[A089] Get Covered: Buy All the Insurances Except Some

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Insurance feels like a waste of money. However, the reality is that you probably need it. Without it, your assets — meager as they may be — are at risk.

When you buy the insurance you need, you can cover your assets in many situations. Let’s be real: if you totaled your car, and you still owe money it, could you really afford to buy a new car right now? Plus, you’d still have a loan to deal with.

In this episode, we look at the disturbing reality that insurance is a necessary part of financial planning. In some cases (like health insurance and auto insurance) it’s even the law.

We’ll help you figure out what insurance you need to be effective.

Concepts

How insurance works.
Ways insurance can keep you from ending up in a worse financial situation.
Types of insurance required by law.
Insurance policies everyone should have.
Insurance policies that can be beneficial, depending on your situation, but that aren’t for everyone.
Types of insurance policies you should avoid.
Tips for figuring out what insurance you need.

This week, DO NOWs look at what you need to do in order to get the insurance you need. This includes writing down your needs, and documenting what you have in your home so you’re ready in case of a claim.

This week’s listener question looks at how you can feel better about the whole insurance thing. We look at ways you can get over the idea of “wasting” money on insurance.