Topic: Insurance is important (Read 4681 times)

The reason why some people don't really value this insurance of a thing sometimes is based on where they reside. There are people who base and have their business in the rural areas where they don't see insurance as anything, and you can also barely see any insurance companies around that area to tell them the importance; they lack the information, so they can't just go into it. Some of the insurance companies policies are just not too fair as they are established to exploit their clients, which could be the fear of many.

Not quire sure what do you mean that insurance is an easy way to collect money. You cant use insurance as a bank, send there money and keep it forever. I can guess that our countries and insurance approach are totally different, but I have never heard that someone used insurance to save money. It wont be possible to completely secure life when you buy life insurance, as each insurance policy have levels and limits. If you have life insurance and die, insurance company wont be paying your family each month a sum during «average life length in your country - your age when you died». They will get hundred, maybe several hundred thousands and that is it.

Not quire sure what do you mean that insurance is an easy way to collect money. You cant use insurance as a bank, send there money and keep it forever. I can guess that our countries and insurance approach are totally different, but I have never heard that someone used insurance to save money.

Insurance is not very popular in my country especially educated people in urban area they may be aware about insurance but still not paying much attention to insurance in village level. But insurance is very important in our life, especially if someone falls into financial distress after taking insurance, then the money saved in insurance can give him a backup in times of danger. Insurance is basically an easy way to collect money where if one wants to ensure his proper and secure life in future then he must give importance to life insurance and family small business where insurance money will give him ample backup.

My friend insured her life and health in favor of her relatives. She thinks it was the right decision.

However, I have my doubts about it... Insurance is not very popular in my country. People do not trust insurance companies, they think that they can either deceive their clients or go bankrupt. This is due to historical memory of the 90s of the last century. Then the USSR was liquidated, the only state bank froze the deposits of USSR citizens, and the subsequent hyperinflation deprived them of all their savings. This formed a strong distrust of any social institutions and organizations (both state and non-state) in people.

Therefore, people rarely use the services of insurance companies, this is not as common as in developed countries.

Around November last year, I volunteered to join a local and small NGO that was taking food, drugs, and other supplies to flood victims.
For context of how big the flood was, we used speedboats on roads and it was as though we were on a high sea.
Experts gave lectures on how to prepare for a flood and not wait for it to be too late. Some of the people we met told their stories.

We met one woman whose case I found very interesting.
She had a farm; a fishery and a poultry farm. The poultry was much bigger than the fishery. The farm was so big and established it made her thousands of dollars monthly in gross income. The flood took her by surprise, she was able to rescue some feeds and animals, but she lost so much of it.
Now let's ignore the fact that she was careless for not believing the warnings that a very big flood was coming because, in her words "In my 56 years of being alive and my 17+ years of doing this business, I've never experienced the tiniest bit of flood"
Let's focus on the fact that neither her farm nor a single thing on the farm was insured despite generating that kind of income.

Because of the damage we saw, the NGO started a campaign for the government to help these farmers with grants and loans so they can get back on their feet (but y'all know how politics gets). This allowed us to visit this woman at her farm. She's back on her feet, but it could take years to get back to what she was before the flood.
If her farm was insured, it most likely wouldn't have taken her that long.

The reason why some people don't really value this insurance of a thing sometimes is based on where they reside. There are people who base and have their business in the rural areas where they don't see insurance as anything, and you can also barely see any insurance companies around that area to tell them the importance; they lack the information, so they can't just go into it. Some of the insurance companies policies are just not too fair as they are established to exploit their clients, which could be the fear of many.

I think it depends on what you should prioritize more depending on where you are at currently in life because as much as investing seems the better option, you also need to know that there are risks involved and you may lose some money as well. So it is possible that whatever your asset is may not be ready for when an emergency happens.

It’s surprising how many people don’t think about insurance when they’ve got valuable assets, especially in areas that are at risk for unexpected events. Like you mentioned, the farm owner lost so much during the flood, and it could have been a different story if she had insurance in place.

