Question

Dave Ramsey mentions that insurance is the defense for managing your money. Why is this true?

Answer 1

It is true that insurance is the defense for managing money because it ensures that your money is efficiently utilized even in your absence.

What is insurance?

Insurance refers to a means of indemnity against a future occurrence of an uncertain event such as an accident, death, robbery etc.

Insurance is a way to protect one's assets from getting lost when faced with unforeseen circumstances.

For example;

• A liability insurance protects one in case another person sues for injuries or loss caused by one's negligence or improper actions.
• Life insurance protects one's beneficiaries from loss of income by paying them money after one's death.

Therefore, it is true that insurance is the defense for managing money because it ensures that your money is efficiently utilized even in your absence.

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