Insurance — Don't Self-Insure Against Catastrophe
Insurance transfers financial risk to an insurance company in exchange for premiums. Buy insurance for losses you cannot afford to absorb yourself.
Essential insurance types:
Health insurance — #1 cause of bankruptcy; even young healthy people need it
Auto insurance — legally required; liability is most important component
Renters/Homeowners insurance — protects possessions; homeowners required by lenders
Term life insurance — if others depend on your income; buy if you have dependents
Disability insurance — most underinsured risk; 1 in 4 Americans will be disabled before retirement
Life insurance: Term vs. Whole
Term life — pure insurance for a fixed period (10–30 years); inexpensive; recommended by most financial experts
Whole/Permanent life — combines insurance with investment; high fees; usually not recommended for most people
The deductible tradeoff: Higher deductible = lower premium. If you have a strong emergency fund, take the highest deductible you can afford. You self-insure the small stuff, insure against catastrophe.
Reference:
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