Life insurance can mean the difference between leaving your family with enough money to continue living in the same home, driving the same cars, living in the style and at the level to which they’ve become accustomed, or having to to fight for survival due to your sudden death.
There have been many horror stories about sudden and unexpected deaths carrying with them unplanned financial distress, all because of inadequate life insurance or none at all.
Many a widow and her children have been put out of the family mansion after dear old Dad dies without proper life insurance coverage, and assets are insufficient to maintain their customary life style. It doesn’t have to happen if proper estate and insurance planning is done and periodically reviewed and updated.
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The concept of property insurance originated in the days of the Babylonians around 1750 B.C. when merchants developed a system to protect themselves from financial loss if their shipments were lost or stolen.
The early property insurance system, recorded in the Code of Hammurabi, provided for merchants to pay a premium to their financial backers in return for a guarantee that their debts would be cancelled in case of unexpected loss of their cargo. Here’s that concept of “risk management” again — the merchants were paying a premium to transfer their risk of loss to their lenders.
Around 600 A.D., the Greeks and Romans developed their own versions of health and life insurance by forming groups that cared for the families and funeral expenses of members upon death.
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Insurance can be a mysterious and confusing subject, and many of us only take the time to learn the details of our policies when it’s too late — after we have an accident, illness, lawsuit or other peril of life — natural or man-made. That’s the wrong time to find out that your auto insurance, homeowners, life or business insurance policy does not cover what you thought it did.
If you had the foresight to buy insurance and you have the proper coverages, you’ll be happy you took the time to understand your policies, and update them as your needs change. Insurance minimizes the financial impact of a loss, and it usually can reduce a loss situation to a mere annoyance rather than allowing a lack of coverage to amplify your bad luck into an full-blown apocalypse. In short, the right type of policy literally can save the day!
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