Insurance, is it the 1st step?


Da_Sperm

Da_Sperm

New Member
Are you covered properly (LIFE, HEALTH, AUTO, etc.)

This old white man that I work with said his father was an insurance salesman and he said the rule of thumb on Insurance is "If you can't affort to replace it, insure it".

I can't afford to replace my salary, so I have a fairly descent life insurance policy. TERM not group.

Heath Insurance, we have the policy with the deductible that has to be met before they pay. The policy without the deductible has a higher premium.

Auto Insurance, liability on the vehicles I own, full coverage on the others.

I don't insure stuff like cell phones. If they break, I just pay $200 for a new one.

I'm told that LIFE INSURANCE is the FIRST item to square away to get on the road to financial freedom. I guess because you will die and the spouse, kids, and grandkids need something.
 
I got my first car in 1993 and it was insured with State Farm. I have been with them and only them for auto insurance all my life. After 10 years, I became a GOLD customer. That means that State Farm has to offer me auto insurance no matter what for the rest of my life.

I guess I'm trying to say that it is best to get with on Auto Insurance company and stick with them in order to get the best rates.
 

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Da_Sperm said:
Are you covered properly (LIFE, HEALTH, AUTO, etc.)

This old white man that I work with said his father was an insurance salesman and he said the rule of thumb on Insurance is "If you can't affort to replace it, insure it".

I can't afford to replace my salary, so I have a fairly descent life insurance policy. TERM not group.

Heath Insurance, we have the policy with the deductible that has to be met before they pay. The policy without the deductible has a higher premium.

Auto Insurance, liability on the vehicles I own, full coverage on the others.

I don't insure stuff like cell phones. If they break, I just pay $200 for a new one.

I'm told that LIFE INSURANCE is the FIRST item to square away to get on the road to financial freedom. I guess because you will die and the spouse, kids, and grandkids need something.
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Good points. I was told yrs ago that white people have been using insurance policies to get rich for hundreds of years. I highly recommend it (even for parents who may have their own policies.) Our deductibles are low on our health insurance and I still have full coverage on my vehicle although I don't actually know why. In the past, after my vehicle was paid off, I dropped comp & collision.
 
Bingo on the insurance kick...


Some stuff I would have insurance on no matter the cost.

Cell Phone....a must for me.

Large home items...a must must (Stove,AC units, washer dryer, etc...will get a service contract)


There are some more......but i need to eat
 
Da_Sperm said:
I got my first car in 1993 and it was insured with State Farm. I have been with them and only them for auto insurance all my life. After 10 years, I became a GOLD customer. That means that State Farm has to offer me auto insurance no matter what for the rest of my life.

I guess I'm trying to say that it is best to get with on Auto Insurance company and stick with them in order to get the best rates.
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I didn't know that. I've been with State Farm since 1986, so what does that make me....Platinum?!?!?! :D
 
Life - Covered... I have term (larger amount), variable (smaller amount but is great if you live long term and you can borrow against it without getting taxed unlike a retirement account), and 4 time my salary thru my job for free.

LTD and STD - If your company offers short term and long term disability, get it. You never know what will happen. More accidents don't kill you these days so you need a way to maintain some sense of a life style if you can't go back to work. I have these as well.

Health - A must have. If not for you, you have to have it for your family.

House - Mandatory. Another suggestion... If you rent, get renter's insurance.

Car - Must have as well.
 
Insurance is a great way to give back to your school.

Go out and get a policy for 50K, 100K or whatever you want. With most of us being under 50, it will not cost an arm and a leg for the policy. Do this outside of whatever you are currently doing for your family. Make the beneficiary on the policy the school of your choice.

Recently, 400+ people graduated from Grambling. If each graduate from this class had a 50K policy that was payable to GSU upon their death, that will help insure the growth of the school continues 40-60 years from now.
 
Apartment renters also need renters insurance. It doesn't cost that much. Definently worth the investment.
 
I insure pretty much everything. Insurance premiums come out of my account all through the month. :smh:
 
Definitely. It is crucial that you protect your assets and your income. That is key when planning to build (and retain) wealth.
 
MsJag4Jag said:
How much is enough?


All my insurance except house and car are paid by my employer.
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Ms J4J, you guys need to have a life policy that is not tied to your employment. When you change jobs, that policy goes away. Find an independent agent that can provide you with some life coverage on a term policy. You really only need a 20 year term with a high dollar payout because you have a young child. 20 years from now, she will not be as dependent on your income and at that time you can lower the amount on the term policy.
 
cat daddy said:
Ms J4J, you guys need to have a life policy that is not tied to your employment. When you change jobs, that policy goes away. Find an independent agent that can provide you with some life coverage on a term policy. You really only need a 20 year term with a high dollar payout because you have a young child. 20 years from now, she will not be as dependent on your income and at that time you can lower the amount on the term policy.
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I held burial policies/life insurances from my jobs and I was allowed to continue them indefinitely but I had to pay the money myself, instead of it being drafted from my check.
 
cat daddy said:
Ms J4J, you guys need to have a life policy that is not tied to your employment. When you change jobs, that policy goes away. Find an independent agent that can provide you with some life coverage on a term policy. You really only need a 20 year term with a high dollar payout because you have a young child. 20 years from now, she will not be as dependent on your income and at that time you can lower the amount on the term policy.
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Thanks CD! We will look into that. It is necessary. ;)
 
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