The Financial Checklist Plan
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  • Today's Average Financial Picture
  • Why Learn the Financial Checklist Plan?
  • Past, Present, Future
  • THE Financial Checklist Plan
  • 1. Personal Reserve Fund
  • 2. Eliminate Personal Debt
  • 3. Insuring We're Properly Insured
  • 4. Saving for Retirement and College
  • 5. Paying Off Cars and Homes
  • 6. Building Wealth and Giving and Living Graciously
  • Financial Checklist Blog

Financial Checklist Plan Part 3:
Insuring We're Properly Insured

The Financial Checklist Plan: Insurance Checklist

Insurance You Need

Health Insurance
Term Life Insurance
Auto Insurance
Homeowner's Insurance / Renter's Insurance
Umbrella Policies
Long Term Disability Insurance
Long Term Care Insurance (if over 59 years old)
Identity Theft Insurance

Insurance You Don't Need

Life Insurance that is not Term Insurance
Disease Care Insurance (Cancer, Heart Attack, etc)
Private Mortgage Insurance
Extended Warranties
Water Line Coverage
Credit Card Insurance
Mortgage Life Insurance
Accidental Death Insurance


Umbrella Liability Policies:

This may be one of the best values in insurance today.   This is a liability policy that can be purchased above your Auto and Homeowners policy to add $1,000,000 of liability insurance to your policies across the board.  This is a wise and relatively inexpensive insurance to consider purchasing to secure you against a large claim and to protect your financial situation. 

As an example, if you carried $100,000 / $300,000 / $100,000 coverage for your automobile liability and also had a $1,000,000 umbrella policy, the umbrella
policy would kick in after your auto insurance were exhausted and provide a million dollars more coverage.  In this example, you could almost think of your umbrella policy as raising your auto liability limits to $1,100,000 / $1,300,000 / $1,100,000.  If you have significant personal assets, an umbrella liability policy is a must have.

Next, consider Long Term Disability Insurance.

A Little Background

Today's Average Financial Picture
Why Learn the Financial Checklist?
Learning from the Past
Remaking the Present
Owning the Future

The Financial Checklist

Creating a Personal Reserve Fund
Eliminating Personal Debt
Insuring We're Properly Insured
Saving for Retirement and College
Paying Off Cars and Homes
Building Wealth, Giving and Sharing

Checklist Execution

Visioning a Different Future
Committing to Change
Investing Wisely