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Buying insurance is a necessity you can't ignore

Frank Darras Founding Partner and Disability Lawyer DarrasLaw, America’s Top Disability Firm

Most people won’t claim buying insurance as their favorite thing to do. It is, however, a necessity due to the risks we take in our daily lives. Whether it’s health, disability, homeowner’s or long-term care insurance, these policies help protect you financially in case something catastrophic happens.


Do customize your policies to suit your needs

Choosing your own additions to your policies is a great way to purchase extra protection for you and your family. Sometimes the things you need are not always covered so you will need to fill in some gaps. Liability coverage is something you can never have enough of so it’s recommended that you increase the coverage on your policies but also customize them by purchasing umbrella insurance.

Do know what you can afford

Stick with the policies that you need right away and purchase others as you can. Health insurance and auto insurance are just two of the mandatory policies Americans are required to have. Long-term care insurance is considered an an optional policy although some people may need it more than others.

Do decide if the insurance policy you want is worth the cost

In some cases, it may be better not to purchase a policy. For instance, long-term care insurance is not something young people need to buy or if your income is low enough to receive Medicaid. Your insurance agent can also go over discounts and other ways to save money on your policies.

Do weigh the risks of not having certain insurance policies

Consider disability insurance as an example. If you don’t have a policy and you are critically injured or become seriously ill, you could be out of work for a while. In some cases, it could be years before you can work again, meaning you cannot rely on your income as means to support your family through challenging times. Disability insurance is one of the policies that is worth the modest annual cost.

Do figure out how to avoid and reduce risk

Do what you can to keep yourself out of circumstances where you might be at risk. Buying a mechanically sound car and relinquishing the keys so you are not driving while tired or under the influence are great examples of how to minimize risk on an auto insurance policy.


Do not assume your policy covers every necessity

Many different types of insurance policies offer riders that allow you to add specific coverage. An example is with disability insurance, because policies offer riders like a cost of living adjustment rider, which increases the monthly benefit by a certain percentage to account for increased spending costs during the years you may be disabled. Adding options like the COLA adjustment to your policy is important and don’t simply trust it is covered in the fine print.

Do not ignore the help of a qualified expert

Your insurance agent can be your best friend as you decide what policies to buy and the amount and type of coverage. Insurance can be complicated, so find an insurance agent that is more than willing to answer your questions and provide excellent service.

Do not buy the cheapest policy you come across

When you buy the cheapest policy you are getting the most limited amount of coverage. In some cases, you may not even be getting the coverage you assumed you were. By going the cheapest route, you are opening yourself up to more expenses down the road. If you try and save money by purchasing only $100,000 in liability coverage on your auto insurance policy, you are responsible for all damages above $100K.

Do not bypass necessary insurance policies because you think you don’t need it

Homeowner’s insurance is an example of a policy with many different factors that should be considered. You need to factor in where you live, natural disasters, insuring valuable possessions as well as insuring your personal liability if a guest is injured on your property. Always research what insurance policies can do and you might be surprised by the extra coverage you can get for pennies on the dollar.

Do not forget you will be protecting the people you love

While insurance may be extra money out of your pocket each month, you have purchased these policies with the best of intentions. Without insurance, one lawsuit could have you in the poorhouse for the rest of your life. This puts your family at risk and doesn’t give them the financial security they deserve.

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When you spend your valuable time researching insurance and navigating confusing policies, you want to be sure you’ve purchased the best for you and your family. An insurance agent will be invaluable through this whole process to make sure any gaps are covered and that you are paying the right price. By protecting the people you love with insurance, you can insure your financial future as well as theirs.

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Frank DarrasFounding Partner and Disability Lawyer

Frank N. Darras made a decision nearly a quarter century ago that would affect tens of thousands of Americans. Darras took the road less traveled to help the sick, disabled, and elderly mount a heroic fight against billion-dollar insurance compa...

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