Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (26945)	1/6/2003 12:56:58 PM
From: Ilaine	Read Replies (1) of 74559

Here in the US, if you have a mortgage, the lender requires you to have homeowner's insurance, and if you have a car, the state requires you to have liability insurance. An additional policy to cover catastrophic events (an "umbrella" policy) is so inexpensive that it's foolish not to have one -- maybe $100 a year if you have the other coverage. The purpose of life insurance is to take care of your dependents, e.g., my kids are the beneficiaries of mine, and I am the beneficiary of my husband's. Health insurance has turned out to be a good deal for us -- we pay less in annual premiums for the entire family than I receive in medical care and medications, just me alone. I didn't use to see the point in insurance, myself, until I started working in the law business. Losing your home and savings and all your possessions and winding up on the street, both you and your spouse, while your wages are garnished is not a pleasant experience. All the worse because you could have avoided it for a few hundred dollars a year.

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