What do we spend approximately 10% to 15% of our income on but hope that we never use?

If you answered insurance, you would be correct. Insurance tends to be one of the largest expenditures in our budget, and costs are seemingly always on the rise. However, the purpose of insurance is to protect us from catastrophic loss, and that makes it essential in our lives.

With all of the different kinds of insurances that are out there, how do you know which types to buy? Better yet, how can you shop around to save money on insurance? Host Lou Scatigna, CFP® provides insight on all things related to insurance in this segment from The Financial Physician.