Simply Rich

Description

Only insure against catastrophes you can't afford to pay, and then get coverage from the best firm possible. It is amazing how many people insure packages at the post office but go without disability insurance. Self-insure against as many losses as possible, and start a self-insurance fund with monthly deposits. In the meantime, get insurance at the companies with the best claims records (not the lowest rates) to cover the big stuff you could never pay yourself: Long-term disability coverage - If the loss of employment would devastate you financially. Term life insurance - If there are others who'd be put in dire straits by your death. Catastrophic medical coverage - Take as big a deductible as your self-insurance fund permits. Homeowners insurance - Don't forget flood and, if appropriate, earthquake coverage. Although I tell as many jokes about insurance salesmen (not being one myself) as the next guy, the fact is that insurance is a useful product when used properly. A bias against all insurance is as foolish as naively treating insurance as a complete financial program. Getting objective advice from a professional not receiving the commission may make you more confident when you do work with an insurance agent (whose commission will then be well-deserved for selling you the right product).

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