Most people understand the need for insurance protection, but often fail to buy the right type of insurance or the right amount of coverage. Insurance provides us with financial protection from unforeseen events ranging from small problems to major setbacks. It can pay doctor bills to keep you healthy, but it also can protect your home, your lifestyle, your family and your business.
Many people are underinsured and many are overinsured.
More than 43 million people have no health insurance, according to the U.S. Census Bureau. Most people have life insurance coverage, but 80 percent do not have disability income insurance, even though the probability of being disabled is much higher than the probability of dying before retirement. One out of three Americans has a long-term disability before reaching retirement, according to actuarial tables. Many small business owners have not taken the time to protect their businesses and to keep them operating in case of an owner's death or disability. The type of insurance needed depends on the needs and the objectives of the individual or the business.