Topic: Insurance is important - page 2. (Read 2313 times)

When the rule of law exists in a country where there is no lack of accountability then there are no barriers to receiving and providing services of any kind not just insurance. Because when the rule of law exists in a country people can work very easily in that country and no one has any chance to object or doubt the benefits that the citizens have in the state. However for any country or nation insurance is an important service that can be availed in any adverse situation in life.
For example if we have life insurance and if the policyholder dies due to any reason the family of the policyholder will get the loss. And if the policyholder does not die then after a certain period you will get the sum assured. However in countries where there is still no good attitude towards insurance it is better to get insurance from a good insurance company after hearing or understanding.

OP thought and spoke according to his own country, but he didn't realize that every country has different conditions and how much they vary from country to country.
In some countries the insurance system is really bad. They have undeveloped systems and people pay for insurance but when they need it, they don't get what they pay for. In ideal conditions insurance can work, but there are many regions where it doesn't work.
If we take life insurance, you pay a lot of money and if something happens to you, the insurance doesn't even pay for many items. You still have to pay an additional fee for treatment in private hospitals. Public hospitals can be in very bad condition. You insure a car, but in the event of an accident, the insurance may not cover the full damage. Things like this make us question the meaning of insurance.

In my opinion, insurance is very important, but the current level of trust in insurance in my country is very bad, there are several insurers who have embezzled their customers' funds until now they have not been paid, so many of our citizens are better off saving funds in my bank by depositing their money rather than taking insurance. ,
but luckily every company has health and old age insurance, so at least for my health and old age I have it from the company where I work

I beg to differ. I thought a little about it and wasn’t still convinced. I simply don’t see how life insurance  provides financial security in any way. How does one having a life insurance policy affect his income levels positively enough to be financially secure? It just doesn’t.
Having a life insurance on someone could guarantee some payment on the demise of the individual but that still doesn’t provide financial stability.

Everyone in the developed world attaches great importance to insurance. Moreover, it is definitely a very important thing in human life. Many of us neglect it. But actually it is a very important task. I saw a friend of mine who lives in a developed country. As he has a complex disease, he has to spend a lot of money which he would not have been able to afford on his own unless he got help from insurance. However, there are many complaints about insurance in under developed and poor countries where an insurer faces various problems in getting the services one deserves. Not all are the same though. But if one realizes the importance of insurance then he must not neglect it.

Yes for people who live below the poverty line or in the middle of the poverty line, getting insurance is an impossible thing to think about. Because those who earn the minimum allowance just to run the family meet their basic needs, it is a luxury for them to even think about insurance. But when those people invest or venture somewhere to try to improve their position, it becomes necessary for them to take the plane. In that case they should look into participating in insurance through a good insurance company. It is normal that there will be good companies in any country even if there are scammers.

Most challenges encountered by people especially those who are on 3rd world country is the poverty makes their salary only sufficient to their daily needs. Not all people can avail insurance even though they really need it due to the low salary grade of the country while the cost of living is just making them just enough of having a food.

On OP story subject which are that has good source of income from their job and businesses, insurance is really a must because they have a way to pay the monthly bills but this is not applicable to those people that is under the minimum wage earners with family to sustain. I have insurance myself because I have a better job but some of my co-worker still doesn’t have insurance because they have more fix bills to support their family necessity that’s why they are investing only on health by doing healthy lifestyle.

There is a talk about the necessity of insurance in many sectors but the problem is that in some countries insurance companies are scammers. I can tell you from my personal experience that some years ago I went to travel in Europe and bought traveller's health insurance in my country because that is a mandatory thing. I went in another country and had an accident that required me to go to the hospital. Sadly, my local health insurance did nothing for me, I had to pay out of my pocket and had to talk with my local insurance company for weeks to get what I deserved according to insurance plans.
These accidents are very common in my country, that's why people are sceptical and don't use insurance. Farmers frequently demand from the government to cover their losses caused by floods and some natural disasters. They demand to get help from the government but when the government tells them to insure their farms, they hesitate. There are too many problems that need to get fixed.

I agree, insurance should be considered important but it depends on the interests of each individual. People need insurance for a reason, but not everything needs to be insured. I have health insurance, as well as vehicle insurance, but I don't have wealth insurance. Some people may consider wealth insurance where they intend to get protection against damage or loss of their property due to various reasons, but this is not necessary for everyone.

There are many insurance products on offer and each of us has the right to choose according to our interests. Some of this has already been said, but again not all insurance products are suitable for everyone for financial and other reasons.

