The only thing that is certain about the future is its uncertainty. To quote another adage, we need to hope for the best but plan for the worst. Surprisingly, many people do not listen to this and end up falling deep into debt because of a lack of insurance.
Insurance is a safety net against debt, but strangely a lot of people do not look at it that way. They see insurance as something that you get in case of accident, without really understanding the point of it. If you are in a car accident, especially if it is your fault, you could end up paying thousands in repairs and possibly hundreds of thousands in a lawsuit. If you are injured and can no longer work, medical bills alone will bankrupt you and result in you falling deeply into debt. If you die, your family may go into debt in an attempt to pay off the debts you incurred in your life and if you get sick, medical bills can mount and increase your overall debt load as well.
If you have $20,000 saved up to protect yourself from debt, then good on you for doing that. However, if you have $20,000 saved up and no insurance of any kind, then you are just inviting disaster to your carefully saved money. One of the most common quotes from people without insurance is “It will never happen to me” Well the truth is that it can happen to anyone, anytime.
Christopher Reeve was most famous for playing Superman. He was in peak athletic shape, the prime of his life and then one day while riding a horse he fell and broke his neck, causing him to be paralyzed from the neck down for the rest of his life. If it can happen to Superman, it can happen to you. Insurance can’t stop you from getting hurt, it can’t stop you from dying but it can stop you from falling into deep debt because of an accident.
If you are young, then life and disability insurance are very cheap because there is a much smaller risk of death or injury in those who are young versus those who are near retirement. As well, if you are young there is a good chance you will pay more for your auto insurance because you have less experience, but you will pay less as the years go by without incident on your record.
No matter the cost and no matter your age, you need to get insurance. You need medical insurance, disability insurance, life insurance and auto insurance. On top of that, you should look at home insurance because the loss of your home can put you into debt as well.
If you want to keep out of debt and eliminate that worry from your mind, then get insurance and let the insurance handle the debt when it springs up and shoulder the worry so you do not have to.
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