Does having more insurance always mean better financial security?

It depends. If you have enough to cover your needs and not over covered, the extra cash could be used to grow the money instead and not be wasted on excessive uneccesary insurance spending.

No.

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Financial security includes manageable debt, a sufficient emergency fund to withstand most financial shocks, and adequate insurance coverage.

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Only when someone is financially secure can they truly focus on building wealth, because they won't panic if their portfolio drops 30%.