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Create an insurance plan
Since Henry’s employer doesn’t provide any health insurance, Henry finds a catastrophe policy for $30 a month that will cover his expenses above $1,000 per year. He increases his car liability insurance to the recommended $300,000 for an additional $10 per month, and he finds a term life insurance policy that will pay $250,000 to his future dependents (called beneficiaries) for only $20 a month (the cost is low since he is so young).
We will add these to Henry’s expense sheet:
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