Insurance Coverage Is Part Of A Sound Financial Plan
People tend to think that insurance coverage premiums are a waste of money
. They don't see a tangible value for the dollars they spend. Unfortunately, the value is often only seen when a misfortune occurs. However, what value does one put on having peace of mind, knowing that protection is provided in an unforeseen event? Those who have worked hard to accumulate their wealth and possessions perceive insurance as a bargain to protect those assets.
Without the protection of insurance you assume 100 percent of the risk and cost should an incident occur. Insurance is a way to leverage the cost should something happen to your home, vehicle or yourself and family. In a blink of an eye, you can lose everything you have earned. The value of insurance lies in the peace of mind knowing you are protected should a mishap occur.
Any type of problem that would normally require insurance can be made worse by not having any. For instance if you were to get sick with mounting medical bills they could take your home if you are unable to pay them or take the inheritance away from your family. You could essentially lose everything. You could lose your home and any assets that you have accumulated. You can lose your life savings and even lose your vehicle. Just one incident without insurance can take you straight to bankruptcy. And yes, it is really can happen that quickly.
When you consider dropping insurance, you need to ask yourself these questions first. If your spouse were to die, could you live off of your income? If your house were to catch on fire or crumble to the ground, could you afford to rebuild it and replace its entire contents? If your car were to get totaled, could you purchase another or worse pay for all the medical bills? Could you afford to be sued because you were responsible for the accident?
Honestly, poor or rich insurance is something that protects everything that you have been working for your entire life and failing to purchase the insurance policies that can protect you from damages is just asking for trouble. Don't be tempted to through your insurance by the wayside assuming that this is an unnecessary expense because it is one that is key to your financial future. People work their entire lives to accumulate wealth and letting go of everything very simply because you don't realize the value of your insurance coverage is a shame.
by: Ethan Kalvin
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