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LRC Fundamentals Day 29: Policy Review

LRC Fundamentals Day 29: Policy Review

By TheBudgetnista -  Tags: ,

types-of-insurance

New to Live Richer Challenge: The Fundamentals? Learn more about it HERE

Need to catch up? Click on the link where you left off and then come back!

Day 22: Credit Report

Day 23: Credit Score

Day 24: Credit Calculation

Day 25: Interest Rates

Day 26: Higher Score

Day 27: Credit Clean Up

Day 28: Review, Reflect, Relax

WEEK 5: Insurance & Investing : Sponsored by Prudential

This Week’s Goals:

Insurance: To fully understand your insurance plans and to make adjustments for more, less, or different insurance coverage based upon your personal needs.

Investing: To determine where you currently stand in relation to retirement and wealth accumulation. To define investment goals and the steps that need to be taken to achieve those goals.

Today’s Easy Financial Task: Review your policy

How to rock this task :

  • Take out and review your insurance policies
  • Note your deductible, total coverage, premium, discounts, and events covered

Woot woot, you’ve made it to Week 5: Insurance & Investing week! This week I’ll show you how to make sure you’re properly insured and I’ll help you to begin achieving your investment goals.

Let’s begin with insurance.

It’s time to take out your car, home, life, health, disability insurance, etc. Some of the things you’re going to look for are:

Deductible: The amount you must pay out of pocket before your insurance will pay any expenses.

Total Coverage: How much protection your policy covers.

Premium: The amount of money you pay for your insurance coverage each month, quarter, or year.

Discounts: Specials deals that your insurance company offers, i.e. accident-free, alumni, or workplace discounts.

Events covered: The type of situations your insurance may or may not cover. For example, homeowners insurance doesn't necessarily cover flood damage, but could cover fire damage.

Getting to know your current policies is important and will save you money and frustration when it’s time for you to make a claim. Prudential is as determined as I am that you learn how to maximize your insurance. They've sponsored this week to ensure that you're insured.

One of the most important types of insurance you can purchase is Life Insurance. At age 25, I bought my first Life Insurance policy when I purchased my first home. I didn't think I needed Life Insurance because I was so young and didn't have children.

I was confused about how much to get. I used a Life Insurance calculator like this one to help: Life Insurance Needs Estimator. Whether you have Life Insurance or not, use this tool to help you to determine where you need it, need to increase/decrease or change your policy.

Share the action you'll take today.
I will review my insurance policies. Thanks @PrudentialBYC. Day 29 #LIVERICHERChallenge #pruwomen Click To Tweet

How are you feeling about the Challenge so far? What are your insurance issues? Don't be shy, share with me in the comments below.

Live richer,

Tiffany

You can reach out to me here:

twitter: @thebudgetnista

instagram: @thebudgetnista

Facebook: The Budgetnista

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*** Have you just started the Challenge? Want to catch-up? Want to do the Challenge again later? Want to work through the LIVE RICHER Challenge in a workbook as well? You can do it ALL with the LRC Book. Get it here NOW: LIVE RICHER Challenge Book ***

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FYI:

My Lisa Rule: I have 4 sisters and Lisa is the baby (well she’s not a baby anymore). Of all of my sisters I’m the most protective over her. Before I share any product or service with you, it must pass my Lisa Rule.

What’s the Lisa Rule? If I would not advise Lisa to use a product or service, I won’t advise you to. YOU are my Lisas. I feel protective over you and your financial journey.

The products/services mentioned in this post pass my Lisa Rule. Yes, I'm an affiliate, but I would not recommend a product or service that I didn’t believe was helpful and useful. 

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Tiffany “The Budgetnista” Aliche is quickly becoming America's favorite, personal financial educator. The Budgetnista is also an Amazon #1 bestselling author (The One Week Budget and Live Richer Challenge), sought-after speaker and teacher of financial empowerment.
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