I know what you are thinking. Isn’t there something more exciting we could discuss? Insurance is the most boring of all things in our money maze.
At first glance Insurance seems to be something that you just pour money into with no return on investment at all. That is right up until you need it!
What should I insure? You are all aware of vehicle insurance. It is the most common of all insurances. But how many of you have heard of or thought about Life insurance? Renters insurance? House insurance? Loss of Income insurance? If you can afford it you can also insure your arm like baseball players, legs like actresses or voice box like singers. Pretty well if you can think of it there is someone out there who will insure you if you have the money to afford it.
So why insure anything? You have worked hard for the things you have and heaven forbid you lose those possessions through disaster or theft. With adequate insurance you will be able to replace your lost possessions. The other purpose of insurance is to ensure you have coverage if someone attempts to sue you in case of accident.
What types of insurance should you have? Vehicle insurance is a must. So is either house insurance or rental insurance depending on whether or not you own your house. And life insurance. Credit card insurance, loan insurance and mortgage insurance are all much more expensive than life insurance and they are only payable upon death. With adequate life insurance you can avoid these costly insurance payments.
Regardless of which way you decide to go insurance wise it is necessary to protect yourself from potential future disasters or to protect your loved ones from covering your expenses in the case of your death.
I know! I know! No one likes to talk about disasters or death but it is better to be prepared than caught with your pants down!
Doing Life Right 