only form of insurance that actually pays you.
about that for a moment. The home insurance carrier
writes checks to the contractor or the furniture outlet.
The auto policy pays the body shop. Dental insurance
pays the dentist and health insurance pays the hospital.
Even your life insurance proceeds don't come to you,
During our life, we acquire things with our income and call them assets. We buy insurance on our stuff,
just in case someone steals it, or it burns up or blows away.
all of those things, all of our stuff...are direct by-products
of our income. However, most of us
couldn't live three months without it. If we ever lose our
ability to bring home a paycheck, by way of an illness
or injury ...we're going to lose our stuff
anyway, because we won't be able to keep up with the
payments, not to mention the premiums on the policies
we've bought to protect the stuff.
That has never made sense to me.
does everyone insure the golden eggs, and leave the
goose for last?
should be the first thing we insure, and if
we have to choose between making sure that the doctors
and hospitals get paid or whether our house payment
or grocery bill is covered, for most people that should
be a no-brainer. Yet how many people have health insurance
and don't have disability coverage? How have we gotten
trained into that thinking?
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a little statistic that has stayed with me over the
years. Of all the mortgage foreclosures in this country,
49% are caused by a disability. 3%
are caused by death, yet everyone has mortgage life
insurance. See what I mean about our priorities?