Insurance Bucket What:
The second bucket is insurance. During a person’s life, depending on their family situation, they could use a variety of different insurance products. In many cases, insurance is used as
protection for a sudden unexpected event that happens to many of us. However, in some cases they are also a retirement asset or an estate-planning tool.
Types of Insurance Coverage:
There are a variety of insurance options available to you that provide coverage for your most important assets.
This will include property insurance, auto (or other vehicle) insurance, health insurance, life insurance, and depending on your net worth and the assets that you own, umbrella and indemnity insurance.
It is interesting when you realize that in most situations, the amount and type of coverage for medical and indem-
nity insurance doesn’t change all that much. To protect your family, medical insurance is essential. To protect your assets, insurance from an auto accident, a fire, a storm, or an earthquake is essential. The amounts of coverage, the amounts of deductibles, and your policy exclusions are all personal preferences that seem to vary with your level of net worth. The higher your net worth, the higher your coverage limits.
While we cannot cover all of the insurance products that are available to you, we will cover the most common.
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