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Supplemental Insurance: To have, or not to have?
I currently have 3 supplemental insurance policies for myself and my children. One for sickness, one for accident, and one for cancer. I'm paying roughly $110 every 2 weeks for premiums, and in addition, pay $35 every two weeks for my standard health insurance through the company I work for. In March of this year I was involved in an ATV accident which caused me to have a total knee reconstruction. Thankfully I had the accident policy at the time, or I would be swimming in medical bills right now, but sometimes I feel I've gone a bit overboard with insurance because of the "what if's". Financially, I am able to pay my bills, the only debt I have are my student loans ($11,000), which I pay every month...but I have nothing in savings other than my 401k. I can't help but think the money I'm applying toward all of the insurance every two weeks could be put away in savings. What do you think?
Asked by
razbury27
8 months ago
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You need some kind of long term disability insurance, and if you are the sole provider for your kids, then a life insurance policy. You may also look into short term disability insurance if you really have no savings and can weather out being out of work for 3 months.And a decent to good health insurance. Everything else is excessive in my opinion. But then insurance is about risk comfort.
ladald 8 months ago
I do have good health insurance with a low deductible, and a $250k life insurance policy through my employer that doesn't cost me much ($12 per pay period). Each of the supplemental insurance policies also has a death benefit ranging from $75 - $100k, and the short term disability that my employer offers is way too expensive. As far as long term disability insurance, where would I begin? Any suggestions on decent companies?
razbury27 8 months ago
Sorry the one I have is from work. But our insurance agent at State Farm was extremely helpful in reviewing our coverage even though we were buying it from work. So you could look there ...
ladald 8 months ago
Great, thank you!
razbury27 8 months ago