Topic: Insurance is important - page 16. (Read 4439 times)

There are different types of insurance and they work in different ways. However, insurances often work in times of danger. So insurance is very important for us. But there are many who don't like it.  But in reality insurance is very beneficial
. Life Insurance
. Health Insurance
. Investment Insurance

I think the importance of these three is very high. These reduce our financial risk a lot. And bad times will support us a lot. So I think everyone should take the services of these insurances

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.

Insurance means to secure lives and property against a future occurrence of uncertain events. When we speak of Insurance, the first thing that comes to our mind is life insurance, health, education, car, and all. Insurance has helped a lot of people, in terms of health and securing properties.

Most people die because they can't afford hospital bills, unemployment is at a high rate because parents can't pay their ward's tuition fees, and transporters go broke because of the accident crisis. A lot of people believe that insurance is only for the rich. No, insurance is for everyone. What is good for the geese, is also good for the gander. Get insured and say no to an untimely death, financial crisis, and unemployment.

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.

Insurance means to secure lives and property against a future occurrence of uncertain events. When we speak of Insurance, the first thing that comes to our mind is life insurance, health, education, car, and all. Insurance has helped a lot of people, in terms of health and securing properties. Most people die because they can't afford hospital bills, unemployment is at a high rate because parents can't pay their ward's tuition fees, and transporters go broke because of the accident crisis. A lot of people believe that insurance is only for the rich. No, insurance is for everyone. What is good for the geese, is also good for the gander. Get insured and say no to an untimely death, financial crisis, and unemployment.

Typical mindset of people ages 40's-50's in our country, I mostly heard that kind of statement if someone's offer them to get an insurance, maybe people have a valid reason why they doesn't want to have one policy, Either they cannot afford the monthly payment of they don't believe that insurance will work for them. Today, there's a circulating issue in social media about insurances, they claimed that those Financial advisor didn't explained well to them the benefits and limitations of the insurance they bought and the post indicated that it was one of the things that gave them more problems because they expected to be able to use the insurance but in the end they didn't because there were things that the financial advisors didn't explain properly. Seems like they doing their job just to get a client and hit the qouta without giving a proper explanation to their customers.

In my country, this is the common thought about any type of insurance.
"I'm still strong, why I need one?"
"I'm young why do I need to avail?"
"I'm far from dying"
You know these common thoughts of every countryment that we have and I am one of them but that's before. I've changed my mind as I get older and I started to understand things like this and have seen people and family struggled because they have never come prepared for their death.

That is why insurance companies have to be very regulated. Every financial institution should be heavily regulated. They can only disappear with customer's funds because there is no proper system. They should have a certain amount stored with the regulatory bodies. That money would be used to setting customers in case the company folds.
To me, insurance is an integral part of the economy. When there's no insurance a lot of things that can be avoided happen.
We can't trust people to be good people, so a system will exist to monitor everything including insurance fraud and other forms of fraud.

If you are someone who do have plans on getting some insurance then it would really be that best or suggested that you should really go after with those who do have names or simply have the reputation
and credibility on which you would really be that making yourself that confident that they could last a lifetime or something that you could really be able to make claims whenever things turns out to be shit.
This is the main or real purpose of insurance, yes you might be paying up on something which it cant happen into you but it is really giving out that kind of peace of mind just incase that you would really be that gone
and your family are the ones who would really be able to get some benefit just in case that happens. Same goes when it comes to medication on which it is really that a great help if you do have insurance
and same goes if you do have cars that you do possess.

That is why insurance companies have to be very regulated. Every financial institution should be heavily regulated. They can only disappear with customer's funds because there is no proper system. They should have a certain amount stored with the regulatory bodies. That money would be used to setting customers in case the company folds.

To me, insurance is an integral part of the economy. When there's no insurance a lot of things that can be avoided happen.
We can't trust people to be good people, so a system will exist to monitor everything including insurance fraud and other forms of fraud.

Definitely, if someone can not even fulfill their basic needs, they won't even think about insurance. But then I think health facility is a basic right that should be provided by governments. I didn't mean that Government's should provide free healthcare, but Government should provide an insurance system that are affordable to all economic class.

In my country, this is the common thought about any type of insurance.
"I'm still strong, why I need one?"
"I'm young why do I need to avail?"
"I'm far from dying"
You know these common thoughts of every countryment that we have and I am one of them but that's before. I've changed my mind as I get older and I started to understand things like this and have seen people and family struggled because they have never come prepared for their death.

It's not possible for people with average income to get into insurance because it has no meaning and that's why Op emphasize on those making money and have properties that are insurable. You can see that from the part of his post I quoted below. If to register for insurance is free and open for everyone, everybody will rush to register for it but as an average man struggling to feed three square meals, what are you insuring? Some can not even afford the first registration fee not to talk of monthly due. Insurance is only favorable to those who have enough money and properties that are worthy of reasonable amount in order to avoid great lose in case of any disaster or predicament occurring in the future.

I have the same opinion with you many insurance companies become scam and easily run away how much user money without responsibility yet although we are joining with government insurance. In my country have government insurance with saving protect but when collapse they are not refund yet and many of the CEO and staff take much money until under rest.

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".

I am someone who is quite against insurance and considers it a way to waste money without being able to get commensurate benefits other than being profitable for the insurance company.
For health insurance, I am lucky enough to live in a country that provides guaranteed treatment for sick citizens even though they have to go through many procedures, but that's better than having to pay routine insurance costs which also take time to be able to claim it, and in my opinion using the money we have by investing is much better than having insurance because I saw several friends who actually lost a lot of money in insurance because it couldn't be claimed but maybe it would be different in other countries, just seeing what happened to my colleagues made me not consider insurance as important compared to investing.

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".