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December 02, 2008


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I have an uncle in the insurance business who always told me...."you only insure what you cannot afford to replace".

You even alluded to this in your line about your life insurance. So the question becomes "did you insure yourself against stock market losses this year?" Many people lost far more than they will ever lose in car accidents, house damage, or disability. Risk is not just chance it the risk and the size of the loss. That's why airplane insurance has a low premium with a high payout (low chance big cost). This is why we don't insure plastic forks (high risk of breakage, very low cost)...we just get a new one.

Add long term care insurance to that list. A surprising number of claims are made by those under 65.

You are smart to have a high deductible for your car insurance. With your health savings account, you now have a high deductible health plan. Studies show 8 of 10 hospital bills contain errors.

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