Tales From the Wallet: Insurance Fun!

What kind of insurance do young working women need? Reader D wonders…

Kat, I’m wondering if you would consider a post about certain types of insurance such as life insurance, disability insurance, and umbrella policies? I’m wondering how people decide on buying additional insurance beyond what may be included in work benefits?

Great question! (Pictured: Tiffany & Co. Coin Purse, available for $85.) Personally, I’ve had:

renters’ insurance (when I was renting)
condo insurance (since we bought a condo)
personal articles insurance (since I got my pearls, watch, and engagement ring — if memory serves each of those items is valued above what is normally included in renters/condo insurance)
term insurance (for both me and my husband, since we became parents — we bought a 20-year term and each have coverage for a bit more than what’s owed on our mortgage)

Obviously, we’ve always had health insurance as well; it’s currently through my husband’s job. (And if we owned a car, we’d have car insurance as well.) The main thing that I wished I had done was to space out the different insurance payments a bit more — for some reason they are all due in the fourth quarter, and I always feel like money is flying out the window to State Farm. As a business owner I should probably investigate more insurance, but I haven’t quite gotten around to it yet; we also should probably buy disability insurance.

Poking around the web, I found a few good articles on what insurance the experts say you should be getting:

What Kind of Insurance Do You Need? [Daily Worth]
The Insurance You Don’t Want to Think About (But Really Should) [The Daily Muse]
Life Insurance Primer for Beginners [Lifehacker]

Readers, what kind of insurance do you personally have? How (and when) did you decide to get more insurance?

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