I do not deny the importance of insurance and people with economic conditions should buy insurance because it will bring benefits in certain cases.

Most people say insurance is important and poor people should buy it too, so does anyone here have insurance? I don't think as many people will buy insurance as people say.
In my opinion it is for the poor and those who are not so rich and are still struggling with money.

We should invest instead of buying insurance just for emergencies. I believe that if we compare the benefits between investment and insurance, investment will bring more benefits and poor people should think about investment instead of buying insurance.

Insurance provides some future security for a person especially when a person is in a financial crisis then his personal insurance definitely helps him out of financial crisis at that time. Insurance is usually when a person saves some money in a bank or non-government organization after meeting his personal and family expenses. But nowadays most of the citizens are interested in doing insurance and they are giving importance to insurance and insurance to secure the future of their children.

It's true about that! insurance provides the/your future with unforseen securities against financial crisis.Insurance is equally for everyone and that it's just like a kind of charge or obligation on every individual to secure oneself in the future from harsh features of life.Whether rich or poor, endeavor to get your life completely insured to withstand emergency situations;it might sound irrelevant but the approach is crucial.

If we are given the opportunity, then we should also make use of it to insure ourselves and the properties we have, the general approach many have towards this is that they believe that those that should to on insurance should be those that have alot of properties assets because they will have the required financial stand to pay in for the service and also benefited from using it, but if there are low level insurance for the average individuals, then we can also go in for them and have ourselves insured together with our belongings.

Whether insurance is important to him or not depends on how a person thinks about insurance. You may think it's my problem that I don't trust my money with any other company or that I'm a person who thinks differently. As much as insurance companies present their features in front of everyone, they don't actually do the job properly. There is no point in keeping money there if I can't withdraw money from them as I need. I will keep the money I earn and spend it as I see fit.

I don't know who needs to hear this but you need to get insurance if you have assets that are your source of income and it can be insurable. This may not mean much to a lot of folks in developed countries because they're familiar with it, but a lot (and I mean a lot) of people in underdeveloped countries don't care about insurance.

I've read stories of people who were okay financially going broke because they have spent all they had to treat an illness for themselves, their children, or loved ones. I'm not saying insurance is our personal lord and savior, but it can help you in tight situations.

Around November last year, I volunteered to join a local and small NGO that was taking food, drugs, and other supplies to flood victims.
For context of how big the flood was, we used speedboats on roads and it was as though we were on a high sea.
Experts gave lectures on how to prepare for a flood and not wait for it to be too late. Some of the people we met told their stories.

We met one woman whose case I found very interesting.
She had a farm; a fishery and a poultry farm. The poultry was much bigger than the fishery. The farm was so big and established it made her thousands of dollars monthly in gross income. The flood took her by surprise, she was able to rescue some feeds and animals, but she lost so much of it.
Now let's ignore the fact that she was careless for not believing the warnings that a very big flood was coming because, in her words "In my 56 years of being alive and my 17+ years of doing this business, I've never experienced the tiniest bit of flood"
Let's focus on the fact that neither her farm nor a single thing on the farm was insured despite generating that kind of income.

Because of the damage we saw, the NGO started a campaign for the government to help these farmers with grants and loans so they can get back on their feet (but y'all know how politics gets). This allowed us to visit this woman at her farm. She's back on her feet, but it could take years to get back to what she was before the flood.
If her farm was insured, it most likely wouldn't have taken her that long.

There are many more people like this. A cab driver loses his care and he's back to square one because that's his source of income. Others get an illness that is expensive to treat and they go broke trying to pay for the treatment.
A husband and father die unexpectedly and leave nothing behind, leaving the wife to struggle alone to take care of the children. This takes a family that was comfortably a middle-class family to a lower-class family.

If you make money, get health insurance for you and your family, and insure your assets that are a source of income, businesses. Get a life insurance to secure your family's future.
There's a saying " hope for the best and plan for the worst".