Topic: Insurance is important - page 7. (Read 2313 times)

In this era, there are many types of insurance. We have health insurance, auto insurance, disability assurance, renter insurance, life insurance, travel insurance, and gadget insurance. These are just a few that we have in this era.

But there are many other types of insurance that I have not mentioned. But most people, especially the poor ones, do not pay much attention because they prioritize doing the important things for their respective families.

It all depends on the type, for example an ordinary car that is no longer categorized as luxury, of course you don't need to take care of insurance for it even though it is used every day. However, if the car is in the luxury category and there are production limits, it would certainly be better if the car was insured, the same goes for the type of business that we manage ourselves. If the business is just an ordinary business with a fairly small capital size, of course it doesn't have to be insured either, but if the business is large and has many branches, I think insurance is necessary to make it easier for us to deal with accidents that we don't want.

Although car insurance is not that important I agree with you that business insurance is definitely an important thing because a business has to invest huge amount of money so having an insurance is very important to keep it running.  A car is not very valuable and it doesn't usually have major problems although there is a fear of an accident but it is not very important.  But it will not be bad if one keeps doing it. But business insurance must be carried by everyone who has a business

There are some insurance companies that act fraudulently but not all of them are like that and basically insurance is important to guarantee our future but everyone has a different view because there are also some people who are more confident in themselves in managing their finances for the future they face without needing to use insurance.

And personally, I don't really like insurance of any kind, be it health, education or anything else, and I think it's better to prepare for all the unexpected things by preparing it yourself.

Even if you dont have  that tons of assets but it would be still recommended that you should be getting health/life insurances as well. Come in mind that you would really be only paying up only a small amount if we do base up on month to month basis but payments could really be that having some options whether monthly or would be quarterly or annually. It do really give out that great feeling if we do speak about
confidence and having that feeling of security on whatever that might happen ahead. There's no assurance into this life on which accidents and problems could really happen
and dont make out those regrets that you should have get some insurance.

Although we arent wishing for those miserable situations but just like been said that we dont know on what would happen tomorrow. If you do have tons of money
but still those rich people would really be making advantage when it comes to insurance yet it would be having that less expense if ever accidents or incidents happen.

If insurance is considered important it is important but if insurance is not considered important then it is nothing and there is no need for insurance. Insurance is not as safe as banks. If one has a lot to think about in one's life and if one has a lot of plans for the future then a deposit account can be made in a good quality bank which can be withdrawn by a user only when required. 

Earlier in our country to be a biker I had to have bike insurance but now the government has done away with bike insurance that means now a biker doesn't need to have insurance to ride a bike. I consider the insurance companies in our country as unnecessary companies, they cheat people more but are of no use in people's danger.

Insurance is very good when you have assets to protect I know many people always get put off by the fees they pay on weekly/monthly or yearly basis depending on negotiations. You might think you don't need it but nobody knows tomorrow. I always encourage people to insure their properties even life.

A friend of mine bought a Toyota Corolla and always complain of paying comprehensive insurance on it that it's been 4yrs now is been paying and nothing has happened to his car but kept on encouraging him that he should continue because no one knows tomorrow but this year went ahead to pay 3rd party insurance and this same year burglars entered their street and ransacked all Corollas in the area taking away everything that matters like brain box, battery etc that cost him 170k to fix back.

Insurance is very good as you might not know when it will save the day and if it doesn't you will you have covered your arses Incase of eventuality

actually you forgot other insurance like

 - Car Insurance

 - business Insurance

but you are correct that those are the most important as  the 3 stands for our life.

this is also how we will be saved in the future as we knew that not everytime
will favor our plans in life.

I completely relate on this , My Uncle use to have a small Grocery store couple of years ago  and my father keep telling Him to seek for Insurance at least in reputable one to maintain His business safeties but instead of complying , he denied the advise saying that this s just an added expenses.
not when the Fire enters the business and burn down not just the product but His building as well , and yes after that fire his life is ruined and find nothing to start a business again , this teaches us everyone in family that always have an insurance not even in business and in employment , to be insured is to be secured.

Yes, it covers a lot of things and our assets can also be protected but of course that it comes with the obligation and depending on how cover the insurance companies are offering it.

Being broke is what making most people die. Not having to afford hospital bills, monthly bills, food, shelter etc. And having insurance will help you at least to get onto those unforeseen events of your life. So, if you ever get one insurance, make sure that you're thinking of it as if something is protecting you.

But in some cases, life insurances have been the cost of many dirty tactics of people and even willing to sacrifice the life of the insured people because of the money that they're insured with.

Generally Im a capitalist but the whole idea of insurance for being sick but also being lost if you should lose a job while ill in some way seems like a catch 22 situation.   Perhaps its not quite that simple as an example in its failure but something along those lines is often what occurs along the way.
  People when healthy dont greatly need the insurance as much though its the easiest time to acquire the coverage, when they are ill its too late and they are then unable.  Its a bad setup and of course the counter argument is plan better, union cover and schemes perhaps and so on but its very easy to see why people do fall through the gaps; does it really benefit society to have that system.  I'd argue we are all more connected then that, the last pandemic surely showed that demonstrated this more then any time in a hundred years;  your health is partly reliant on others and its just true of society, an economy the nation in general.


