Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.
Life insurance
Life insurance is defined as a legally binding contract between a policyholder and an insurer in which the insurance company provides financial protection to the policyholder and pays a death benefit to the nominee when the insured dies.
Health insurance
Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.
Business insurance
The term “business of insurance” means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents.
Property and industrial insurance
Property insurance refers to a series of policies that offer either property protection or liability coverage. Property insurance can include homeowners insurance, renters insurance, flood insurance, and earthquake insurance, among other policies.
Liability insurance
Liability insurance is an insurance product that provides protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and payouts an insured party is responsible for if they are found legally liable.
Healthcare Directives
Designate a healthcare proxy and outline medical preferences. Specify end-of-life decisions regarding life support and medical interventions.
Financial Powers of Attorney
Appoint someone to manage financial affairs if you become incapacitated.
Limited Power of Attorney
Delegate specific financial tasks (e.g., real estate transactions).
Beneficiary Designations
Ensure they align with your wishes for retirement accounts, life insurance, and other assets. Name secondary beneficiaries in case the primary ones predecease you.
Regular Reviews
- Life Changes
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Update your estate plan after major life events (marriage, divorce, birth, etc.).
- Professional Guidance
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Consult an estate planning attorney periodically.
