What is a Premium?
Premium
[pree-mee-uh m]
noun
1.
A Premium is the payment made to the insurance company, either monthly or in a lump sum, to purchase insurance. The Premium does not include other costs like copays or deductibles.
noun
1.
A Premium is the payment made to the insurance company, either monthly or in a lump sum, to purchase insurance. The Premium does not include other costs like copays or deductibles.
Without even realizing it, most people are familiar with protection-first thinking. If you remember travelling on an airplane in a not too distant past, you would recall this important point in the safety demonstrations βIn the event of sudden decompression, secure your own oxygen mask before helping others.β
The brain is a powerful thing, but when it comes to preparing for something that is far in the distance like retirement, it can easily be led astray β and result in some big retirement planning mistakes.
Check out this video to begin separating fact from fiction.