Don't ever assume you're covered under an employer plan. Take the time to read your employee benefits book. Determine if there is a waiting period before your benefits begin. If you leave your job, will you be able to pay for company-provided insurance coverage once you're gone?

Also take the time to understand how any privately owned insurance works.

The best way to make sure you have enough protection is to consult with your financial professional, who can provide these services:

• Assess what coverage you have
• Determine what you really need
• Advise you how to make up the difference

To make sure that you're not paying too much, you have to know the following:

• Understand what type of insurance you own and how it works
• Understand what it does and doesn't do
• Determine whether the payoff in the short- and long-run is worth the cost today

Here's the rule: Insurance is something you buy when you don't need it so you'll have it when you can't get it. You can't get it if you're uninsurable or a tragedy strikes. It has no value to you after the fact.

If you're underinsured, you're putting yourself and your loved ones at high risk for financial loss.