What kind of insurance does a family need?

As a family we have all kind of insurance. We have to have car insurance. My home is insured. I have health insurance that costs more than my house note and pays less than zero. Nice, right?

 It’s hard to know what kinds of insurance you must have. You should always have long term disability insurance. We chose long term disability over paying for short term disability because I have a small savings account that we will use in case of a broken arm or something that causes my husband to not be able to work. We also have life insurance. We carry it at 10x what my hubby’s income is. These are the things you should be doing as well.

When it comes to term or whole life insurance you need to have term life insurance. Whole life insurance acts more like a very small savings account. That’s not what you need. You need term life insurance so that you know if something happens you are covered. Your premium doesn’t go up. It’s locked in for the term. You set the term, 10 or 15 years, etc. Once that term expires then you start all over again and the premium will be totally different. You are in different stages of your life then you were when you purchased the term insurance originally. Make sure you are covered when it comes to insurance.

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