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Family Insurance Planning

Beverly Riggs Howell (December, 2002)

Summary

An insurance program should be a part of every family´s total financial plan. Before you can evaluate various insurance programs, you must understand the reasons for buying insurance and how to determine the amount and kind of insurance you need. Insurance is one way of protecting yourself against the risk of unexpected financial losses. It does not remove the risk, but it can partially compensate for losses incurred. Through the payment of premiums, you transfer the cost of a major loss from you to an insurance company.