03 October 2017

Personal Insurance ? Why Do You Need It

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Personal Insurance ? Why Do You Need It

Failing to have insurance to protect you your financial empire may be devastated in a heartbeat. Conversely if you pay too much for insurance you risk reducing the returns on your investments. You need and want to have insurance but you do not want to pay more than necessary or have insurance you do not need.

If you think you don?t need insurance ( Forsikring ), think again. If you own things that are hard to replace without a severe financial hardship you need insurance. Start to think of insurance as a way to avoid hardships and not a convenience or hitting the jackpot.

Don?t think of insurance like you are playing the lottery. Insurance is a check you don?t want to receive if you don?t have to. If you do get a check from an insurance company it will be due to something of yours being stolen, damage to your car or home or you have become disables or died.

Don?t feel that insurance is a rip-off; insurance is a valuable and necessary financial service. Be sure to pay your monthly premiums and don?t lose your insurance by not making the payments. Insurance payments should rank just below housing and food expenses and ahead of investing.

Look as what types of insurance you need and how much coverage. Look to purchase the coverage at the lowest cost. If you have $150,000 in property you do not need to purchase a million dollar policy.

If you rent property you need to know who is responsible for the building and property insurance. You also want to have content insurance to protect your possessions.

There is insurance you can purchase to help you accumulate a cash value to use towards education, retirement, or any other expense and that is called Permanent Life Insurance. Variable life will pay your beneficiaries upon your premature death. Universal life may be used to defer taxes and provides a death benefit. Whole life is for individuals who want lifetime insurance and a tax-deferred cash value.

You can purchase Self-insurance that will protect you against any unknown risk.
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