The goal: Dedicate 1 hour a day, for 7 days, and improve the health of our finances.
Hour 7 (00:00 – 50:00)
Insurance Brainstorm –
Do I have enough life insurance?
Should I consider switching from whole life to term life?
Does my spouse have enough life insurance?
Should we consider an insurance rider for our child or children?
Do I have a long-term disability insurance policy?
Does my spouse have a long-term disability insurance policy?
We live in a rental property, do we have renter’s insurance?
Have we reviewed our home owner’s policy?
Should we look for new or additional health insurance?
Have we reviewed our automobile insurance policies?
Can we raise our automobile deductibles, now that we have a fully-funded emergency fund?
Can we use one company for multiple policies, thereby receiving discounts?
Do I know where all of my insurance-related documents are?
Hour 7 (50:00 – 60:00)
Begin the process of researching insurance companies which may be able to meet any needs identified during the brainstorming session. Consider online resources as well as local insurance companies and agents.
I hope you have enjoyed this series of articles about improving the health of our finances. Each article should take just a few minutes to read, and the steps outlined should take about an hour to do. Depending on the health of your finances, you might be able to breeze through the steps in just minutes – or it might take you much longer, if things are in need of repair. My goal, however, is to keep the steps to a minimum, and to make them as easy-to-follow as is possible.
Consider Hour 7. If you will take the time to do all of the steps outlined above, you’ll have a a better understanding of your life insurance needs, you’ll have a plan in place for purchasing additional insurance policies, and you will know where critical insurance-related documents are located. And, you will have accomplished all of these things, in about an hour!