The alternative there is to include in the company accounts the cost of replacement.  Some businesses do this with a yearly depreciation, perhaps costing in 10% per year set aside to replace the cost of certain vehicles etc.   If there is no insurance then the company has to be ready to replace everything as a possibility, thats not too far outside normal practice but not everyone keeps proper accounts.  I believe it saves some tax to account for future losses and replacement in that way hence I say its fairly common method at some level perhaps.

Sometimes some insurance is difficult to claim or make withdrawals, and the most important thing is that you must always pay insurance on time so that you don't get arrears. Imagine when you are sick and can't get money; it will be difficult to make the payment. Even though insurance is a good thing, you must still consider it carefully, and of course, you must be prepared for the payments that are always billed every month.

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.

I don't understand before why there's a need with these insurances. But when life's becoming clearer to me and as I grow older, the importance is there. There are cheap insurances from our local banks that many don't know, they just need to ask the clerk or the teller for more info. These banks are way better to buy these insurances than of those companies that are random. There is no doubt that some insurance companies have been there for so long but, I'll choose the bank for this because they have term insurance while the other companies are fooling people around with investment+insurance offers.

Common lines for those people who arent mindful about the hassle they would give on the time that they would be dead. For those families who do have that financial capacity then it wont really be an issue
but i've known some of my wealth friends which they do really take those life insurance plans despite of those financial status on which they arent really just that minding about those death insurances but also in other aspect as well knowing that there are insurances now that offers investment plans or education plans or something like that and if you are really just that wise then you would really be definitely be considering these
options for you to take on which we know that this life hasnt no guaranteed.

It would be better to be safe than sorry or simply having those back ups because we dont know on when hardship or hurdles do come up into our lives.
So its better to come prepared rather than on making regrets just because you havent been able to do so.

Insurance is very important for everyone. Car, home, business and medical each have different types of insurance. You can insure everything from your medical to your assets. Unfortunately if your property is ever damaged in any way then you can definitely get help from insurance. And if everything goes well for you, insurance won't help. But I think it is very important to have different types of insurance for different assets for security of your assets. But I think, among all insurances, health insurance should be compulsory for all. So that people do not suffer from deficiencies in treatment in their old age

This is a very good point, you are one of the scarce people here like me who see the light in regulation, I hardly see them here. To many, they believe that everything should just be left to be done anyhow as people like. I wonder how people could be that daft in this criminal and selfish world. If you do not make people or companies accountable, you will be surprised at what they will be doing, people just want to make that money and possible scam if care is not taken. Specifically about insurance, a lot of people have their bitter experiences, this is why insurance is not so encouraging to me. Fine, it has its good side, but that is when something bad happens, and you can only enjoy the service if you opt for the right insurance as well. And what @armanda90 is talking about often happens in developing and underdeveloped countries where the governments are not so responsible themselves.

They are just doing things anyhow, and bribery and corruption are the other of the day there as well. This is why you see companies springing up like mushrooms in those countries unchallenged. Many of these companies might not even be duly registered not to talk of regulation. They are in for the money and must have colluded with the government official saddled with the responsibility of questioning them. This indeed happens and I cannot even trust my own country in this regard. But for more exposure and technological advancements, it doesn't take long before people start calling such companies out and forcing the government to be accountable. It's however best to choose your insurance wisely, and it starts from researching them, their capitalization, when they started, good stories about them, their regulation and so on. Just run for your money if they are short of this, this also will be so easy in my country where insurance is only mandatory for cars.

If the insurance companies actually did what they promised then people would not need to request so much to get insurance but people would get insurance of their own free will. If a member of the insurance agency says that if you get sick after taking the insurance, then the medical expenses will be paid from this company, but is it possible to do so in reality? When a patient goes to the insurance company to pay the hospital bill after getting sick, they will make various excuses and refuse to pay the hospital insurance. So far I have not needed insurance in my life and hope never to need insurance in future.

The insurance must also be registered in its own country and must be recognized by the government so that it can be considered legal by the people in that country, because the people also do not want to be associated with the wrong insurance company or an illegal insurance party that is not recognized by their own country. And currently I see that there are still many people who don't have insurance in several sectors that other people may consider important, but they can still live as usual and that's okay.

In fact, there are several things that require insurance, such as health and accident insurance as well as private vehicles which are still considered luxury, so that when we face things that we don't want, it can make it a little easier to solve them. But if it is for work that is less important and ordinary sectors in life, I don't think there is a need to apply insurance excessively because if we make more insurance it won't be very comfortable and the cost of making it will also be in vain.

Yes and as much as we wanted to get insurance, people are reluctant, or shall we shall that it's not their priority as they have other needs besides getting it.

Of course, as much as we need it, others can't really afford it. Even educational insurance for our kids should be the first one in our mind, but nevertheless parents might be thinking of just paying the tuition fee in whichever way they can.

So it's hard world we life in, and if we are just a middle income family, gonna be hard for us to think about insurance, just saying.