Why insurance exists
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About this module
Insurance is the financial tool that prevents a single bad event from destroying years of savings. But most people are either over-insured in the wrong areas or dangerously under-insured where it matters. This module helps you figure out exactly what you need.
Key takeaways
- Insurance protects against catastrophic losses - insure what you cannot afford to replace, not what you can.
- Understanding deductibles, premiums, copays, and out-of-pocket maximums prevents costly surprises.
- Renters insurance costs roughly $15/month and covers thousands in personal property and liability.
- Term life insurance is almost always better value than whole life or universal life policies.