Always take higher liability limits on your home and auto policy . . . it’s inexpensive (in some areas) and provides protection against lawsuits that can wipe you out. Always compare higher deductibles on your Home and Auto policies and see if there is a worthwhile savings. Drop collision on older cars if the savings makes sense. Always try and get Guaranteed Replacement Cost on your home’s real property coverage (building). As your assets grow consider an umbrella policy. It gives extra liability protection at a low cost. Try and combine home and auto coverage with one company for extra discounts.

Always consider the highest deductible you can afford based on your Emergency Fund and the medical needs of your family. Check into raising your stop-loss limit to help reduce costs. Consider HSA’s (Health Savings Accounts) since they allow you to save money through higher deductibles and keep the savings in a tax free account to use for future expenses.

Term Life Insurance Only! Typically recommended is an amount equal to 10 times your income on 15 or 20 year guaranteed level term plans. Companies rated “A” or better are acceptable. Be sure to protect your spouse, whether working or not, and consider only small add on riders for children ($10,000-20,000).

Purchase Long Term Disability coverage that has a benefit period no less than five years . . . age 65 benefit is best. Try to enroll in Group or Association plans, if available, since they are less expensive and easier to qualify for. Have a benefit at least 60-65% of your current income. Select 90 or 180 day waiting Periods to save money and use Emergency Fund for shorter needs.