above and beyond your normal policy limits. If you have a claim that exceeds your auto or home policy limits your umbrella kicks in. An umbrella policy also may help you to fill in gaps in coverage that are missing from your other policies. Policy limits from $1 million to $10 million are available.

Who needs it? In our opinion most individuals and nearly all families would benefit from a personal umbrella policy. An umbrella can help to protect your assets such as; retirement accounts, savings accounts, checking accounts, all the great things you own, home equity and the value of your future earnings.

How much? Remeber this was going to be painless on your wallet, right? By matching an umbrella policy with your policy to take advantage of discounts of up to 10% you can purchase an umbrella policy for often less than $10/month. I would give up 2 mochas and a bagel per month for that!

Identity Theft Protection

What it is: Protection if you become a victim of identity theft. Most credit cards now include a 0% liability feature if you card is lost or stolen. Other expenses such as;  legal expenses, notary fees, lost work and restoring your credit, may be covered.

Who needs it? Identity theft is available on homeowners, renters and condo owners policies. Anyone can become the victim of identity theft and the cost makes it affordable to protect yourself.

How much? Identity theft protection is now only $5-$25.year. Prices have come down substantially since the coverage was first offered.

Term Life Coverage

What is it? Term Life is life insurance coverage that covers you for a set amount of time at an agreed price. For example you chose a $250,000 policy for a period of 15 years at $40 per month. Policies are available for $100,000 and up and terms of 10-30 years.

Who needs it? If you death would cause your family financial harm then you should protect them with term life coverage.

How much? Rates for term life coverage have never been lower. As we live longer, term life rates have gone down. For a non-smoker in good health rates start for around $20/month.

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