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insurance \In*sur"ance\, n. - system
for indemnifying or guaranteeing an individual against loss. Reimbursement is
made from a fund to which many individuals exposed to the same risk have
contributed specified amounts, known as premiums, so that payment for the loss
is divided among many, not falling heavily upon the actual loser. The essence of
the contract of insurance, called a policy, is mutuality.
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Life - Life insurance protects your
family against the risk of the premature death of you (or your
spouse). Life insurance planning should consider your family's
short term needs (for example, your funeral or medical expenses)
and long-term needs (for example, replacing your income).
Health -
Disability - Disability income
protection is designed to replace lost income if you cannot work
because of illness or injury. This type of protection should be
a fundamental element of your financial plan because, if you are
less than 60 years old, you have a greater statistical chance of
becoming disabled than of dying prematurely.
Long Term Care - Long-term care
insurance can protect you against the cost of long-term nursing
home care, home health care and other health or
disability-related services you may need. |
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