Protecting My Family, My Health, My Automobiles, And My Stuff

I just finished sending a payment to my automobile insurance company. As with most things related to “personal finance”, sending the payment got me to thinking about the blog. I realized that I’ve never written a post specifically about the types of insurance I have. So, here goes:

Health Insurance: My wife is an educator, so our entire family is covered under her insurance policy. United Health actually administers the plan and it’s a pretty good plan, considering the cost and the ease-of-use.

Dental Insurance: My wife and the kids are covered by her plan at work. I’m not covered. I just pay for a dental visit. The insurance costs more than I’d like, but it will payoff if one of the kids needs braces or other dental work.

Long-Term Disability Insurance: I have a long-term disability insurance policy that is attached to my 403b account. It provides a very modest amount of monthly income, should I become disabled for more than 90 days. My wife has a similar long-term disability policy. We do not have short-term disability insurance… we have an emergency fund!

Renters Insurance: My employer provides our housing. So, I have a renters insurance policy in place to cover our “stuff”. The policy is relatively inexpensive, considering the amount of the coverage.

Term-Life Insurance: I have two term-life policies. My wife has a single term-life policy. Together, our policies amount to about 20 times our combined income. My policies are actually a little smaller than hers. Why? I signed up for my policies when we were making less money. I will be increasing the amount of term-life insurance that we have at the end of 2007. I do not have a whole-life policy.

Automobile Insurance: All three of our automobiles are insured with the same company. In fact, I’ve been with the same automobile insurance company for more than 17 years! I’ve shopped around from time to time, but I like my broker and the rates are competitive. One change I have made: I now pay my insurance once every six months instead of once every month. I have “full-coverage” on all of my automobiles.

There you have it, a list of my various insurance policies. Have I missed anything? Any thoughts or ideas? Leave a comment…