Insurance Coverage Checker

Insurance is the foundation nobody enjoys Insurance transfers the risk of a financial catastrophe from you to an insurer, so one bad event doesn't wipe out everything you've built. The right coverage protects your income, assets, and family; the wrong coverage leaves dangerous gaps or wastes money. What you need depends on your **life stage** — exactly what this checker maps.

Health: the universal must-have A serious illness can bankrupt almost anyone, so everyone needs health coverage. Learn the terms: **premium** (monthly cost), **deductible** (what you pay before the insurer chips in), **copay** (a flat fee per service), **coinsurance** (your % share after the deductible), and the **out-of-pocket maximum** — the most you'll pay in a year and your true backstop.

Life: critical only when others depend on you If your death would leave dependents in hardship, you need coverage — a common guideline is **10–12× your annual income**, adjusted for debts. The big debate is **term vs whole life**: term covers a set period (20–30 years) cheaply and fits the years others rely on you — right for most people. Whole life lasts forever and has a savings component but costs far more; most families do better buying term and investing the difference. No dependents? You may need little or none.

Disability: the most overlooked Your ability to earn is likely your most valuable asset, and **about 1 in 4 of today's 20-year-olds will become disabled** before retirement. Disability insurance replaces a chunk of your income if illness or injury stops you working. Many employers offer it; supplement it if your family depends on your paycheck.

Property: protect what you own **Renters insurance** is remarkably cheap (often **~$15/month**) and covers your belongings plus liability — your landlord's policy only covers the building. **Homeowners** insurance is usually required by your mortgage. **Auto** insurance is legally required in most states; carry solid liability limits.

Umbrella: for when you have assets Once you've built assets, an **umbrella policy** adds liability coverage (**$1M+**) on top of auto and home — inexpensive for the protection. The overarching rule: **insure what you can't afford to lose**, skip what you could replace yourself, and revisit coverage after big life changes.