We have heard the word balanced all of our lives. We must balance the checkbook, eat a balanced diet, balance professional lives and personal family lives, keep balance with kids’ schedules and our spouse, etc.

The word balanced is defined as; keeping or showing a balance; arranged in good proportions; taking everything into account; 50/50 proportion.

As I work with individuals and businesses counseling them on the proper insurances for their specific needs, I try to keep balance in mind. To have too much insurance is not proper utilization of the funds that you may have allocated for this expense. To have not enough insurance to meet the demands when a claim arises is again irresponsible. I take pride in advising what I feel is a good balance. We all accept risk, but this should be proportionate to our ability to pay the deductibles and coinsurance as well as the premium.

Our health insurance helps cover hospital bills, doctors’ bills, medications and other medical treatments. Long term care insurance helps to pay for our extended care, protecting our assets. Life insurance is designed to pay for our final expenses or for asset/wealth transfer to our loved ones. Property and casualty insurance replaces material items; our home, auto, belongings, etc.

But, let me ask you this question…

If you woke up in the hospital tomorrow, how complete would your “mental checklist” be? There’s nothing like the peace of mind that comes from having protection so you know you can handle whatever comes your way – even if you can’t work for months at a time. We would naturally think of emergency contacts, health insurance, sick leave, life insurance, child care, pet sitter, lawn care, etc., but how about…

Income Protection?

Could you afford your home without your income?

Do you have waiver of premium on your life insurance policy?

Read answers to these specific questions in my next blog post