Insurance is shifting the risk to someone or something that is more likely to be able to handle the catastrophic event. People often insure their life through life insurance, their income through disability insurance, their business through business overhead insurance, etc.
Selecting the right insurance model is crucial for individuals looking to create a sound personal finance plan for years to come. Unfortunately, even capable people may be frustrated when trying to determine the best insurance coverage for their needs. Indeed, it can be difficult to simply tell the difference between basic forms of insurance. Today, we aim to clear up some of the confusion and explain in clear terms what the difference is between health, disability, and life insurance. Health Insurance Most people receive health insurance through their employer. In general, health insurance acts to cover costs associated with medical bills or [...]