Sample Plan - Free Financial Plan by Anasova - Report - Page 9

While you have homeowner's insurance, you want to understand your exclusions. For example, many policies
exclude oods, earthquakes, hurricanes, and some types of res.
In some cases adding this coverage can be incredibly inexpensive, particularly if you are in a lowprobability area.
You also want to be sure that you get a quote on your policy at least once every three years.
You should have a personal liability umbrella policy for $1 million.
You need to make sure you your wedding ring and other jewelry over $5,000 are covered with a separate rider
on your insurance policy. If you have more than $25,000 in jewelry you may want to consider a separate
policy exclusively for your jewelry. If you want help on this I can help you.
Ana you need to have life insurance to protect your family. You need to make sure you have the right kind
and the right coverage. This should be a high priority for you.
Because you have dependent children and we also have to protect Hubby, I estimate you should have term
life insurance for between $827,000 and $2,374,000.
The range is personal preference. My preference is you consider the low end of the range.
I think $827,000 is reasonable protection.
Consider avoiding other forms of life insurance like whole life or permanent.
Compare costs with your employer bene ts (if any) to the market.
Get a quote in < 5 minutes here
A key bene t to your cash reserve is that you can afford a high deductible on your policies ($1,000 to $5,000 ).
When you sign up the premium difference may look relatively small but it adds up to a big number. Also, if
you do le a small claim the hidden cost is that your insurance premium is likely to go up when you renew.
You already have the cash standing by. Use it to self-insure on the small stuff.
Very few people get insurance right. They make two mistakes:
1. Wrong amount.
2. Wrong type at the wrong time.
As a result, people tend to be over-insured or under-insured. Ana, your natural tendencies could pull you in both
directions. You are a target for insurance salespeople and companies who may lean in to your fears. Insurance is an
extremely powerful tool that exists to partially protect against bad things. You absolutely need to proactively take
steps to protect yourself. However, you also want to avoid signing up for expensive policies that over-protect you
against low-probability events.
If you do not see a form of insurance mentioned above it is because based on my limited information it didn't
appear to me that you need it, for now.
Legal
Ana, you should have a will. You should consider including a living will and a health care power of attorney.
Your living will makes your wishes known.
Your health care power of attorney enables someone to conduct your affairs if you are incapacitated.
You can get a simple will for less than $100. See resources at the end of this report.
Remember: the bene ciary designation on your IRA and retirement accounts supersedes your will! It is essential
to be sure these remain up to date.
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