Like many of you, I have recently looked at our family budget. What most surprised me was the amount of money that I spend on all types of insurance in a month:
All Types of Life Insurance for my family: $1,500
Health Insurance: $1,500
Disability Insurance: $300
Home Insurance (2): $250
General Business Insurance: $200
Car Insurance: $50
That’s $3,800 a month or almost $50,000 a year I spend on “what if?” or “just in case insurance”. Why do I spend so much? Do I really need it or is my insurance guy, Dana Potts just that good at sales? Should I not just risk it?
I take big risks every day, but as I examine the various insurances I don’t know where I can cut?
Life Insurance– if something happens to me, I want my family well provided for. I have diabetes, so I can’t drop any of my insurance and hope to get it again.
Health Insurance– the reason more people go bankrupt in this country is because they can’t pay their medical bills. Health care is so high, they we can’t afford risking not having coverage.
Disability Insurance– the chances of getting disabled before you die are great. Again, my family needs to be taken care of just in case.
Home and Car Insurance: There are monetarily the biggest things I own. How can I not protect them?
During this recession, have you been able to cut any of your insurances?
