Stacey Sain Licensed Insurance Broker

Today, virtually all heads of families should carry life insurance. Most financial advisors also recommend automobile, health, homeowners, personal liability, professional liability and/or malpractice, disability, and long-term care. Purchasing individual or family insurance coverage is probably one of the most important financial decisions you will make.

A great deal of study and advice is needed to choose wisely. A few basic guidelines can safely be applied to most consumers. Beyond these, each individual's needs are unique and should be carefully assessed by an expert. A good rule of thumb is: Don't insure yourself against misfortunes you can pay for yourself. Insurance is there to protect you in case of an event with overwhelming expenses.

If anything short of a calamity does occur, it will usually cost you less in actual costs than the insurance premiums you would have paid. Broader is better. Purchase insurance that will cover as many misfortunes as possible with a single policy; for example, permanent insurance that covers not only burial in the event of death, but also income protection in the event of a critical illness, which affects your ability to go to work.