Insurance is good and need to be encouraged even though the awareness is low in developing countries we need to ensure our asset, life, house etc
So Incase of emergencies we will not be crying so much because we know that we got insurance covering up

Many people understand the benefits of insurance, but most people choose not to get it because they think that insurance is a scam. This is reasonable, for example in my city, many people here are deceived by insurance, because they took out an insurance policy within a period of 10 years, but during that period they never claimed the insurance policy, and when they wanted to take their money, the insurance company said that The money cannot be withdrawn completely, only 25% or forfeited completely. And many other problems that make the image of insurance in our country not so good, and only rich people want to take it - while middle and lower class people choose to take national health insurance (similar to insurance but with much lower costs) and that's it , for other insurance they do not choose to take it, unless they have to.
Moreover, the majority of people's income here is also limited, so paying for insurance only adds to the burden for them and they choose not to take it.

That's exactly the main goal and importance of having insurance. Especially for those who are a breadwinner, their family will have a hard time if ever something happens to that person. At least, if ever you are insured to the insurance your family can adjust and receive financial support from the insurance you invested at an early age.

It's also important to realize and invest early as much as we can. The more we grow older, the higher the amount of insurance we need to pay. That's why at a very young age or the moment we start working and we think we can manage to initiate having insurance, do it.

I think individual life insurance is necessary. Insurance provides financial protection in case of unexpected events like accident, illness or natural calamity. About two weeks ago I completely know about the insurance related matter. A neighbor of mine passed away about two months ago, he was the sole earner of his family, the unexpected death left the family helpless. I thought their condition would be worse but after checking last week I found out he had a life insurance policy. Family members are now trying to change their situation with this insurance money. However, it is very important to insure for the future.

  Insurance is important for individuals, businesses, and society as a whole. Insurance provides financial protection against unexpected events, such as accidents, illnesses, and natural disasters. Insurance provides financial protection against unexpected events that can be costly, such as car accidents, medical emergencies, and property damage. Without insurance, individuals and businesses may have to bear the full financial burden of these events, which can be difficult or impossible to manage. Having insurance can provide individuals and businesses with peace of mind, knowing that they are protected against unexpected events. This can reduce stress and anxiety and can help individuals and businesses focus on other important priorities, such as their health, work, and family.
  Without insurance you are taking on all risks of tragedy. For a relative small fee, you transfer all that risk to an insurance company. insurance is important because it provides financial protection, transfers risk, provides peace of mind, helps with legal compliance, ensures business continuity, and has a social benefit. Insurance can be a valuable tool for individuals and businesses in managing risk and protecting against unexpected events. By paying premiums to insurance companies, individuals and businesses can protect themselves financially and focus on other important priorities in their lives.

Our interests should be the first thing on our lists, notwithstanding the dangers that follows. We're humans and there's a whole lot of activities to protect ourselves from because standing tall means we're up and ready to face anything in the system. I know it's never an easy job to hold tight but some scenario demands it, atleast we're hoping for greater heights. Insurance is top priority for everyone of us.

I know people that had lost there houses to natural disaster and the only way they could get compensation is through the insurance they did on there households. We don't know what could be the problem and that is why we need to do insurance because this is the backbone of our assets. There are still regions where insurance is not taken seriously but the people there have to try there possible best to make sure they protect there assets or else they would have to bear the loses if anything ever happens. It is very important and we all need to go for insurance to protect our physical assets.

If you want to add several options and insurance to your personal life, I also hope that everyone will add health insurance as their main option. Because at least we can still have the opportunity to do other things when our body can return to health after experiencing an emergency or serious illness that cannot be handled easily by ourselves. This really needs to be realized from the start because when a person has a healthy body, of course it will not be so difficult for him to do more work in his own life.

Yes, insurance is very important for us and our family. Especially we should all insure for the future. Generally by insurance we mean contract. Legally the contract between two parties is called insurance. There are different types of insurance such as;

1. Life insurance
2. Home insurance
3. Vehicle insurance
4. Life Insurance
5. Fire Insurance
6. Travel insurance
7. Health insurance

Life insurance provides financial security.

Insurance is very important for us and our family. Life is full of uncertainty, risks are everywhere. For example, regarding health. Yes, we have to take care of our health, but we also need to prepare additional protection, in the form of health insurance. Therefore, having insurance is not only to protect our interests but also to protect the family we love.

Yes, you would really be banging up your head or punching up the wall on why you have missed out on getting some insurance but well its already too late and the accident has been done. You are definitely right
that its really that scary that you arent that been prepared for whatever thing that might happen ahead and we do know that not all the time we do have money or savings for paying up those possible expenses
on which you could really bring up shortage of funds on which same you have said that you would be able to realize its importance when it isnt there.

This is why it would be always best on securing it at least on which you would be able to have that kind of assurance and you could really be able to sleep well at night.