6. Role of Insurance – Insights

Please note: These insights are intended for people going through Financial Peace University and are not a substitution or a recap of the coursework or presentation.

I have always been a big believer of insurance.  But after this lesson I learned two things: 1) I have a GREAT insurance agent and 2) I still had a distance to go.

Here are my insights:

  • Auto Insurance is the easiest to bump up and I did it immediately. I used to transport minors constantly as part of my community outreach program so my insurance was already pretty inflated – raising it to what Dave Ramsey recommended it only cost me $25 per 6 month terms.
  • Call your agent immediately – make sure you have one that shops different insurance companies – whether it’s health, auto, life, or renters – and walk through what you learned about insurance and formulate a plan to get the insurance talked about in this lesson. You may not be able to buy it immediately but you can form a gameplan.
  • This is also a good time to re-examine your beneficiaries for your current existing policies.
  • For Identity Theft, Zander Insurnace, a Dave Ramsey ELP, covers much more than Lifelock. I spent a lot of hours researching this. For a horrifc story of how personal information can be abused, read this account of a hijacked Twitter Account that was facilitated by stored information at Godaddy and Paypal.

Next Up: Retirement and College Planning