Topic: Insurance is important - page 15. (Read 2313 times)

It depends on where you live, but yes, insurance is important because it is a protection against risk. If you live in a country where there is a lot of public aid and social coverage for certain things you won't need as much insurance, but at least for your car or your house it is advisable. If you have assets that are your source of income, it is also advisable, except if you have a very large patrimony in relation to those assets. In short, it is a whole world with a varied casuistry, but in general it is important.

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.

Most developed countries plan their future with insurance because it brings them to the initial position that they were before the loss but in developing countries the reverse becomes the case because they are afraid of losing their assets to the firm if they probably fail to meet up with the terms of the contract , maybe if they fail to pay premium before the expiration of the policy .

Insurance is also one of the major players in financial sector because they not only secure but also offers loans to individuals which helps to facilitate in the economic growth .Let’s look at one of the case study you cited about a cab driver , if the man had taken a motor vehicle insurance against accident , theft or loss arising out of fire and still keeps to the terms and conditions of the policy and also Obeys all the exclusion clauses the firm will bring him back to normal position that he was before the loss after the loss adjusters have valued the current value of the car .

In addition, some policy like educational policy , can also help the insured to study anywhere globally because most insurance firms take care of all the bills , same applies to health insurance /sickness insurance and also theft/burglary insurance.

Varies. Could be yes, it could also not and wise saying and usually the items that many people take are vital, for example education, health and business and are all stated in the insurance policy if the user wants and agrees. Well, maybe this also sounds normal. In the case of applying for a loan, if you have met the loan requirements, the bank will also cut costs for insurance if at any time the borrower dies and the automatic payment of insurance is covered by no longer a member of the family, for example his wife.

But apart from that, problems are often found in the application, apart from the first thing being high premium costs, then the mismatch in prices and protection values and unclear claims which confuse users and this often happens and the worst thing is that the company collapses.

For some small people, entering insurance is not an option because when we choose insurance, a monthly fee is definitely required as a condition that we must fulfill. The question is why enter insurance if the monthly income for small people is unclear and it is difficult to even meet their food needs. Insurance is needed when you have a clear and regular source of income because it can help protect against unexpected things happening.

There are various types of insurance nowadays and when people who have good financial capabilities do not take part in insurance, it is very unfortunate because when things happen as you explained, they will be at a great loss. I know several types of insurance that have existed in my country, one of which is?

1. Life Insurance
2. Health Insurance
3. Education Insurance
4. Investment Insurance
5. Vehicle Insurance
6. Accident Insurance

To enter these six insurances, you have to pay a monthly fee as a mandatory requirement because this is what makes some people feel burdened Because not everyone has a fixed income and if they don't have an income then it is impossible to afford the monthly expenses. If people have a good source of income, then insurance is the right choice because it can protect health, education and damages costs when unexpected things happen.

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".