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Chapter 9. Insurance and Annuities > Determining the Need for Insurance

Determining the Need for Insurance

As consumers, we have to decide which risks we want to fully insure, which risks we want to partially insure, and which risks we want to self-insure. Some risks are more catastrophic than others. We are constantly balancing these risks to determine what we can afford because it is nearly impossible for us to insure 100 percent of the risk in our lives. If you want to do a healthy exercise, create a list of risks and assess their impact on your life financially. For instance, what would be the financial implications if:

  • You died or became disabled?

  • Your spouse died or became disabled?

  • Your home were lost in a fire or burglarized?

  • Your car were totaled, stolen, or vandalized?

  • You didn't save enough for retirement?


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