Insurance Basics

üInsurance is an important part of becoming financially self-reliant. Elder Marvin J. Ashton said: 

•Appropriately involve yourself in an insurance program. It is most important to have sufficient medical, automobile, and homeowner’s insurance and an adequate life insurance program. Costs associated with illness, accident, and death may be so large that uninsured families can be financially burdened for many years. (Marvin J. Ashton, “Guide to Family Finance,” Liahona, Apr. 2000, 42.)

Insurance Basics (continued)

üPresident N. Eldon Tanner further commented:

•With rising medical costs, health insurance is the only way most families can meet serious accident, illness, or maternity costs, particularly those for premature births. Life insurance provides income continuation when the provider prematurely dies. Every family should make provision for proper health and life insurance. (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov. 1979, 80.)

Insurance Basics (continued)