Insurance and Risk Management

Contrary to what the industry wants you to believe, we do not consider insurance products as investment — instead they are expenses with the specific purpose of managing your risk and that is why we group this together with the broader topic of risk management under expense management. Additionally, check out these related sections: budgeting, smart spending, and taxes.

Insurance and Risk Management is a subsection of expense management.

Financial Risks And Personal Finance Risk Management, Part 2

Financial Risks And Personal Finance Risk Management, Part 2

This is the second part of Financial Risks And Personal Finance Risk Management series. In the first part, we looked at financial risks and risk management as they relate to your income and expenses. In this […]

Gap Insurance and Upside Down Auto Loan

Gap Insurance and Upside Down Auto Loan

I was introduced to gap insurance when I bought my new Honda Element in December 2005. Gap insurance is an insurance product designed specifically for buyers who purchase their new car with financing — in other […]

Financial Risks and Personal Finance Risk Management, Part 1

Financial Risks and Personal Finance Risk Management, Part 1

Risk management is a methodology to mitigate negative consequences resulting from threats and uncertainties. In this article, I’ll be exploring financial risks focused on personal finance and how to minimize these risks. Since risk management is […]

Making Progress Toward Buying Our Life Insurance

A while ago, I met with an insurance sales agent and discussed life insurance coverage for my wife and I. Three months later and I am still looking — I am a little slow making these […]

Insurance Coverage and Opportunity Cost

Recently, I have been dealing with insurance a lot — i.e., stopping my parents’ premium payments, evaluating long-term care insurance, doing quite a bit of analysis and shopping for better life insurance policies for my wife […]

What is Long-Term Care Insurance and Should You Buy It?

What is Long-Term Care Insurance and Should You Buy It?

The purpose of long-term care insurance is to help you absorb the costs of taking care of your elderly parents. It is an insurance product intended to help the beneficiary pay for the costs of nursing […]

Is Term Life Insurance Right for Me?

Is Term Life Insurance Right for Me?

Okay, so I have walked you through the process of how to determine the right amount of life insurance coverage in part 1, and why whole life insurance doesn’t make good financial sense in part 2. […]

Should I Buy Whole Life Insurance?

Should I Buy Whole Life Insurance?

In the first post How Much Life Insurance Do I Need?, I worked with my insurance sales agent on how much life insurance my wife and I need. One of his suggestions is to buy a […]

How Much Life Insurance Do I Need?

How Much Life Insurance Do I Need?

Last year, I switched my car and home insurances to Liberty Mutual and started an umbrella policy with them as well. This move netted me a saving of over $1,000 per year and allowed me to […]

Is Baby Insurance a Good Buy?

Early in my wife’s pregnancy she registered on a couple of web sites to get free samples and discount coupons. One thing we get in the mail a lot was information about The GROW-UP PlanĀ® from […]

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