Life, disability, long-term care, health insurance, and umbrella coverage.
Disability is more likely than premature death during working years
Insurance fills gaps where your savings can't absorb the loss — start with what you can't self-insure against
Employer coverage, individual marketplace, Medicare, and Medicaid are the main channels
Insurance is risk pooling — many people paying small premiums to cover a few large losses
Life insurance exists to replace income for people who depend on yours
Medicare does NOT cover long-term custodial care
HDHPs have high deductibles but lower premiums and enable HSAs
The DIME method covers Debts, Income replacement, Mortgage, and Education
Hybrid policies combine life insurance with LTC benefits
STD covers weeks to months; LTD covers years
Term is pure insurance; whole includes a cash-value investment component
Umbrella insurance extends liability coverage beyond home and auto limits