Bad news can hit any one of us at any time, in the form of job loss, illness, or sudden death. We don’t like to think about it, but we do have to plan for it. What worries you the most? How will you get through hard times? Although an emergency fund can help, you may want to look at insurance too.
What insurance do I need? A checklist
We’ve prepared a checklist to help you assess the type of insurance you may need. If you have a spouse or partner, plan to review this insurance checklist together.
Once you know what type of insurance you need, decide how much you can afford. If you can't afford all the insurance you had in mind, how much is enough? The following stories illustrate some of the concerns people have when deciding on their insurance coverage:
Getting insurance for a new family: Olive and Omar's story
Olive and Omar are trying to balance many different insurance needs after having a new baby. Read Getting insurance for a new family: Olive and Omar’s story.
Changing insurance at retirement: Olga and Oscar's story
After their kids leave home, Olga and Oscar start to plan their retirement. They review their insurance to see if they have the right coverage for this stage of life. Read Changing insurance at retirement: Olga and Oscar’s story.
Remember: You may need more than one type of insurance.
It’s not always easy to sort it out. If you get it wrong, you may pay too much, or you may not have enough insurance. An adviser or insurance expert can help you work out the best plan for you.