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University of Minnesota Extension

Meeting your insurance needs

Understanding insurance

When your income changes, it's very important to review your insurance coverage. A comprehensive insurance review will help you determine whether you have enough or too much insurance coverage. When reviewing your insurance coverage, ask yourself: "How would a change in coverage affect the health and well-being of my family?"



Estimate your needs, shop around, talk with several insurance agents, and select coverage that will fit your budget. Don't over-insure. Insurance needs should be reviewed periodically, particularly when income changes. With all types of insurance, make sure the insurance company has a very high financial rating with the insurance rating services. Check with your insurance agent, at your local library, or online for the ratings. The Minnesota Department of Commerce website includes many resources on insurance topics. Friends and relatives can share experiences of companies' payments on claims.

Sharon M. Danes, Extension specialist and professor in family social science

Revised by Sharon Powell and Sam Roth, Extension educators

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