When it comes to insurance there are a million types. Most people in our society should at least consider life, health, homeowners/rental, disability, and auto protection. 

Your lifestyle and individual circumstances will determine your particular insurance needs.  For instance, I recommend disability and umbrella coverage for many people.  These types of insurance are designed to protect you from inability to work and from lawsuits that exceed the limits on some of your other coverages. Many experts recommend that people in their mid-fifties buy long-term care insurance to provide for future nursing home, or similar, care. Obviously, if you own a business, there will be other insurance needs to consider. 

The options are endless. Don’t forget, insurance companies are in the business of marketing their products. Some coverages have broad appeal and others have more specialized applications. Still others seemingly make no sense at all to me. For instance, who really needs pet insurance? And, with proper life coverage, credit life (insurance that pays off a debt at your death) almost never makes good sense.

My advice is threefold: 

• First, become an informed consumer. Read and study. Learn about insurance—because it will be a lifelong issue. One good source for general insurance information is the Insurance Information Institute.  Its on the web at http://www.iii.org. 
• Second, read your policy and ask all the questions necessary to fully understand what it covers, and what it doesn’t cover. I have learned from hard experience that, while insurance companies are great at collecting premiums, sometimes it isn’t as easy to get claims paid.  
• Third, find someone in the business you can trust — someone who is more missionary minded than marketing minded. Then build a relationship of trust and good communication. What I’ve shared with you here are only broad, general principles that may, or may not, prove correct in your experience. Find a true “friend in the business.” Someday you’ll be glad you did.

A complete financial compendium, 19 chapters
• What you can do today to get out of debt and kill the Debt Monster
• A,B,C's of handling your money God's way
• How to save, invest, and retire wisely
• How mutual funds work
• How to stop fighting over money
• What to teach your kids about money
• Learn how home & car buying, college financing and insurance work.
• How to develop a budget that works -- forever!
• Features simple charts, graphs, and easy-to-use forms.

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