Suze Orman’s Insurance Action Plan

Posted on July 6, 2008. Filed under: -- Book Summaries, -- Building Wealth, -- For The Investor In YOU, -- Insurance Help For YOU, -- Top 10... | Tags: , , , , |


I’ve gotten good response emails from a few readers that liked my Suze Orman post. They too say they cant handle her show, but appreciate her knowledge and advice. 

Since I’m one that just loves deals and knowledge, I wanted to share with you what I found when investigating ways to be a better insurance consumer. I got this tidbit from Suze Orman’s book “Women & Money: Owning The Power To Control Your Destiny.” Although the title implies that the book is for women, the advice is for all. This is verbatem from her book. I’m not an insurance whiz by any means, but I do find the information valuable to readers so I still wanted to type it up and post it anyway. 


-Get life insurance to protect anyone who is dependent on your income.

-Buy term insurance. Do not buy any other type of insurance.

-Opt for a guaranteed renewable policy. 

– For maximum protection, aim for a death benefit that is equal to twenty times the annual income your dependents need to cover their living costs.

– Make your revocable living trust the beneficiary of your life insurance policy.


-Make sure your dwelling limit coverage is updated to reflect the current cost of rebuilding your home if it were destroyed.

-Check that your dwelling limit coverage is either guaranteed replacement cost or extended replacement cost. 

-Make sure your possessions are insured for replacement value; if you just have actual cash value coverage, you need to upgrade your policy.

-Confirm that your policy has an automatic inflation adjustment.

-Find out your coverage for additional living expenses. Ideally, you want a policy that will pay your living costs indefinitely while you rebuild/repair your home. 

-Get a separate personal umbrella policy if you’re assets are valued at more than $500,000.


-Make sure you have your own personal renter’s policy. If the value of your personal assets exceeds the liability coverage in your policy, buy an additional personal umbrella policy.


-Get your own personal condo owner’s policy. If the value of your personal assets exceeds the liability coverage in your policy, buy an additional personal umbrella policy.

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