Should I Buy Insurance? A Visual Guide

Few things are certain in life, but plenty are unpredictable. That's why owning insurance for your most important assets (including your life) is advantageous. But what and how much do you need? Use our flowchart to find out. SHOULD I BUY INSURANCE? AUTO This offers protection in case of an accident, theft, or damage. Do you drive? YOU MUST OWN AUTOMOBILE INSURANCE-It's illegal to drive without it. YES → NO Don't waste your money. HOME (AKA: HAZARD INSURANCE. HOME OWNERS INSURANCE) This generally protects the dwelling on your property from the effects of fire, wind damage, and vandalism, as well as the contents within your property. Also included is liability insurance, which protects you legally in case someone injures themselves on your property and sues you. Flood and earthquake insurance are additional. Do you own a home? YES → NO YES Do you live at your home? Don't waste your money. Are you contractually obligated by your mortgage lender to own home insurance? NO Do you rent out your home? NO YES YES YOU SHOULD OWN HOME INSURANCE-breaking contract with your lender is a bad decision. Stay on your lender's good side or pay the penalty. YOU NEED HOME RENTERS INSURANCE. It covers the building(s) on your property, but I don't have a mortgage; I own the house outright. not the contents within. This costs less than basic home insurance. Do you value the property and contents of your home? Then YOU NEED TO OWN INSURANCE for something you don't care about losing. NO YES Do you really not care about what is likely your most valuable asset? OK, I guess I do. NO It's wise to own home insurance in case your building is damaged or your property is stolen. Without insurance, you must pay out of your own pocket for all such items. FLOOD It covers your home and its contents from damages caused by floods. Is your home in a high-risk area? Did you obtain your mortgage through a federally regulated or insured lender? - YES NO YES NO YOU ARE REQUIRED TO You are not required to own flood insurance but are still financially responsible for any damages that occur to your home or the property inside. PURCHASE FLOOD INSURANCE. To put it in perspective, around 20 percent of all claims in the U.S. come from low to moderate-risk policyholders. In fact, around 80 While you are not required to own flood insurance, it is wise to protect your home from floods in the 20%. percent of all flood insurance claims in the U.S. are filed by high-risk policyholders. 80% future. BODY PARTS Some things valuable to you or your lifestyle should be insured. LEGS Is your name Heidi Klum or Beyoncé? NO YES Do your legs help you make a living? Secure the largest policy you can. NO YES Why waste your money? You're probably a model or an athlete and make a decent living because of your legs. You might consider insuring your money makers. FINGERS Are you a piano player by trade? I took piano lessons for two years when I was 6 but all I remember is how to play "Hot Cross Buns." Yes, Liberace has nothing on me Take out a policy and protect those priceless digits. Are you a hand model? I wouldn't worry about it. Take out a policy and protect those perfect cuticles. I wouldn't worry about it. YES NO HEALTH This covers your necessary medical expenses. Would you consider yourself young and healthy? NO → YES Do you have recurring health issues? No matter how young and healthy you are, it is wise to have medical insurance. Consider a cheaper plan that includes coverage for larger catastrophes. NO YES Does your employer provide medical insurance? YES NO Health insurance is costly, but if you can afford it you should pay for it. If you cannot afford it, look into state-sponsored medical care. Take advantage of this and get a policy that is affordable, but will protect you in the case of illness or a medical emergency. LIFE This provides financial help for your family in the case of your death. Do you have family you would wish to receive compensation in the case of your death? Do you want to be able to cash out your policy one day, or are you only interested in providing your family with financial help in the case of your death? NO YES > I wouldn't worry about it. I want to be able to cash in on my policy even if I live past the expiration date. I only care about my family being secure if I die. You have two options: Whole Life and Universal Life. You want either Term-Life insurance or Accidental Death insurance. WHOLE LIFE: The premiums cost more than Term Life, but if you live past the expiration date you will be able to take out a tax-free loan from the TERM LIFE: It is the most basic life insurance and has the cheapest premiums, but it will expire if you live past a specified age. cash you have accrued. ACCIDENTAL DEATH: Typically used as a fringe benefit on other life insurance policies, this provides additional compensation if you die unexpectedly from a catastrophic accident. UNIVERSAL LIFE: These policies are a bit more flexible than Whole Life insurance, allowing premium holders to adjust their premium amount. This is typically an attractive way to build a retirement fund as the value of the policy remains untaxed if paid out after death. mint.com SOURCES: REALESTATE.MSN.COM | ZILLOW.COM | FLOODSMART.GOV | FINWEB.COM Few things are certain in life, but plenty are unpredictable. That's why owning insurance for your most important assets (including your life) is advantageous. But what and how much do you need? Use our flowchart to find out. SHOULD I BUY INSURANCE? AUTO This offers protection in case of an accident, theft, or damage. Do you drive? YOU MUST OWN AUTOMOBILE INSURANCE-It's illegal to drive without it. YES → NO Don't waste your money. HOME (AKA: HAZARD INSURANCE. HOME OWNERS INSURANCE) This generally protects the dwelling on your property from the effects of fire, wind damage, and vandalism, as well as the contents within your property. Also included is liability insurance, which protects you legally in case someone injures themselves on your property and sues you. Flood and earthquake insurance are additional. Do you own a home? YES → NO YES Do you live at your home? Don't waste your money. Are you contractually obligated by your mortgage lender to own home insurance? NO Do you rent out your home? NO YES NO + YES YOU SHOULD OWN HOME INSURANCE-breaking contract with your lender is a bad decision. Stay on your lender's good side or pay the penalty. YOU NEED HOME RENTERS INSURANCE. It covers the building(s) on your property, but I don't have a mortgage; I own the house outright. not the contents within. This costs less than basic home insurance. Do you value the property and contents of your home? Then YOU NEED TO OWN INSURANCE for something you don't care about losing. NO YES Do you really not care about what is likely your most valuable asset? OK, I guess I do. NO It's wise to own home insurance in case your building is damaged or your property is stolen. Without insurance, you must pay out of your own pocket for all such items. FLOOD It covers your home and its contents from damages caused by floods. Is your home in a high-risk area? Did you obtain your mortgage through a federally regulated or insured lender? - YES NO YES NO YOU ARE REQUIRED TO You are not required to own flood insurance but are still financially responsible for any damages that occur to your home or the property inside. PURCHASE FLOOD INSURANCE. To put it in perspective, around 20 percent of all claims in the U.S. come from low to moderate-risk policyholders. In fact, around 80 While you are not required to own flood insurance, it is wise to protect your home from floods in the 20%. percent of all flood insurance claims in the U.S. are filed by high-risk policyholders. 80% future. BODY PARTS Some things valuable to you or your lifestyle should be insured. LEGS Is your name Heidi Klum or Beyoncé? NO YES Do your legs help you make a living? Secure the largest policy you can. NO YES Why waste your money? You're probably a model or an athlete and make a decent living because of your legs. You might consider insuring your money makers. FINGERS Are you a piano player by trade? I took piano lessons for two years when I was 6 but all I remember is how to play "Hot Cross Buns." Yes, Liberace has nothing on me Take out a policy and protect those priceless digits. Are you a hand model? I wouldn't worry about it. Take out a policy and protect those perfect cuticles. I wouldn't worry about it. YES NO HEALTH This covers your necessary medical expenses. Would you consider yourself young and healthy? NO → YES Do you have recurring health issues? No matter how young and healthy you are, it is wise to have medical insurance. Consider a cheaper plan that includes coverage for larger catastrophes. NO YES Does your employer provide medical insurance? YES NO Health insurance is costly, but if you can afford it you should pay for it. If you cannot afford it, look into state-sponsored medical care. Take advantage of this and get a policy that is affordable, but will protect you in the case of illness or a medical emergency. LIFE This provides financial help for your family in the case of your death. Do you have family you would wish to receive compensation in the case of your death? Do you want to be able to cash out your policy one day, or are you only interested in providing your family with financial help in the case of your death? NO YES > I wouldn't worry about it. I want to be able to cash in on my policy even if I live past the expiration date. I only care about my family being secure if I die. You have two options: Whole Life and Universal Life. You want either Term-Life insurance or Accidental Death insurance. WHOLE LIFE: The premiums cost more than Term Life, but if you live past the expiration date you will be able to take out a tax-free loan from the TERM LIFE: It is the most basic life insurance and has the cheapest premiums, but it will expire if you live past a specified age. cash you have accrued. ACCIDENTAL DEATH: Typically used as a fringe benefit on other life insurance policies, this provides additional compensation if you die unexpectedly from a catastrophic accident. UNIVERSAL LIFE: These policies are a bit more flexible than Whole Life insurance, allowing premium holders to adjust their premium amount. This is typically an attractive way to build a retirement fund as the value of the policy remains untaxed if paid out after death. mint.com SOURCES: REALESTATE.MSN.COM | ZILLOW.COM | FLOODSMART.GOV | FINWEB.COM Few things are certain in life, but plenty are unpredictable. That's why owning insurance for your most important assets (including your life) is advantageous. But what and how much do you need? Use our flowchart to find out. SHOULD I BUY INSURANCE? AUTO This offers protection in case of an accident, theft, or damage. Do you drive? YOU MUST OWN AUTOMOBILE INSURANCE-It's illegal to drive without it. YES → NO Don't waste your money. HOME (AKA: HAZARD INSURANCE. HOME OWNERS INSURANCE) This generally protects the dwelling on your property from the effects of fire, wind damage, and vandalism, as well as the contents within your property. Also included is liability insurance, which protects you legally in case someone injures themselves on your property and sues you. Flood and earthquake insurance are additional. Do you own a home? YES → NO YES Do you live at your home? Don't waste your money. Are you contractually obligated by your mortgage lender to own home insurance? NO Do you rent out your home? NO YES NO + YES YOU SHOULD OWN HOME INSURANCE-breaking contract with your lender is a bad decision. Stay on your lender's good side or pay the penalty. YOU NEED HOME RENTERS INSURANCE. It covers the building(s) on your property, but I don't have a mortgage; I own the house outright. not the contents within. This costs less than basic home insurance. Do you value the property and contents of your home? Then YOU NEED TO OWN INSURANCE for something you don't care about losing. NO YES Do you really not care about what is likely your most valuable asset? OK, I guess I do. NO It's wise to own home insurance in case your building is damaged or your property is stolen. Without insurance, you must pay out of your own pocket for all such items. FLOOD It covers your home and its contents from damages caused by floods. Is your home in a high-risk area? Did you obtain your mortgage through a federally regulated or insured lender? - YES NO YES NO YOU ARE REQUIRED TO You are not required to own flood insurance but are still financially responsible for any damages that occur to your home or the property inside. PURCHASE FLOOD INSURANCE. To put it in perspective, around 20 percent of all claims in the U.S. come from low to moderate-risk policyholders. In fact, around 80 While you are not required to own flood insurance, it is wise to protect your home from floods in the 20%. percent of all flood insurance claims in the U.S. are filed by high-risk policyholders. 80% future. BODY PARTS Some things valuable to you or your lifestyle should be insured. LEGS Is your name Heidi Klum or Beyoncé? NO YES Do your legs help you make a living? Secure the largest policy you can. NO YES Why waste your money? You're probably a model or an athlete and make a decent living because of your legs. You might consider insuring your money makers. FINGERS Are you a piano player by trade? I took piano lessons for two years when I was 6 but all I remember is how to play "Hot Cross Buns." Yes, Liberace has nothing on me Take out a policy and protect those priceless digits. Are you a hand model? I wouldn't worry about it. Take out a policy and protect those perfect cuticles. I wouldn't worry about it. YES NO HEALTH This covers your necessary medical expenses. Would you consider yourself young and healthy? NO → YES Do you have recurring health issues? No matter how young and healthy you are, it is wise to have medical insurance. Consider a cheaper plan that includes coverage for larger catastrophes. NO YES Does your employer provide medical insurance? YES NO Health insurance is costly, but if you can afford it you should pay for it. If you cannot afford it, look into state-sponsored medical care. Take advantage of this and get a policy that is affordable, but will protect you in the case of illness or a medical emergency. LIFE This provides financial help for your family in the case of your death. Do you have family you would wish to receive compensation in the case of your death? Do you want to be able to cash out your policy one day, or are you only interested in providing your family with financial help in the case of your death? NO YES > I wouldn't worry about it. I want to be able to cash in on my policy even if I live past the expiration date. I only care about my family being secure if I die. You have two options: Whole Life and Universal Life. You want either Term-Life insurance or Accidental Death insurance. WHOLE LIFE: The premiums cost more than Term Life, but if you live past the expiration date you will be able to take out a tax-free loan from the TERM LIFE: It is the most basic life insurance and has the cheapest premiums, but it will expire if you live past a specified age. cash you have accrued. ACCIDENTAL DEATH: Typically used as a fringe benefit on other life insurance policies, this provides additional compensation if you die unexpectedly from a catastrophic accident. UNIVERSAL LIFE: These policies are a bit more flexible than Whole Life insurance, allowing premium holders to adjust their premium amount. This is typically an attractive way to build a retirement fund as the value of the policy remains untaxed if paid out after death. mint.com SOURCES: REALESTATE.MSN.COM | ZILLOW.COM | FLOODSMART.GOV | FINWEB.COM Few things are certain in life, but plenty are unpredictable. That's why owning insurance for your most important assets (including your life) is advantageous. But what and how much do you need? Use our flowchart to find out. SHOULD I BUY INSURANCE? AUTO This offers protection in case of an accident, theft, or damage. Do you drive? YOU MUST OWN AUTOMOBILE INSURANCE-It's illegal to drive without it. YES → NO Don't waste your money. HOME (AKA: HAZARD INSURANCE. HOME OWNERS INSURANCE) This generally protects the dwelling on your property from the effects of fire, wind damage, and vandalism, as well as the contents within your property. Also included is liability insurance, which protects you legally in case someone injures themselves on your property and sues you. Flood and earthquake insurance are additional. Do you own a home? YES → NO YES Do you live at your home? Don't waste your money. Are you contractually obligated by your mortgage lender to own home insurance? NO Do you rent out your home? NO YES NO + YES YOU SHOULD OWN HOME INSURANCE-breaking contract with your lender is a bad decision. Stay on your lender's good side or pay the penalty. YOU NEED HOME RENTERS INSURANCE. It covers the building(s) on your property, but I don't have a mortgage; I own the house outright. not the contents within. This costs less than basic home insurance. Do you value the property and contents of your home? Then YOU NEED TO OWN INSURANCE for something you don't care about losing. NO YES Do you really not care about what is likely your most valuable asset? OK, I guess I do. NO It's wise to own home insurance in case your building is damaged or your property is stolen. Without insurance, you must pay out of your own pocket for all such items. FLOOD It covers your home and its contents from damages caused by floods. Is your home in a high-risk area? Did you obtain your mortgage through a federally regulated or insured lender? - YES NO YES NO YOU ARE REQUIRED TO You are not required to own flood insurance but are still financially responsible for any damages that occur to your home or the property inside. PURCHASE FLOOD INSURANCE. To put it in perspective, around 20 percent of all claims in the U.S. come from low to moderate-risk policyholders. In fact, around 80 While you are not required to own flood insurance, it is wise to protect your home from floods in the 20%. percent of all flood insurance claims in the U.S. are filed by high-risk policyholders. 80% future. BODY PARTS Some things valuable to you or your lifestyle should be insured. LEGS Is your name Heidi Klum or Beyoncé? NO YES Do your legs help you make a living? Secure the largest policy you can. NO YES Why waste your money? You're probably a model or an athlete and make a decent living because of your legs. You might consider insuring your money makers. FINGERS Are you a piano player by trade? I took piano lessons for two years when I was 6 but all I remember is how to play "Hot Cross Buns." Yes, Liberace has nothing on me Take out a policy and protect those priceless digits. Are you a hand model? I wouldn't worry about it. Take out a policy and protect those perfect cuticles. I wouldn't worry about it. YES NO HEALTH This covers your necessary medical expenses. Would you consider yourself young and healthy? NO → YES Do you have recurring health issues? No matter how young and healthy you are, it is wise to have medical insurance. Consider a cheaper plan that includes coverage for larger catastrophes. NO YES Does your employer provide medical insurance? YES NO Health insurance is costly, but if you can afford it you should pay for it. If you cannot afford it, look into state-sponsored medical care. Take advantage of this and get a policy that is affordable, but will protect you in the case of illness or a medical emergency. LIFE This provides financial help for your family in the case of your death. Do you have family you would wish to receive compensation in the case of your death? Do you want to be able to cash out your policy one day, or are you only interested in providing your family with financial help in the case of your death? NO YES > I wouldn't worry about it. I want to be able to cash in on my policy even if I live past the expiration date. I only care about my family being secure if I die. You have two options: Whole Life and Universal Life. You want either Term-Life insurance or Accidental Death insurance. WHOLE LIFE: The premiums cost more than Term Life, but if you live past the expiration date you will be able to take out a tax-free loan from the TERM LIFE: It is the most basic life insurance and has the cheapest premiums, but it will expire if you live past a specified age. cash you have accrued. ACCIDENTAL DEATH: Typically used as a fringe benefit on other life insurance policies, this provides additional compensation if you die unexpectedly from a catastrophic accident. UNIVERSAL LIFE: These policies are a bit more flexible than Whole Life insurance, allowing premium holders to adjust their premium amount. This is typically an attractive way to build a retirement fund as the value of the policy remains untaxed if paid out after death. mint.com SOURCES: REALESTATE.MSN.COM | ZILLOW.COM | FLOODSMART.GOV | FINWEB.COM Few things are certain in life, but plenty are unpredictable. That's why owning insurance for your most important assets (including your life) is advantageous. But what and how much do you need? Use our flowchart to find out. SHOULD I BUY INSURANCE? AUTO This offers protection in case of an accident, theft, or damage. Do you drive? YOU MUST OWN AUTOMOBILE INSURANCE-It's illegal to drive without it. YES → NO Don't waste your money. HOME (AKA: HAZARD INSURANCE. HOME OWNERS INSURANCE) This generally protects the dwelling on your property from the effects of fire, wind damage, and vandalism, as well as the contents within your property. Also included is liability insurance, which protects you legally in case someone injures themselves on your property and sues you. Flood and earthquake insurance are additional. Do you own a home? YES → NO YES Do you live at your home? Don't waste your money. Are you contractually obligated by your mortgage lender to own home insurance? NO Do you rent out your home? NO YES NO + YES YOU SHOULD OWN HOME INSURANCE-breaking contract with your lender is a bad decision. Stay on your lender's good side or pay the penalty. YOU NEED HOME RENTERS INSURANCE. It covers the building(s) on your property, but I don't have a mortgage; I own the house outright. not the contents within. This costs less than basic home insurance. Do you value the property and contents of your home? Then YOU NEED TO OWN INSURANCE for something you don't care about losing. NO YES Do you really not care about what is likely your most valuable asset? OK, I guess I do. NO It's wise to own home insurance in case your building is damaged or your property is stolen. Without insurance, you must pay out of your own pocket for all such items. FLOOD It covers your home and its contents from damages caused by floods. Is your home in a high-risk area? Did you obtain your mortgage through a federally regulated or insured lender? - YES NO YES NO YOU ARE REQUIRED TO You are not required to own flood insurance but are still financially responsible for any damages that occur to your home or the property inside. PURCHASE FLOOD INSURANCE. To put it in perspective, around 20 percent of all claims in the U.S. come from low to moderate-risk policyholders. In fact, around 80 While you are not required to own flood insurance, it is wise to protect your home from floods in the 20%. percent of all flood insurance claims in the U.S. are filed by high-risk policyholders. 80% future. BODY PARTS Some things valuable to you or your lifestyle should be insured. LEGS Is your name Heidi Klum or Beyoncé? NO YES Do your legs help you make a living? Secure the largest policy you can. NO YES Why waste your money? You're probably a model or an athlete and make a decent living because of your legs. You might consider insuring your money makers. FINGERS Are you a piano player by trade? I took piano lessons for two years when I was 6 but all I remember is how to play "Hot Cross Buns." Yes, Liberace has nothing on me Take out a policy and protect those priceless digits. Are you a hand model? I wouldn't worry about it. Take out a policy and protect those perfect cuticles. I wouldn't worry about it. YES NO HEALTH This covers your necessary medical expenses. Would you consider yourself young and healthy? NO → YES Do you have recurring health issues? No matter how young and healthy you are, it is wise to have medical insurance. Consider a cheaper plan that includes coverage for larger catastrophes. NO YES Does your employer provide medical insurance? YES NO Health insurance is costly, but if you can afford it you should pay for it. If you cannot afford it, look into state-sponsored medical care. Take advantage of this and get a policy that is affordable, but will protect you in the case of illness or a medical emergency. LIFE This provides financial help for your family in the case of your death. Do you have family you would wish to receive compensation in the case of your death? Do you want to be able to cash out your policy one day, or are you only interested in providing your family with financial help in the case of your death? NO YES > I wouldn't worry about it. I want to be able to cash in on my policy even if I live past the expiration date. I only care about my family being secure if I die. You have two options: Whole Life and Universal Life. You want either Term-Life insurance or Accidental Death insurance. WHOLE LIFE: The premiums cost more than Term Life, but if you live past the expiration date you will be able to take out a tax-free loan from the TERM LIFE: It is the most basic life insurance and has the cheapest premiums, but it will expire if you live past a specified age. cash you have accrued. ACCIDENTAL DEATH: Typically used as a fringe benefit on other life insurance policies, this provides additional compensation if you die unexpectedly from a catastrophic accident. UNIVERSAL LIFE: These policies are a bit more flexible than Whole Life insurance, allowing premium holders to adjust their premium amount. This is typically an attractive way to build a retirement fund as the value of the policy remains untaxed if paid out after death. mint.com SOURCES: REALESTATE.MSN.COM | ZILLOW.COM | FLOODSMART.GOV | FINWEB.COM Few things are certain in life, but plenty are unpredictable. That's why owning insurance for your most important assets (including your life) is advantageous. But what and how much do you need? Use our flowchart to find out. SHOULD I BUY INSURANCE? AUTO This offers protection in case of an accident, theft, or damage. Do you drive? YOU MUST OWN AUTOMOBILE INSURANCE-It's illegal to drive without it. YES → NO Don't waste your money. HOME (AKA: HAZARD INSURANCE. HOME OWNERS INSURANCE) This generally protects the dwelling on your property from the effects of fire, wind damage, and vandalism, as well as the contents within your property. Also included is liability insurance, which protects you legally in case someone injures themselves on your property and sues you. Flood and earthquake insurance are additional. Do you own a home? YES → NO YES Do you live at your home? Don't waste your money. Are you contractually obligated by your mortgage lender to own home insurance? NO Do you rent out your home? NO YES NO + YES YOU SHOULD OWN HOME INSURANCE-breaking contract with your lender is a bad decision. Stay on your lender's good side or pay the penalty. YOU NEED HOME RENTERS INSURANCE. It covers the building(s) on your property, but I don't have a mortgage; I own the house outright. not the contents within. This costs less than basic home insurance. Do you value the property and contents of your home? Then YOU NEED TO OWN INSURANCE for something you don't care about losing. NO YES Do you really not care about what is likely your most valuable asset? OK, I guess I do. NO It's wise to own home insurance in case your building is damaged or your property is stolen. Without insurance, you must pay out of your own pocket for all such items. FLOOD It covers your home and its contents from damages caused by floods. Is your home in a high-risk area? Did you obtain your mortgage through a federally regulated or insured lender? - YES NO YES NO YOU ARE REQUIRED TO You are not required to own flood insurance but are still financially responsible for any damages that occur to your home or the property inside. PURCHASE FLOOD INSURANCE. To put it in perspective, around 20 percent of all claims in the U.S. come from low to moderate-risk policyholders. In fact, around 80 While you are not required to own flood insurance, it is wise to protect your home from floods in the 20%. percent of all flood insurance claims in the U.S. are filed by high-risk policyholders. 80% future. BODY PARTS Some things valuable to you or your lifestyle should be insured. LEGS Is your name Heidi Klum or Beyoncé? NO YES Do your legs help you make a living? Secure the largest policy you can. NO YES Why waste your money? You're probably a model or an athlete and make a decent living because of your legs. You might consider insuring your money makers. FINGERS Are you a piano player by trade? I took piano lessons for two years when I was 6 but all I remember is how to play "Hot Cross Buns." Yes, Liberace has nothing on me Take out a policy and protect those priceless digits. Are you a hand model? I wouldn't worry about it. Take out a policy and protect those perfect cuticles. I wouldn't worry about it. YES NO HEALTH This covers your necessary medical expenses. Would you consider yourself young and healthy? NO → YES Do you have recurring health issues? No matter how young and healthy you are, it is wise to have medical insurance. Consider a cheaper plan that includes coverage for larger catastrophes. NO YES Does your employer provide medical insurance? YES NO Health insurance is costly, but if you can afford it you should pay for it. If you cannot afford it, look into state-sponsored medical care. Take advantage of this and get a policy that is affordable, but will protect you in the case of illness or a medical emergency. LIFE This provides financial help for your family in the case of your death. Do you have family you would wish to receive compensation in the case of your death? Do you want to be able to cash out your policy one day, or are you only interested in providing your family with financial help in the case of your death? NO YES > I wouldn't worry about it. I want to be able to cash in on my policy even if I live past the expiration date. I only care about my family being secure if I die. You have two options: Whole Life and Universal Life. You want either Term-Life insurance or Accidental Death insurance. WHOLE LIFE: The premiums cost more than Term Life, but if you live past the expiration date you will be able to take out a tax-free loan from the TERM LIFE: It is the most basic life insurance and has the cheapest premiums, but it will expire if you live past a specified age. cash you have accrued. ACCIDENTAL DEATH: Typically used as a fringe benefit on other life insurance policies, this provides additional compensation if you die unexpectedly from a catastrophic accident. UNIVERSAL LIFE: These policies are a bit more flexible than Whole Life insurance, allowing premium holders to adjust their premium amount. This is typically an attractive way to build a retirement fund as the value of the policy remains untaxed if paid out after death. mint.com SOURCES: REALESTATE.MSN.COM | ZILLOW.COM | FLOODSMART.GOV | FINWEB.COM