Personal Insurance. Back to Basics

Category: Money

It’s very important to understand how insurance works. It will make a big difference in the price you pay. Think carefully of your choice of insurance because it’s going to protect your lifestyle, assets, and personal property.

Remember, insurance Is about financial security. When you know that you can’t afford to pay for a loss yourself, insurance is a way for you to protect your assets. All you need to do is pay a small amount of money every month.

Personal insurance is a type of insurance you purchase to protect yourself from any risks that create financial losses (e.g. accidents, illnesses, death, damage of your property).

When you buy insurance, you pay an agreed-upon amount (a.k.a. the premium) to the insurance company in exchange for protection from specific risks. In exchange for the premium, the insurance company agrees to compensate you for your potential losses.

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