How To Insure Your Future

From the times of ancient history, until today, the concept of insurance has worked
relatively well, despite the necessary “paperwork,” detail coordinating, departmental
processing and occasional investigating. The “Code of Hammurabi,” from Babylonian
laws, dating back to 1700 BC, contained a credit insurance provision. Participants could
exclude themselves from repayment of loans if they experienced personal misfortunes.
Insurance flourished in the Roman Empire where citizens could purchase life insurance
through the “Collegia Tenuiorum” for wage earners. Even many of Rome’s slaves were
able to purchase insurance. The Collegia offered life insurance for soldiers serving in the
military of the Roman Empire.
Insurance was widely used to cover burial costs, to take care of disability expenses, and for
providing pensions for senior citizens. Presently, financial advisors generally recommend
that heads of households or that those responsible for families be prudent and obtain life
insurance to protect those who depend on them. Other types of widely used insurance in
frequent use today include: health, homeowners, personal liability, automobile, professional
liability, disability and long term care (LTC) insurance.
The types of insurance you will need to purchase remains one of your most important
financial decisions because each individual is unique, special, and has priority concerns that
may vary. But, the following four basic guidelines can be accurately applied to most
people.

How Much Insurance Do You Need? You need adequate insurance for the expenses
that would deplete you financially, should you have to meet such costs! You need
adequate insurance to prevent you from being destitute or bankrupt. You need
adequate insurance to withstand any major expenses and continue living the lifestyle
to which you are accustomed. Do not insure yourself against misfortunes that you
can easily pay for yourself, should those misfortunes befall you.
What Type Of Insurance Policy Is Best For You? You should cover as many
contingencies as possible with a single policy. Reject policies with exclusions, as
these exclude coverage in certain areas. It may just be one of those certain areas
where you will eventually need coverage. A good rule of thumb is: The broader your
policy the better.
Where Should You Purchase Your Insurance? First, consider companies that are
financially strong. Deal only with a qualified financial consultant. Examine your
financial advisor as carefully as you examine the insurance policies that you consider.
In some cases, it may be possible for you to save money if you purchase all of your
insurance policies from the same agent.
Know In Advance How To Make A Claim! Make certain you understand – in
advance — all of the requirements for making a claim should that become necessary.
Is the claim procedure reasonable? Is the claim process structured to make it difficult
for you? Do not purchase a policy with a company that appears to only be interested
in getting your money and provides little or no advance information about your ability
to make a claim.