Insurance and Pensions

This chapter covers life, property, and other insurances including lifetime pensions. I ignore social security benefits, assuming that they need to be supplemented by private benefits.

The needs are for financial security: to protect the family fortune from unexpected losses that would lead to financial hardship. The needs are perhaps not all obvious, and it can be difficult to persuade breadwinners to buy our policies. This applies not only to death cover—perhaps the only product that can only be bought as a gift—but also for disability, and some property, health and public indemnity insurance. This is why in many countries, such insurance and pension contributions are compulsory.

The chapter also covers hard ...

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