Do you have enough insurance?

After my first post about insurance and its importance, I decided that I would do a follow up post. I might not be alone by wondering just how much insurance do we really need?

Insurance -Health

Most doctors and health facilities accept health cards.  They provide consumers with the opportunity to pay less out of pocket for medical procedures.  I have found that they can be very helpful if you have a family.  Children are notorious for catching whatever virus they come into contact with and that usually means several trips to the doctor.

Then there are the exorbitant prices of the prescription medications and that used to treat the various childhood illnesses.  It all adds up over time so it makes sense if you have children that you should invest in health insurance.

Of course not all health insurance is created equal. The insurance offered to some groups such as civil servants might not be as extensive as the ones offered to their employees by larger companies. There might also be restrictions such as selected procedures that are not covered under the plan and it is important to note which ones are excluded so that there are no surprises later when you try to access the funds.

There is another issue to consider when taking out health insurance. If you have a history of cancer or other terminal illnesses in your family it’s best to take out an additional plan.  This plan covers only hospital visits and surgical procedures.  These procedures can be quite costly and you never know when disaster can strike so be prepared.

Insurance – Life

Life insurance is a sensitive subject. No one wants to plan for the eventuality that all humans face and that is their death.  However if you are over the age of 50 chances are you think about it more than when you were in your teens or early adulthood.  However this is not the time to be planning your insurance options, this should be done long before you need it.

Life is not guaranteed to end in old age, there are a number of factors that could lead to an early death. However for the most part if you are a parent, guardian , husband, wife or father your presence as the breadwinner will be sorely missed if you die.  Not only will there be an emotional loss but also a financial one.

So do you have enough insurance? Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer