The Reasons People Buy Insurance

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Most people buy insurance for six reasons:

  1. To protect something they’ve purchased that has high value (this may be a house, a car, jewelry, etc. Items that would be too expensive to replace. Often a loan has been taken out to purchase these types of items)

  2. To protect their property and possessions against disasters, such as a fire or flood
  3. To protect them when they are doing something not covered by their normal insurance policies, such as traveling overseas
  4. To provide financial protection if sued, such as if a visitor should sue for negligence after injuring themselves on your property
  5. To fulfill long-term and short-term financial planning goals in the event of death or terminal illness
  6. To help pay for illness and health maintenance

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Important Disclosures and Information

  • Insurance products are not deposits, not insured by the FDIC of any Federal Government Agency, not guaranteed by Extraco Banks or it's affiliates, and may go down in value.