Click the links below to view examples of worksheets that you can use to inventory your insurance coverage. The worksheets allow you to assess your coverage to determine if you have enough to meet your needs if you have large financial losses. You may use these worksheets or whatever insurance assessment tools you have found that work for you.
Life – I know how much life insurance coverage I have (cash value and face value). I know how much I need. Assume you will need 25% less income if the household breadwinner passes away to replace income, to cover funeral, pay burial expenses, to pay uninsured medical costs; to pay taxes; to pay outstanding debts; to pay for major goals such as college costs.
Disability– I know how much disability insurance coverage I have. I know the benefits provided. I have enough coverage to replace 60 to 70% of monthly income until eligible for retirement.
My Disability Insurance Worksheet
Health – I know how much health insurance coverage I have. I know what benefits provided. I pay insurance premiums when they are due. I have an emergency reserve to meet my deductible, coinsurance amounts, and uninsured medical costs. I keep track of what has been paid and has not been paid. I keep medical records so I can appeal denied claims. If I don’t have health insurance, options for obtaining resources include: Medicaid, Medicare, Veteran’s Administration, Supplemental Security Income (SSI); charitable organizations, PeachCare for Kids Children’s Health Coverage Program – State of Georgia. List dental and vision insurance if you have it.
Long-term care – I have purchased or will consider purchasing long-term care insurance if I am in generally good health and have assets I would like to protect and pass on to heirs.
My Long-Term Care Insurance Worksheet
Homeowner’s/renter’s – I have replacement cost coverage; separate coverage on appraised valuables; and an inflation guard. I have a household inventory with photos/videos.
My Homewoner’s Renters Insurance Worksheet
Automobile insurance – 100/300/50 liability coverage is recommended; the required amount varies by state law. In Georgia, the required minimum is 25/50/25. The first number, $25,000, is the maximum that would be paid for injury liability for one person in injured an accident. The second number, $50,000, is the bodily injury maximum paid for all injuries in one accident. The third number, $25,000, is the property damage liability maximum that would be paid for property damaged in one accident.
My Automobile Insurance Worksheet
Umbrella liability insurance – Consider purchasing umbrella liability coverage if liability coverage in your auto and homeowner’s policies is less than your net worth.