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Protecting you from the Unexpected

Bad things happen to even the best of us. Insurance allows us to transfer the risk of major losses to a third party for a cost.

In planning your budget, you must consider the price of this protection. Since resources are limited, at times it is necessary to prioritize according to your needs and that of your family.

 

We rank them as follows:

   1) Health insurance –without your health you have nothing

   2) Disability and Life insurance

This one is difficult. If no one depends upon you financially, it is disability insurance. If someone does, it is life insurance—but you need both.

   3) Property & Casualty

   4) Basic estate plan: Living wills, Health Care and Financial Powers of Attorney and Wills

   5) Long Term Care

To the extent you can, shop around for value.

  • Insure for the catastrophic--high liability protection creates more value than low deductibles.   
  • Self-insure via higher deductibles for the risk you can afford to retain—which is largely determined by the size of your Emergency Fund.

Remember to include the price of these insurance premiums in your monthly budget.

 

<NEXT:  Eliminating Debt>  If you are debt-free other than your mortgage, skip ahead to Funding Your Goals.


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