6.1.6 Summary of key messages
- Insurance is a contract, called a policy, between a policyholder and an insurer, in which the insurer agrees to pay compensation if an event that is covered in the policy occurs during the term of the policy.
- Insurance policies spell out what is and what is not covered.
- Some people avoid buying insurance for a variety of emotional and behavioural reasons. You should weigh the pros and cons of buying insurance and make a careful decision that is right for you and your family.
At the end of the module, you will find an Action plan. This is a tool that you can use to track your progress and take the next steps to manage insurance successfully in the future. Use the action plan as a roadmap for financial action!
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