Protect Your Assets, Not Their Profits
Insurance is essential for financial stability, but paying for coverage you don't need is a waste of wealth. Agents work on commission. They are incentivized to oversell. Understand your risks, buy only what you need, and never treat insurance as an investment.
Key Insurance Terms
Premium
The amount you pay (monthly, semi-annually, or annually) to keep your policy active.
Deductible
The amount you must pay out-of-pocket before the insurance company pays a dime. Higher deductibles usually mean lower premiums.
Liability Coverage
Pays for damage or injuries you cause to *others*. It does not fix your car or heal your injuries. This is mandatory in most places.
Collision vs. Comprehensive
Collision pays if you hit something (another car, a tree). Comprehensive pays for things out of your control (theft, hail, deer). If your car is a beater, you might not need these.
Exclusion
Specific situations or conditions not covered by your policy. Always read the fine print to know what is excluded.
Umbrella Policy
Extra liability insurance that kicks in when your standard policy limits are reached. Vital for high-net-worth individuals to protect assets from lawsuits.