Unfortunate events happen. They’re not fun to talk about, think about, or imagine; but they happen. Burying your head in the sand won’t change that reality. Having the appropriate insurance can help you and your family stay afloat during these tough times.

Insurance plays an important role in your “financial armor”. Your emergency fund will help you to weather relatively small or short-term issues, but insurance is the thick inner layer of defense against more serious or long-term events.

For those who have others depending on your income — children, elderly parents, or a spouse who doesn’t work, insurance becomes all the more critical.

Even if your income is solely used to support yourself, if injury forces you to leave the workforce, the impact on your savings could be significant.

 

Find Out What Insurance Coverage You Need

Here are a few steps you can take today to assess your insurance needs:

• Familiarize yourself with the basic types of personal insurance
• For Americans, a primer on health insurance
• Most full-time employees will receive at least some forms of insurance from their employer. Make sure that you understand what coverage you do and do not have, and the level of protection that you have. Reach out to your HR department if you aren’t able to locate the relevant information yourself
• If you’re not covered for certain types of insurance, or don’t have a satisfactory level of coverage, consider reaching out to an insurance broker to discuss your options

 

It’s far too easy to push the topic of insurance down to the very bottom of your priorities list, but keep in mind — the time to repair a roof is when the sun is shining.