Friday, October 19, 2007

Do you have insurance coverage that best suits you?

After a darkness-shortened match of tennis the other night, Jules and I were sitting court side and discussing how her employer had just switched insurance carriers. I asked her what she had for coverage and she listed off a number of products her company provides in their benefit package.
This type of conversation is increasingly important today. On television we are constantly bombarded by car insurance commercials, but this isn’t a bad thing, it means that there is a good level of competition and therefore we can all have the opportunity to get the best rates by choosing our coverage and carrier. Unfortunately, some people don’t even think about two of the least expensive types of insurance coverage – disability insurance and life insurance. Like anything else in life, we cannot predict the future and the cost of these two products is normally very low, if not even covered at a base level by your employer.
Lastly, I was watching the news last week and there was a story about a house that had burned down due to a child playing with a lighter. Fortunately, no one was injured, but at the end of the piece, the reporter closed with explained how the owner of the single-family home didn’t have coverage for home insurance.
With the end of the year rolling around, your employer will most likely be sending notices around for open enrollment for your yearly benefits. Do yourself a favor and educate yourself on the product available to you and your family.