People who are cutting back on their monthly bills may be thinking about reducing things further by cutting back on their insurance. Here’s a quick look at which insurance you should keep and what it’s okay to ditch for now.

You should keep:

• Health insurance. Your health always matters more than your bills!
• Car insurance. Keep at least the minimum insurance on your auto because that’s the law.
• Business insurance. If you own your own business then you need this insurance.
• Insurance for your home. Protect the space where you live.
• Specialty insurance. Medical professionals often have physician disability insurance or dentist disability insurance. This type of special insurance should be kept.

You Can Probably Get Rid Of

• Pet insurance. You probably don’t need this unless your pet is very sick or your building requires this insurance.
• Travel insurance. The majority of people who travel don’t need to get this extra insurance.
• Cell phone insurance. Be smart and careful with your cell phone and it probably won’t need replacing. Why pay extra to protect it?
• Life insurance. This one is debatable and depends on your situation and age. Think about it carefully.

Definitely keep the insurance that serves to truly protect you. Look carefully at the rest of your insurance before cutting back on it.

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