By Lesley Scorgie
Do you have the right insurance? Though it’s not pleasant to think about illness, disease, death, disability, floods, fires, accidents, and other awful events, catastrophes can happen and you need to be equipped with the right insurance to get you through.
Most people are familiar with general insurance which is home and auto insurance. But many are unfamiliar with life and disability insurance. Generally speaking, you should have life insurance when you turn twenty-one years old, are married or living common-law, have dependants or children, or have acquired assets such as an RRSP or a home or liabilities such as debts.
The first rule of insurance is to insure for the major things and people in your life such as your house, vehicle, future earnings, and life in the event that you die. So, for example, if you’re the breadwinner of a single-income family with children, and the survival of your family depends on your future earnings, you’ll want coverage on your life and potential disabilities as both death and disability would prevent you from earning money to support your family.
Find out the rest of the rules by clicking below to listen to our Rich By Thirty Podcast (or subscribe via iTunes).
Check with your employer or other associations you are affiliated with to see if you qualify for a discount for any home, auto, life, disability, or travel insurance. Check out some of the following websites for insurance products, information, and quotes:
Category: Rich by Thirty
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