Insurance plans can cover a range of services, including medical, dental, vision, prescription drugs and maternity. These policies most often provide coverage for Doctor’s visits, prescriptions, medical testing, specialized care, and surgical procedures.

There are many calculators available for determining life insurance need. What you need to do is think about what it would be like financially if you or your spouse died and there was no insurance. Think about what you would like things to be like financially, and calculate how much insurance is necessary to fill the gap. Another approach is to pick specific insurance amounts and then apply those amounts to your situation. For instance, if you had $500,000 of insurance and you died tomorrow, what would your spouse do with the money and what would their financial life be like?

• Cash Value Life Insurance: Whole Life, Universal Life and Variable Life policies provide coverage for your entire life and build cash value.

• Term Life Insurance: Term insurance pays a death benefit if death occurs during the policy term. However, it does not include a cash value that can be used in the future.

• Business Owners Policy: Combining both liability and property insurance, this policy will cover your business in the event of such things as property damage, suspended operations, or lawsuits resulting from bodily injury or property damage to others.

• Automobile: A commercial automobile policy provides coverage for legal liability for others’ bodily injury or property damage arising out of the use of your business automobiles. Physical damage coverage protects your vehicles in case of accident or damage caused by fire, hail, and other risks. You can designate coverage for owned vehicles as well as leased, hired and/or borrowed vehicles.

• Worker’s Compensation: Workers compensation insurance provides benefits to employees for work-related injuries. Coverage includes medical care and a portion of lost wages when the employee is unable to work. This insurance also provides benefits for the employee’s dependents if the employee dies during work-related duty.

• Dwelling coverage: Pays to repair or rebuild your home – including electrical wiring, plumbing, and heating and air conditioning – if damaged by a covered cause of loss.

• Other structures coverage: Pays for damages to detached structures like garages, sheds, fences and cottages on your property.

• Personal property coverage: Reimburses you for the personal items in your home that may be damaged or destroyed by a covered cause of loss, which could include your furniture, clothes, sporting goods and electronics.

• Loss of use coverage: Pays your additional housing and living expenses if you must move out of your home temporarily while it’s being restored.

• Liability insurance: Helps protect your assets and cover your defense costs in the event of a lawsuit because you or your family members are responsible for causing injuries or damage to other people or their property.

Unlike auto insurance, there is no state law requiring home owners insurance. If you have a mortgage your lender will require that you are able to repair or replace your home should there be a disaster.

Illinois Mandatory Insurance Law requires the following coverages:

• Bodily Injury Liability: This coverage applies to injuries that you cause to someone else. State law requires that you carry at least $25,000 per person/$50,000 per accident. Your coverage should be enough to cover your assets in case of a loss and subsequent lawsuit.

• Property Damage Liability: This coverage pays for damage you may cause to someone’s property. State law requires that you carry at least $15,000 for property damage. The average cost of a new car in 2011 was $29,602, according to TrueCar.com, which demonstrates the necessity of having sufficient property damage coverage.

• Uninsured and Underinsured Motorist Coverage: This coverage pays to protect you, a member of your family, or a designated driver if one of you is hit by an uninsured or underinsured driver and it causes bodily injury. This coverage will also protect you if you are hit as a pedestrian.State law requires that you carry at least $25,000 per person/$50,000 per accident. Remember this protects you if someone does ot have enough insurance of they have no insurance. We recommend at least the same coverage as you carry on your liability.

Car Insurance Policies need to be tailored to fit your needs and your budget. To create an auto insurance policy that is right for you, think about what you would like covered, what you can afford to pay for that coverage and how much you can afford to pay out of pocket if an accident occurs.

• Deductibles: Your car insurance deductible is the amount you’ll pay out of pocket before your insurance kicks in. The lower the deductible, the less you’ll pay out of pocket if an accident occurs. Selecting a higher deductible may lower your auto insurance premium. For example, if you choose a $1,000 deductible and have an accident causing $2,000 in damage, you would pay the first $1,000 of a covered loss before insurance kicks in.

• Limits of liability: Your car insurance limit of liability is the most your insurance will pay if you have a claim. Choosing a higher coverage amount provides you additional protection if an accident occurs.