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What Is Insurance Good For? Let Us Count the Ways

The article from Kiplinger discusses the multifaceted benefits of insurance, emphasizing its role in providing financial security and peace of mind. It outlines how insurance protects against various life's uncertainties such as health issues, property damage, or loss of income due to disability or death. Insurance is portrayed not just as a financial product but as a critical tool for risk management, allowing individuals to transfer the risk of significant financial loss to an insurance company in exchange for premiums. The piece highlights different types of insurance like health, life, auto, homeowners, and disability insurance, each serving to mitigate specific risks. It also touches on the psychological comfort insurance provides, knowing that one is covered against potential catastrophic events, thereby enabling people to live their lives with less worry about what might go wrong. The article concludes by suggesting that while insurance might seem like an unnecessary expense when times are good, its value becomes evident when disaster strikes.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/personal-finance/what-is-insurance-good-for-let-us-count-the-ways ]