Insurance: The Safety Net

What sad news this week with passing of legend Kobe Bryant. Then we hear about all the deaths from the new coronavirus. If you haven’t already, take time to cherish your loved ones. Life is precious.

Events like this make us stop and think: What would happen if something devastating occurred to you or one of your family members? How do you keep up with living expenses? Would you be able to keep your home? Your car? These are all valid concerns, but they don’t have to be concerns at all — with the help of insurance.

You work so hard to build all this wealth, but what’s your safety net to protect it? Especially if you’re still dependent on a paycheck (or Mom’s & Dad’s paychecks), what would you have to give up if you lost that income? Luckily, insurance allows us to buy a safety net for everything we depend on or value, at a fraction of the cost.

There are many types of insurance, but they fall in three main categories, followed by some examples:

  • Family – Life, Travel, Pet
  • Self – Medical, Dental, Vision, Disability Income, Long-Term Care
  • Assets – Homeowners/Renters, Auto/Car, Umbrella

We’ll eventually take a deeper dive into the different examples, but the point is to consider what you need to protect, and make sure you have insurance to cover it. Best case scenario, you never have to use it. But you’ll have peace of mind, knowing that you are taking care of what you love and who you love.

Homework: Take some time to list everything that is important to you, and don’t forget your family members! Do you or does your family have insurance to cover all of the things you value? How does your family protect itself in the event of losing a source of income?

If you like this lesson and want to see more, please consider a donation on GoFundMe.

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