Topic: Life Insurance and Blockchain - page 5. (Read 1093 times)

Health insurance is must but in most of the developing countries insurance is one of the biggest scam because they will collect premium amount yearly but in case of medical emergencies most of the time their answer will be it won't be covered under this scheme.So take the health insurance only after reading their benefits or ask for someone who can guide you which one is the best to take.

Life insurance, actually, this is a thing that I mostly want to avoid. I know that life insurance is important, for insuring our life of course. Because we don't know what will happen to us and our family and we need certain life insurance. But, what happens in life insurance in my country seems to make me not interested in certain kinds of life insurance, moreover global insurance, it is about trust and eaisness for claim. Probably it is not because of the life insurance that is bad, but the system and also the sales or customer services that do not be honest when offering this insurance. many users are deceived with very legit insurance profits, but in fact they are gone when they are resigning and nobody can help the users. The users lost most money after paying for years and they cannot claim for it or use it easily as what said by the customer services. And they are only victims without any repayment. this may not for all insurance company, but I will better to aovid this.

However, if the use of blockchain tehcnoogy can support the insurance system to be more reliable, easier, and also really beneficial without any fraud, I think it can be. But, how to ensure the users about this when they are really new ith this blockchain technology? Moroever, it should be also certain training to the employees about this technology and system so that they explain the rigth to the customers.

One purpose of using insurance is to provide funds for emergency needs or dreams in the future, right? IMO, using insurance in cryptocurrency is a very big risk. We know that cryptocurrency is very volatile, so do you insure your valuable property with it? That is not a wise choice.
It's better to insure your valuables with an official and state-recognized company, it makes it easier for you to make a claim and maintain its security of course.

changing the company name is okay but they should give notice  and the funds should be there  . i think i saw many companies before changed thier name but they are legit and operating till now . you shouldnt get discrouaged because of that because insurance is verry useful espcially to the person like us that arent that wealthy enough  and btw i think i saw a crypto wallet where you can pay insurances via crypto  but i think they are no involvement with the blockchain system yet

There had been occasions where I was forced to have a life insurance over a short period of time. Frankly when you're too young most of the insurance companies won't even recommend you a long term plan unless you include savings with it. Which if you ask me is quite odd. Why not save on your own or just start a plain savings program. So no, due to my age, I've never considered a normal life insurance program.

But even if I were to consider one, I don't think I'd care if a company accepted BTC for it. It seems like huge logistical trouble for a big company to handle BTC payments (due to bureaucracy mostly) for it to be worth it. On the contrary, on the user level, it would be much simpler to convert BTC to FIAT. Personally I would just look for the best price in terms of USD value. Charging in BTC might ask for a price difference anyway to cover costs. Long term that doesn't seem convenient.

Also by paying life insurance, you lose your anonymity. So paying with BTC doesn't add much benefit.

Probably yes and most of us here probably an average income earners. I am interested in insurance actually especially in health insurance with claims and benefits for patronizing it over a period of time But then, I was doscourage by my co-worker due to the fact that some of the insurance company will change their name after the collection of money and then run away. I had seen most of them bringing good names of insurance company internationally but still they could be fake and just claim that they are part of that big insurance company.

In reality these kind of investments keep most of the people in the middle class limit so they need to rely on every pay check to run their family and willing to spend money for something which might helps if we are no more.

Maybe that is your view on that matter, but people who avail on life insurance think it's not wasting money, it's a way to secured the family they will left when they pass away. I don't even call that investing as you will not benefit when you die, it's the people you left or your beneficiaries.


True that, but majority of us are just employees, we don't have a lot of money, we rely on our job so we need this kind of security.

Investing in life insurance is not a good choice to take, because the benefits are not as promising as investing in gold, stock or crypto.
And related life insurance claims are also very complicated, there must be several documents that are met. Can be seen from the life
insurance company's customer data continues to decline, this is proof of life insurance is not a good investment. Then if investing in life
insurance decide using crypto is a good step, the more life insurance payment options can make life insurance users comfortable. But it
will not make new users interested join life insurance.

Yes, There'll be a need for many papers to claim the benefits and a proper investigation, but since I have seen many claim story in some insurance I can say it will depend on what company you buy your policy.  I have heard many who is able to claim money and been able to use to continue their family living.That's why we hope at least there is a need for advance used of technology to adopt blockchain for transparency in terms of documenting and investigating to avoid denial of some claims.

In my personal experience life insurance is just useless money spend because we are not going to make any profits from it but medical insurance is different we can actually get lot of benefits from it in our life on many occasions.Even if you have life insurance there is kot of difficulty while claiming that so I never preferred it for my family.

I think both health insurance and life insurance are both useful to your life and your family because life insurance is just a way to help your family financially when you die. In contrast, health insurance is a coverage that will help you pay for medical and surgical expenses that are insured. So if you are investing your money for both of your life and health insurance, it could be useful because you don't need to worry if there will be an emergency will happen in your life.

Investing in Life Insurance company is simply wasting your money to be honest, Just invest on health insurance which is offered by the government itself so you need to invest on assets not something which gives you back after our life. When you have lot of money which you got from your investments you won't actually need a life insurance to take care of your family.

Insurance companies have one way to make money, they get money from you, use it for investment and probably make a profit, and hope that you do not require the insurance that quickly back and when you do need it back, they will try to challenge you on everything to pay you as little as possible.

Insurance companies are the biggest scams in the world, they do not worth the money you are putting in to them most of the time because if it was worth it, you would have done it yourself, you could have invest, you could have paid, but in the end you would have profited more. Why do they exist and people use it?

Because people want some sort of knowledge about being insured to feel at ease, plus in some countries some insurances are even forced so you have to do it. It is just not a good business model for the customer at all. I hope they stay away from everything in crypto world.

I believe that life insurance with the use of cryptocurrency is of the same nature as the use of cryptocurrency to buy goods or pay bills. thus, it is possible to pay premiums for insurance not only of life, but also of valuable things, including movable and immovable property. but since each country has its own government policy, which is not always loyal to its people, insurance companies there very rarely respect consumer rights. Although if you take, for example, in the United States, then without insurance you won't even get basic medical care.

That was before, but honestly, I am not really reading the insurance policy since it's free and its for everyone, it's different when you are the one paying as you will look for the best insurance with the cheapest you can get. Blockchain insurance could be the future, but as of now, I think I'd stick with the traditional one until more people will start adopting in our country.

If many companies will adopt and the government will cooperate it can be possible, BTW its better to have personal insurance, since some company insurance companies were only active as long as you're working in that company and it's only limited with some coverage. But you're indeed lucky that you have company who insured their employees some didn't provide even now that there is a need for protection for everyone.

This is also one of the pretty good methods of insurance companies now. There have been a lot of problems going on in losing customer information and causing the client's insurance investment to be lost. Blockchain technology will solve this problem and all transaction information will be recorded. This is a very good strategy and insurance companies will also get BTC or top coins at good prices.

Ok, so you take out life insurance and pay in crypto, lets say BTC for argument sake.

With BTC increase in price, would your base insurance also increase? Or is it just a conversion from BTC to fiat?
Additionally, lets say you claim the insurance for whatever reason, you get paid in fiat or crypto?

I think these are 2 important questions that these models need to address.

NO


and NO, because you don't get my point.

Just to clarify, I know what insurance is, but I am new to the insurance in the blcokchain, in fact I have been working in several companies and our company provide us with life insurance, but it's different in blockchain compared to the world outside, and that's why I say it's more transparent here as you can see the transaction online easily and all necessary information can be access anytime.