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September 12, 2011
Insurance Coverage You Shouldn't Do Without

If you are doing without insurance because of the costs, you could be setting yourself up for financial ruin. Find out which policies you shouldn't do without.

Transcript

Many people are just one accident or illness away from financial disaster, yet they think they can't afford insurance. Here are several policies no household should be without:

Medical insurance. Although expensive, this is the most critical coverage. Homeowners' or renters' insurance. Fire, theft and faulty plumbing are some of the catastrophes that could leave you without belongings or a place to live. Car insurance. In most states, you can't even get a driver's license without showing proof you're insured. And life insurance. If your family depends on your income, you may need coverage worth at least five times your annual salary.

Bottom line: Don't risk your financial future by gambling that an accident or illness won't occur.

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