As the year end draws near, our financial resource Carl Carlson, CEO & Founder of Carlson Financial spoke to us about things we need to be thinking about for 2022.
On Wednesday we talked about all your various types of insurance.
Carlson said there are five different major types of insurance and you need to see how those all fit in your life.
There is life insurance, health insurance, disability insurance, long term care insurance and your normal home and auto and liability insurance.
Carlson said especially right now, a lot of people have open enrollment at their work so they're making choices. Usually, he recommends you take the maximum amount of disability insurance that you can get through your work, because that's where it's going to be the lowest costs. So, try to pick that up if you can as well as life insurance if it is offered.
Carlson said if you're not really, healthy life insurance is the best through your work. But if you are healthy, a lot of times you can get a lower cost policy outside of work.
He said to look at your different insurances and make sure they are where you need them to be. Carlson said the key things to do are to look at the five major categories of insurance.
Some things to look at with health insurance is if you have a high deductible plan, or if you should be funding an HSA.
Even though some insurance options are not part of open enrollment, such as your car, or your rental insurance, that type of thing, this is a good time to make sure that those are in line with your overall financial goals as well.
Carlson said when you get to your home and auto insurance, they also offer you an umbrella policy. That's to cover extra liability if you get in a wreck and get sued that it's a liability portion where you can pick up an umbrella, maybe for a million dollars, most of those are going to be $200- $300 a year. So, Carlson asks, do you need that? If you're fresh out of college and you don't have any money, then maybe you don't need it. But if you have a million dollars’ worth of investments, then maybe you need to protect it.
Overall, Carlson said to make sure all of your big insurance decisions are coordinated.
