Consumption and Real Estate
What kind of insurance(s) should I purchase?
Question : What kind of insurance(s) should I purchase?
I know I need the following:
*Auto and Homeowner’s Insurance
*Life Insurance (20 year level term insurance equal to about 10 times my income)
*Long Term Disability Insurance (coverage should equal from 50 to 70% of my income)
*Health Insurance (look into HSA and have prescription coverage, etc.)
*Dental Insurance
*Long Term Care Insurance (for my father who is over 60 years old … I would for my mother but she passed away 8 years ago)
My father and I were a victim of ID theft, and Lifelock ID theft insurance did not help me at all. I am a little weary of ID theft insurance. Should I get it through the bank? Or, should I “freeze” mine and my father’s credit reports through Experian, Equifax, and TransUnion?
What about Home Warranty? Road side assistance? Etc.
Please guide in the right direction I am 26 years old and I am living with my 77 year old father. I have to take care of everything. Whatever advice or an additions would be greatly appreciated. Thank you in advance.
homeowners warranty insurance
Best answer:
Answer by LFG Advisor
Good call on th auto and homeowners, however an umbrella policy might be something you should look into depending on the limits provided on these policies.
At your age you should probably not buy a 20 year term policy, I would suggest looking into a smaller maybe 100k permanent policy with a cheap one year policy layered on top due to being young and your need for life insurance will drastically change in the next 10-15 years (married, kids, new mortgage).
For disability, depending on your occupation there are provisions you want in your policy. i.e own occupation.
Health and dental is a must.
Long term care insurance is great for the elderly, but at age 77 it will be rather costly and depending on your and your fathers net worth it might not be worth paying high premiums.
I am not too familiar with ID theft insurance.
For road side assistance you should just get an AMEX which has access to things such as this……
Any other questions feel free to ask me.
-
-
#2 written by mbrcatz 1 year ago
You are asking for thousands and thousands of words here.
What you REALLY need, is to contact a local agent – or three, or four – and sit down with them. You really might NOT need some of these coverages that you think you need.
You can find a local agent at http://www.iiaa.org.
-
#3 written by Martin 1 year ago
Auto and home insurance is given. You could look into an umbrella, depends on assets.
Life insurance is good but not sure if I would recommend 10 times your income. Term will always keep the cost down and has less fees. What would it be used for?
Long term disability coverage is good.
Health insurance, you are on the right track with HSA. Dental is a given.
Long term care will be costly.
ID theft can be provided by home insurance company. You can contact the CC companies and have security placed on them.
Home warranties can be great if you use them. Road side assistance is a must. Auto insurance company should assist here.
Always williing to help
Martin mjohnson@jmwis.com 951-501-2900
- Comment Feed for this Post
You also need accident and supplemental insurance plus disability in the event you cannot work due to illness or accident. I believe this should be on top of your list. American Heritage (Allstate) has great accident policies, United American Life has the best supplements, as for disability depends what State you live in but its very important to have one.