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Ebook Personal financial planning (12th edition): Part 2

(BQ) Part 2 book "Personal financial planning" has contents: Insuring your life, insuring your health, protecting your property, investment planning, investing in stocks and bonds, investing in mutual funds and real estate, planning for retirement, planning for retirement. | 4 Managing Insurance Needs Insuring Your Life Chapter 9 Insuring Your Health Chapter 10 Protecting Your Property DON BAYLEY/ISTOCKPHOTO.COM Chapter 8 254 8 Chapter Insuring Your Life L e a r n in g G o a l s LG1 Explain the concept of risk and the basics of insurance underwriting. p. 255 LG2 Discuss the primary reasons for life insurance and identify those who need coverage. p. 257 LG3 Calculate how much life insurance you need. p. 259 LG4 Distinguish among the various types of life insurance policies and describe their advantages and disadvantages. p. 265 LG5 Choose the best life insurance policy for your needs at the lowest cost. p. 275 LG6 Become familiar with the key features of life insurance policies. p. 279 BLEND IMAGES/JUPITER IMAGES LG1 BASIC INSURANCE CONCEPTS As most people discover, life is full of unexpected events that can have far-reaching consequences. Your car is sideswiped on the highway and damaged beyond repair. A family member falls ill and can no longer work. A fire or other disaster destroys your home. Your spouse dies suddenly. Although most people don’t like to think about possibilities like this, protecting yourself and your family against unforeseen events is part of sound financial planning. Insurance plays a central role in providing that protection. Auto and homeowner’s insurance, for example, reimburses you if your car or home is destroyed or damaged. Life insurance helps replace lost income if premature death occurs, providing funds so that your loved ones can keep their home, maintain an acceptable lifestyle, pay for education, and meet other special needs. Hospitalization and health insurance covers medical costs when you get sick or injured, and disability insurance protects your income while you’re ill. All of these types of insurance are intended to protect you and your dependents from the financial consequences of losing assets or income when an accident, illness, or death occurs. By anticipating