Yes! In fact, most companies will give you a free insurance quote—so you should never have to pay for one.

The short answer is, it depends. Your home’s value and location determine the amount, type and price of coverage you need. High-value or high-risk homes usually cost more to insure.

We usually recommend at least $500,000 in liability. (That may sound like a lot, but medical bills, car repairs and lawsuits can easily cost hundreds of thousands of dollars after an accident.) For comprehensive and collision insurance, carry enough coverage to buy a vehicle of similar value if yours gets totaled.

If you die without a valid will, that’s called dying intestate. At that point your state’s laws control who inherits your property. State intestacy laws generally give property to the people most closely related to you—even if that’s not who you would have picked. And those same laws will decide who gets custody of your kids if you have them. Those decisions are too important to leave up to strangers.

The policy length, payout and cost are different.

Policy length: Term life insurance lasts for a set number of years (we recommend 15- or 20-year terms). Whole life insurance lasts for your whole life.

Payout: Term life insurance has a set payout, so the amount listed on your policy is how much your family will get.

But whole life insurance is a cash value policy. That means the insurance company invests part of your premium. (Don’t get too excited—those investments don’t grow much.) You only get the cash value if you live to the company’s maturity age (usually 120 years old). If you die sooner, your family gets a predetermined payout, and the insurance company keeps the cash value. (If it sounds like a rip-off, that’s because it is.)  

Cost: Term life insurance costs 10 to 15 times less than whole life insurance . . . but you get more coverage. 

You'll pick and sign up for a health plan during open enrollment. You'll also sign up any family members who will be on your plan. Then, you'll pay a monthly premium to keep your policy active.

When you get health care services, you or your doctor's office will file a claim with the insurance company. The claim lets your insurer know how much you owe for the services, and they'll negotiate with your doctor's office to lower the costs. Depending on your plan, you’ll pay most or all costs until you hit your deductible. After that, your coinsurance kicks in—aka when the insurance company starts helping with the bill.

If you join a spouse or parent's health plan, ask them for a copy of the policy so you know exactly what’s covered.

Take your time and compare multiple plans. Your health insurance affects your family, finances and quality of life. That’s a big deal! You need a plan that covers the care you’re most likely to need and fits your budget.

That’s why we recommend working with Health Trust Financial, a network of independent insurance agents who know the industry, and since they’re local, they know the laws in your state too. They’ll compare quotes and help you understand your options—all at no extra cost to you. Want a RamseyTrusted, vetted agent who’s guaranteed to put you first? Check out Health Trust!

RamseyTrusted is a free service that connects you with national and local providers who help you work the Baby Steps and win with money. These are the people Dave and the whole Ramsey team trust to serve you well.

Long-term care insurance covers a lot of in-home care costs—including medical care and equipment, task assistance, and home modifications. So if it’s your goal to stay at home, long-term care insurance is a must. It also covers services outside your home like nursing homes, assisted living facilities and adult day care.

(Spoiler alert: Medicare won’t cover many of those costs.)

A good plan includes recovery services, Social Security number monitoring, data breach updates, 24/7 customer service, dark web monitoring for personal information, insurance to recover stolen funds, and family plan options.