You’ve worked very hard to realize your goals and accumulate assets. Now you need to protect them. A well diversified portfolio with an asset allocation mix to meet your goals is your best defense in the stock market.
And as part of your financial plan you will need to be sure you are adequately insured and have an estate plan as well so you can protect those you love as well as your assets.
Insurance allows you to protect your home, car, health, ability to work and even your life. Insurance provides protection against a major loss that you couldn’t cover with your emergency fund. So you pay a premium, the price of the insurance, to protect yourself and those you love.
The insurance company pools all of the policyholders’ money and takes out expenses and salaries but must leave a reserve in its kitty so when something does happen there is money to cover the claims. Since Katrina, we are all more aware of insurance companies delaying or not paying out claims. Check your insurance company’s rating "
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