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Understanding Insurance: What You Need and What You Don't

Beyond Finances

Business

In the wake of the pandemic, many people have scrambled to take out insurance policies. But before you buy, make sure you understand the real purpose of a policy so you can choose the best option for your needs. Insurance is, as Kali puts it, something that can make you go "eurrrgh." It's a product you buy hoping you'll never have to use, which is frustrating enough... but combine it with the fact it forces us to have some really emotional conversations, and it can be tough to think logically about the decision to get a policy. Today, we're giving you an overview of what to think about as you start protection planning. Specifically, we're taking a look at disability and life insurance, and explaining: The purpose of this insurance, and what it's designed to protect How disability insurance works (and why you may not need short-term, but long-term disability can be critical) Things to consider before buying your disability policy, including elimination periods and riders Who needs life insurance and why What to think through when determining how much life insurance coverage is adequate The kinds of life insurance that are probably most suitable for you (and what's not necessary) What to watch out for when doing financial planning or buying life insurance (here's a hint: if someone offers you "free" financial planning, run!) We also talk through the policies we have personally, and our thought process on why they were important to put in place — and we make a movie reference or two along the way. Ready to educate yourself so you can feel empowered to make strategic, sound decisions around the insurance you need (and the coverage you don't)? Tune in now.


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