shamu38: What types of supplemental insurance do people need?
I am talking about things like aflac, stuff for critical illness etc. I know you need basic medical insurance and some dental and vision insurance but what kinds of other stuff do you need. Also does someone who is single need life insurance?
Answers and Views:
Answer by mbrcatz
You’re looking at it entirely BACKWARDS.
Insurance is a financial tool. You don’t look at the tools, and then decide which ones to buy. You define the job, that you want the tool to DO for you.
Insurance is only one type of financial tool. If you don’t have a specific job you want that tool to perform, don’t buy the tool. That usually includes life insurance for single people with no kids or other type of dependents.
Answer by Tom ZThe least appreciated coverage is disability insurance. How do you pay the bills if you get sick and are unable to work. Order of priority would be to purchase long term disability with a 6 month elimination period (an elimination period is like a deductible) and if you can afford it add the short term coverage to coordinate with the long term disability.
Do you need life insurance if you are single? No, unless there is someone who depends upon you for their support.
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