We understand it can be frustrating to pay so much in insurance premiums for your house, car, health and life, "just in case" something happens.

But we've seen it time and again — something does happen — and people with insurance are really glad they had it.

While you may know the basic types of insurance and what you're paying for, here are some tips and information you might not know that will help you maximize the value you get from your insurance policies. Remember: Insurance premiums can take a big bite out of a monthly budget, but not having enough of the right coverage can be even more costly!

Myth: If you're young and healthy, you don't need life insurance.

Reality: Actually, you do need life insurance. Every person should have enough life insurance to cover their funeral costs and their end-of-life medical bills, legal bills and other costs. In addition, if you have a family or own any property, you really need life insurance to financially help the people you leave behind.

Myth: My auto insurance will pay to replace my car.

Reality: Not necessarily! If your car is totaled in an accident, your insurance should cover the value of the car that was totaled — but it may not be enough to buy a similar car or it may not be enough to pay off the remaining payments on the car you were driving. When you buy a car — whether it's new or used — you should talk to CommonWealth One about gap insurance. This low-cost add on can help cover the "gap" between what your insurance company pays you and what you still owe on the car you were driving. In addition, if you disagree with what your insurance company offers you after an accident, check your policy for the right to dispute the value through arbitration. (As the saying goes, don't trust the people who owe you money to determine how much they owe you!)

Myth: My homeowners' insurance will cover anything that happens to my home.

Reality: Your homeowners' policy is one you really should read very carefully — not for what it covers, but for what is left out! Often, damage from certain natural disasters is not covered, such as earthquake coverage. More often than not, flood insurance is separate — and flood insurance may be separate from "water damage coverage." Think of all the worst-case scenarios for your home and ask your insurance agent what's covered and what you need to add on.

Myth: My renter's insurance will automatically cover all my belongings.

Reality: One thing you should take care of this year: Inventory your belongings. Make sure you have a solid list of everything you own and its replacement value. You'll want to particularly do this for expensive electronics and jewelry, which may be an additional (but worthwhile) cost. This will be your best defense when your insurance offers you less money than you need.

Myth: You really should pay for a separate identity theft insurance policy.

Reality: Identity theft insurance is often included by your credit card company or your homeowners' insurance. Call those companies or go to their website to see what's included in your agreement with them or offered for a small, additional charge. Identity theft insurance usually will not cover financial losses from this type of theft, but it may help cover any related legal bills and paperwork if your identity is stolen and used improperly.

Have questions about insurance? Through our trusted partner, TruStage™ Insurance, we have several options to protect your family's finances and your possessions. Low-priced coverage on these policies is available exclusively to members of CommonWealth One because we're here for you, for life.

And, join us for a free webinar, "Life Insurance 101," presented by Certified Financial Counselor Emmanuel Obe on Wednesday, March 6 at noon. He'll breakdown the basics of life insurance, address other common misconceptions and be available to answer any questions you may have.

Disclosure

TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Securities distributed by CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer, 2000 Heritage Way, Waverly, IA, 50677. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All guarantees are based on the claims paying ability of the underwriting company. Insurance products are issued by CMFG Life Insurance Company, MEMBERS Life Insurance Company, CUMIS Insurance Society Inc., CUMIS Specialty Insurance Society Inc., American Memorial Life Insurance Company, and Union Security Insurance Company