Buy all the insurance you can afford, and then a little extra?

Is it smart, socially responsible, and good parenting to buy all the insurance a person can afford? Health ins. (the good kind with all the extras), the best dental possible, $500 deductible but high limit full auto w/ everything, max life ins., max disability, best homeowners/renters ins available, & what else??? Even if you have to cut out common luxuries - no cable TV, or skipping a few vacations, for example - doesn't it seem like a no-brainer to insure yourself to the max?? Consider the sad stories of wrecked lives caused by Katrina, car accidents, kids who lose a parent, impoverished old folks who have only SSDI or SSI, and uninsured kids who get sick. By the way, I was born with a very high risk taking personality too - but after fifty years, I'm weary of depending on good luck (can't recall ever making an ins. claim except 4 emergency room visits). I love feeling of security. Is there a better use of money than buying max amount of insurance? Is there a wiser investment?

No, it's not. Health insurance IS a good idea. Private dental insurance is not.

You need to insure yourself to meet your current financial goals. There is such a thing as being "insurance poor".

Insurance is only PART of a financial planning package. Living under your means, budgeting, and investing is the other part.

I think insurance is important, but I also think you can be "over-insured". I try and find coverage that makes sense for me and my family at reasonable prices. I want to feel secure, but I also think it is very important to save for the future (i.e. retirement and college for the kids). If you are ensuring yourself to the max you are probably choosing that at the expense of not only cable TV and vacations, but also against financial security in the future. There is no insurance for not running out of money in retirement, you have to save and plan for that yourself.

While insurance is important, there must be a balance. Get a policy that is at minimum whole life that builds cash value. A universal life may be even better for you if you keep up with the premiums it will pay interest/dividends and compound over time. Pay a couple extra bucks to get guaranteed purchase options so as your needs increase you can get more coverage without requalifying. Get auto, homeowners, renters, etc. in enough coverage to protect your assets. Over insuring is a waste of money. You will never get a good return on it. Get what you need today to protect yourself and review it at least once a year with an agent. As far as health insurance you may be limited by what your employer provides unless you are willing to pay a steep price. Many insurance companies do offer a wrap that will pick up where employers policies leave off. check a couple to see what they offer.

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