A common assumption is that the cost of insurance outweighs the risk that a young person might need the benefit in the foreseeable future. Many young professionals believe the likelihood of personal or professional calamity befalling them is remote, and for that reason don’t place a high priority on insurance.
Your insurance portfolio is the foundation on which your financial plan is built. Insurance is needed most when we are deepest in debt, even though it may be difficult to pay for it.
This lesson on personal and professional insurance examines the insurance application process, the personal insurance requirements you should address now, and insurance requirements once you are in practice.