Beginning today, we will discuss the next component of personal finance. Insurance.
Insurance is an expenditure wherein you pay today to cover your future losses. The losses could be in the form of loss of life, hospital bills, accidents etc.
Types Of Insurance Relevant To Everyone
This one covers the cost of your funeral and provides for those who you leave behind. The protection from life insurance is for your dependents after your death.
This provides you protection from high healthcare bills when you fall sick. It covers to pay your medical, surgical, prescription drug expenses.
Usually general insurance falls in this category. There is auto insurance, home insurance, renters insurance, travel insurance, etc.
We will study each type of insurance in detail from tomorrow.
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