“Unsure-ance” - Old Peak Finance

“Unsure-ance”

February 17, 2015

2014_nedryerson

“Unsure-ance”

February 17, 2015

If you've seen "Groundhog Day", you will remember the insurance salesman, Ned Ryerson. (If you need a refresher, here's a link: Ryerson.) By the end of the movie, Bill Murray has bought every type of insurance Ned sells. That's a great outcome for the transformation of Murray's character. But in the real world, it's not a great result ... unless you're the insurance salesman.

Insurance is one of the most misunderstood and misused financial products I know. The right insurance is critical to your financial health. But the wrong stuff can be a waste of money. So can buying more than you need of even the right insurance. Unfortunately, not all agents have your interests at heart. So you need to be an informed buyer.

Virtually everyone needs health, home and auto insurance.You also need term life (if you have someone to protect -- a spouse or child), disability (if you are working) and umbrella liability (if your net worth is or will be significant). If you're not sure how much to buy, what deductibles to take or how to evaluate other terms, call me and I'll walk you through it. (Don't worry. I don't sell insurance.)

Be skeptical about anything else -- long-term care, annuities, whole life or universal life. With limited exceptions, they aren't worth the money or you tend to over-buy.

Take the time to figure out what you need, or ask your advisor, as long as he/she can be impartial. The unsure too often become the over-insured..

This article is not intended to provide tax, legal, accounting, financial, or professional advice. Readers should seek advice from qualified professionals who can review their specific circumstances. Old Peak Finance endeavors to provide information that is accurate and current. However, we cannot guarantee that this information has not been outdated or otherwise rendered incorrect by new research, legislation, or other changes. Old Peak Finance has no liability or responsibility to any individual or entity with respect to losses or damages caused or alleged to be caused, directly or indirectly, by the information contained on this website.

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