Articles - Archived Money Matters
(Copy and paste the text into your document)Schedule an Insurance Checkup
Most of us are diligent about having the oil in our cars changed regularly, and getting routine physicals and dental checkups. But when was your last insurance checkup? Insurance coverage can be easy to neglect—that is, until something happens to remind you of the important protection it provides. If you can't remember the last time you reviewed your insurance coverage, your needs may have changed. Schedule a checkup of the following:
Life
The more dependents you have, the more life insurance you generally need. Perhaps your current coverage isn't enough to protect your family, especially if the recession has taken a toll on the value of your assets. Once your children are grown, you may no longer want to carry as much coverage, unless you've identified other needs for it.
Homeowners
While any settlement is helpful if disaster strikes, you'll be in a better position to recoup your losses if your policy provides replacement cost coverage rather than actual cash value. Expensive valuables should be covered by separate riders, and a business rider may be needed if you maintain an office in your home.
Disability
If you are employed or have your own business, you should be insuring your most valuable asset—your earning potential. Disability insurance provides a source of cash flow when you can't work for an extended time because of an injury or illness.
Collision
The older your car, the greater the possibility that collision coverage is more expensive than repairs would be. Unless a lender requires you to carry collision, consider whether it still makes sense.
Long-term care
An extended illness requiring home care, assisted living or a nursing home stay could be a severe financial drain. A long-term care policy can protect your assets while allowing you to receive needed care.LGFCU has several insurance options from which to choose, and we are here to assist you with making the right decisions. Visit www.lgfcu.org or call 877.367.5428 to learn more.
