Why do I need insurance?

Why do I need insurance?

Elliot Matloff (President and Broker, The Matloff Company) gives expert video advice on: What types of insurance are there?; Why do I need insurance? and more...

Well, everyone needs insurance if they are worried about economic loss, or if they lose something. The purpose of insurance is to give us peace of mind; that's the real reason why people buy insurance. If you have a home and you spent all your life supporting that house and putting money into the down payment and finally you're paying a mortgage payments on time, the worst thing that could happen would be for it to burn down and not be covered by insurance. If you worked very hard for a living and you earn a very good income and you become disabled and you can't work anymore, disability insurance might pay you a sum of money every month so that you can live a normal lifestyle.