Transcript:
What is insurance?
It's a form of wealth protection.
As we get older, we usually acquire things of value.
But if something happens like a car accident…
…or a key income earner passes away…
…most of us might find it financially difficult to replace what we've lost.
That's where insurance comes in.
It's an agreement we make with an insurance company.
By agreeing to pay a small regular fee to a provider, called a premium.
The insurance company agrees to pay a much larger amount if something happens to what we've insured.
Like a car, a house, even a family member's income…
So one unexpected loss…
…doesn't cause us to lose even more of what we value.
And that's insurance! Find more ways to know and grow your money at synchronybank.com.
READ MORE: Video - Money: Know It to Grow It - Emergency Fund
