i_overviewInsurance-Overview-1Insurance (ugh, just the mention conjures up boredom) is nevertheless an essential and necessary evil. That doesn’t mean, however, we can’t inject a little spice and variety in the subject (as you’ll see below).

Really, it all comes down to a necessity in life. Either you suffer a catastrophic loss and it wipes you out financially or you pay someone else to take the risk (sounds a little like pay me now or pay me later). OR, you could always self-insure. Whichever way you choose to go, be certain to pick your path carefully. The info below should help direct your steps.


What Is Insurance?

Insurance is a financial tool that provides economic protection against losses that may be caused by death, illness  accident, theft or natural disaster. In essence, by purchasing insurance you are accepting a small, predictable loss (the premium) in exchange for a potentially larger unpredictable loss (the peril). The concept behind insurance is simple – by spreading the risk and consequences of a peril over a large number of people, the costs will remain more manageable than if the individual encountered the hardship alone.

Unfortunately, insurance is neither inexpensive nor non-profit. In fact, since the first insurance company was formed in the U.S. in 1759 by the Presbyterian Church, insurance has grown into the biggest and richest industry in America and the world.

We’ll review tips and strategies in the next section.

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