Daily Juice – Why do you need insurance?
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face.
We are all familiar with outsourcing risk that we can’t pay for to insurance companies: home, auto, life, disability, health, etc.
One important reason to buy insurance: Replace income for dependents. Life insurance can pay for your funeral/burial, probate and other estate administration costs, and debts and medical expenses not covered by health insurance.
Many of us don’t full think about the downside of not having proper insurance coverage. We look at it from the standpoint of cost, so we shy away buying the coverage.
The question you need to ask yourself is this: Can I afford not have this coverage?
Until next time, remember: It’s your money, and your future wealth, just one sip at a time.