30 Days to Financial Fitness: Day 7

Day 7 of our step-by-step guide to getting in peak financial shape addresses the need to check up on your insurance coverage

Christine Benz 18 September, 2012 | 9:07AM Holly Cook
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Day 7: Check Up on Your Insurance Coverage
Degree of difficulty: Easy

Week 1 was all about getting organised, finding your financial baselines and checking up on what assets you have now. But how good a job have you done protecting those assets? Use today to check up on the adequacy of your insurance coverage.

It goes without saying that everyone should obtain the best coverage they can afford for real property such as home and autos. But if you're still working, your biggest asset is apt to be your own ability to earn a pay cheque. Therefore, ensuring you're covered in the case of accidents, redundancy, critical illness or death is a must. Your employer may offer some cost-effective coverage but check exactly what you or your family would receive in the case of disability or death and you may find that you need to supplement such cover with your own private policies.

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About Author

Christine Benz

Christine Benz  is director of personal finance at Morningstar and author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances.

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