Step 57: Life Insurance

Step 57 of the 100 Steps Mission to Financial Independence: Life Insurance
Step 57: Life Insurance

An insurance is essentially a financial protection against the risks of a possible loss that you contract with an insurance company. You might never need some of these (hopefully you won’t in most cases!) but without an insurance you or others around you might not be able to deal with the financial consequences when confronted with certain situations.

Choosing which types of insurance you need, which ones you don’t and making sure that the ones you have are still up-to-date and applicable to your current situation can be a bit of challenge, so in the next few steps we’ll go through the most common types of insurance you might need.We’ll be starting this mini-series with life insurance.

Why Life Insurance

A life insurance covers anybody who might financially rely on you for the financial consequences if you were to pass away. In essence you are not insuring yourself here, but other people around you who would suffer financially if you died. There are different situations in which people might depend on you financially: Continue reading “Step 57: Life Insurance”