Insurance: What You Need and What You Don't: Money Matters with Suze Orman

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	Suze's Print, Clip, and Save Checklist for Insurance Buyers
	To keep yourself on track to healthier personal finances, start here by setting due dates for your own financial to-dos. Click the button next to each item to add it to your Yahoo! Calendar or print out this checklist of to-do's and check off each item as you complete it. Get ready to face your financial fears today! For more information on each item, refer back to Suze Orman's article: " Insurance: What You Need and What You Don't".

Life Insurance

Who Needs It: Anyone who has a dependent reliant on their income. That can be a child, a spouse, a partner, or a parent.

Shopping Tip: To avoid future shock, look for a policy that offers a "guaranteed level" premium. This means your premium doesn't increase each year. But read the fine print; you want to make sure the "level" stays in effect for the entire term, not just the first 10 years of a 20-year policy. You also want to make sure the policy is "annual renewable." That means that as long as you keep up with the premium payments, the insurer has to keep your coverage in place.

Health Insurance

Who Needs It: Absolutely everyone.

Shopping Tip: When you leave a job you can keep your old "employer" coverage for up to 18 months, under a federal law known as COBRA. But you will have to pay for the coverage, and often it can be costly. Shop around for your own coverage; once you find a good policy, wait until your application has been accepted before you cancel your COBRA coverage.

Disability Insurance

Who Needs It: Anyone who would be in financial straits if they couldn't continue to work.

Shopping Tip: If you are self-employed, check with any professional organizations you are eligible to join. It can be easier and more cost-effective if you qualify for a group policy through an organization.

Home Insurance (including Renters Insurance)

Who Needs It: Everyone, whether you own or rent.

Shopping Tip: Use the same insurance company for both your auto and homeowners/renters insurance and you may be able to cut your premium by 20 percent.

Auto Insurance

Who Needs It: If you drive, you need it.

Shopping Tip: Some insurers use a variation of your FICO score to set your auto insurance premium. The higher your credit score, the lower your car insurance premium. Also, young men who have recently married should check with their auto insurer. Quite often, "settling down" puts you in line for a reduced premium.

Long-Term Care Insurance

Who Needs It: Anyone over the age of 50 who wants extra income to help pay for their care-giving expenses when they are elderly.

Shopping Tip: You and your spouse/partner may be eligible for a discount if you purchase two policies at the same time.


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