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00:00Most of us know of the concept of insurance, but what is it exactly? When you possess
00:11something valuable that could be lost, and you can't afford to pay for its loss yourself,
00:16you can pay for insurance. In the simplest terms, insurance is financial protection against losses.
00:23If you want insurance, you usually have to sign a contract with an insurance company,
00:27and that contract describes the specific policy meant to protect you in a crisis.
00:33After you sign the contract, you have to pay a fee per month or year in order to remain protected.
00:39That fee is called a premium. You may also be responsible for an insurance deductible,
00:44which is the amount you must first pay before the insurance company starts to cover the costs
00:49of the policy claim. Insurance companies may also limit what they pay out to you.
00:54A policy limit is the maximum monetary amount that an insurance company will pay out
00:59in relation to a claim. In certain cases, it's against the law to not have insurance.
01:05This is essentially to force citizens to be responsible. The minimum insurance one gets
01:10is often called liability insurance. Liability insurance policies cover any legal costs and
01:16payouts an insured party is responsible for if they are found legally responsible for damage.
01:22So governments force you to have insurance when they think you might try to get out of
01:26paying for damage that you clearly caused. While there is a wide range of types of
01:31insurance policies available, in this tutorial we will focus on the four most common types.
01:37Health insurance, life insurance, property insurance, and auto insurance.
01:42Health insurance is insurance for medical and surgical expenses. Because medical and
01:47surgical care is often necessary in order to stay alive, it is incredibly important,
01:53but it can be expensive. In addition to monthly premiums, policy limits, and deductibles,
01:58health insurance plans often require coinsurance and copays. Coinsurance is a percentage of
02:05healthcare costs that the insured must pay even after they've met their deductible. A copay is a
02:11fee that the insured must pay for certain services such as doctor visits and prescription drugs.
02:18Often the consumer can save money on their monthly health insurance premiums
02:22by enrolling in a high-deductible health plan. However, that can be quite risky if there's an
02:28accident, as the insured would be responsible for paying a large amount of money before
02:32their insurance benefits kick in. Because healthcare costs have skyrocketed in recent
02:37decades, and because most people view healthcare as a right instead of a privilege, citizens in
02:43most developed countries have agreed to make healthcare a public good. Most developed countries
02:49have a version of universal healthcare coverage, which is a healthcare system in which all
02:54residents of a particular country are guaranteed access to healthcare, regardless of income.
02:59Life insurance is insurance for the loved ones of the insured in case they were to die. When you
03:05sign a life insurance contract, you describe your loved ones as beneficiaries. If you were to die,
03:11whoever you named as a beneficiary would receive the policy's face value, or death benefit. Generally,
03:18the higher the life insurance premium you pay, the higher the face value of the policy. In addition,
03:24the older you are, the higher the life insurance premium you pay, as it is assumed that you are
03:29more likely to die. The insured can often choose between term life insurance and permanent life
03:35insurance. Just like the names imply, term life insurance lasts a few years, while permanent life
03:42insurance stays in force for the insured's entire life, unless the insured stops paying premiums.
03:48Property insurance is insurance for your most valuable property. Typically, it covers damage
03:54that results from certain natural disasters, theft, or vandalism. The most common type of
03:59property insurance is homeowner's insurance, but many also have renter's insurance, flood insurance,
04:06or earthquake insurance. With homeowner's insurance, not only is your home protected,
04:11but also your personal belongings inside your home. One common example in which homeowner's
04:17insurance comes into play is if your home was to catch on fire. If fully insured, you would get
04:22money to repair the house or purchase a new one, and additional money to replace the lost
04:28possessions that were in the house. Auto insurance is insurance for cars, trucks, motorcycles, and
04:34other road vehicles. Why do we need auto insurance? Automobile crashes are the most common cause of
04:41accidental death in the world. Even though most of us are in vehicles every day of our lives,
04:46it is a fairly risky thing to do. Therefore, most countries in the world have laws that require
04:51drivers to get auto insurance. This is to cover the cost of damage to vehicles in an accident,
04:57and also medical bills associated with injuries from an accident. It also covers vehicle damage
05:03from natural disasters like hail, earthquakes, fires, and floods. People are able to get different
05:09types of insurance from the same company, and bundling can also save you both premium and
05:14deductible costs. Before you sign a contract with an insurance company, make sure you carefully read
05:20over the terms. In particular, watch out for exclusions, or items not covered as part of your
05:26insurance policy. Also check for waiting periods, or amounts of time that must first pass before
05:33your insurance kicks in. Finally, consider the following questions before deciding what kind of
05:38insurance coverage you will need. How much risk or loss of money can you assume on your own?
05:44Can you afford higher deductibles in order to reduce your premium costs? Do you have special
05:50needs that require extra coverage? Which emergencies are you most worried about actually
05:56happening? As with anything in economics, your choices regarding different types of insurance
06:01coverage come with risks and rewards. At the very least, you should be prepared to have insurance
06:07for your most valuable assets. This includes being able to take care of yourself and your loved ones
06:14in case a major issue does occur.
06:21Support me on Patreon so I can keep making content,
06:24and as always, feel free to email me.