I’d like to continue this video series which is a Summer Financial To-Do List.
And today, I want to discuss Taking insurance coverage inventory: At each stage of life, there are different types of insurance coverage that a family may require. For example, having kids may precipitate a need for more life insurance coverage. On the other hand, when your kids move out of the house and become self-sufficient, you may not need as much life insurance coverage but may need to consider your long-term-care insurance options. Taking annual inventory of all your insurance needs, including life, disability, long-term care, umbrella, auto, home, renters, and others, is a worthwhile exercise. It helps confirm that you have adequate coverage. It also will allow you to eliminate insurance that is no longer necessary, which will free up cash flow to spend on other areas of your life.