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Insurance is a vital line of defense against unexpected setbacks. Adequate health insurance protects you from exorbitant medical expenses, which can be devastating during a recession. Prioritize term life insurance that offers affordable coverage for a fixed period, providing peace of mind without unnecessary costs associated with whole life policies.
Reassess your insurance policies periodically. Avoid spending on unnecessary add-ons or high premiums that do not match your actual needs. For example, if you own a car but have access to efficient public transport, consider selling the vehicle and cancelling expensive car insurance, redirecting savings toward more essential financial priorities.