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You may need insurance for several areas of your life, and your needs may change over time.

Key Takeaways:

  • Insurance should be an important part of your financial safety net.
  • When you buy an insurance policy, you pay a premium to the insurer in exchange for a promise that it will help cover expenses or losses in certain situations. What the insurer pays depends on how much coverage you buy.
  • Insurance can provide protection for your loved ones, confidence in your financial stability and potential tax advantages.
  • You may need several types of insurance, including auto, property, health and life, depending on your situation.
  • Be sure to understand the terms of your insurance policies, including any deductibles, policy limits and premiums.

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