Insurance is important

[milewilda]

I couldn't agree more.  As a financial advisor this is of course a topic that comes up a good bit in my practice.  I am starting to see a "self-insure", "insurance is a waste of money" type of movement.  Sort of like there is with college and people calling it a waste of time and money.

Insurance is extremely important.  I've used my health and auto-insurance countless times.  Had I not had it, I'd have built up a great deal of debt.  Another example is having bought my mother LTC (long term care insurance) some years back.  I knew her future health wouldn't be the greatest and unfortunately she is not quite sick, and has been for several years.  Thank god for the LTC insurance as it's more than paid for itself. 

It's all about the situation, the costs etc..but to flat out say insurance isn't necessary is to be ignorant.

You wont really be seeing its importance until its there, people would really be just telling into themselves that they should have acquire it into those times that they are really that seeing that they would really be needing it.
It is really just that people would really be seeing its importance on this case on which its already too late. Just like the rest been saying on various situations about its importance. It is really just that highly been ignored
or reject out because most people do say that it is really just that an add up expenses but it is really  that totally helpful on the time that you would really be able to experience such situation.

Just like for example not only limited to health insurance but also in vehicle on which its true that if you havent able to get one and since accidents is something that cant really be known on when to
happen then it would really be able to save up your ass when it comes to repair cost because if you dont have  that insurance then get prepared on repairing your car
with full cost out of your own money and might really be giving out such huge impact into your finances then this is where you would make those realizations that you must get one.  

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[ajiz138]

Having insurance can only waste money in the long run, and our money will only be wasted paying for insurance every month.

Because in fact when I take health insurance and I pay every month. When I fell ill and went straight to the hospital to be treated, it turned out that the treatment given to patients who used insurance was not optimal and excellent, it was different from when I paid directly to the hospital, the service was so fast and excellent, I didn't even have to queue too long to get it. can get care and treatment at the hospital.

we can have insurance but not health. So the most important thing is, take care of your health and make as much money as possible.

Many people think like that where they rather than paying for insurance every month then it is better to use the money for other purposes, maybe that word we often hear but there is good insurance is important especially for our health, what if we can't make money anymore? Of course this will be complicated and you will run out of money because too many treat you for so long.

For insurance services depends on each country because it is different, sometimes in insurance there is an upper class and a lower class, if you choose the lower class maybe the service will be like that, but I'm sure not all like that because some countries serve well when you go to the hospital, with the insurance they use.

I think insurance is important because people are lazy to spend money so they don't do this, but if you don't like this method, maybe you can create a special reserve fund for your health.

[Renampun]

...

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".

preparation for the future is a very important thing for everyone, I also realize that and will not be trivial about it. Even though insurance is important, in some areas, it will be very difficult for you to claim what is rightfully yours, so if you don't intend to have insurance then saving and investing is the wisest choice. every living human being needs preparation in order to be able to live his life in the future stably, in the past our ancestors understood the seasons, so they would prepare food in the summer in preparation for when winter came, problems would always come to humans, that cannot be rejected.

[Fortify]

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".

It's not only good advice, sometimes it is downright mandatory and written into contracts. Like if you take out a mortgage or a large business loan, you will often be required to insure it against catastrophic loss, because the bank also wants to be sure that the asset they are funding will be covered in the worst case scenario. It can be tricky when you get into more tailored insurance, like income insurance, when determining whether it is the right choose. Most people will go through their 20's without any need for things like that, as the amount they are earning can often be low, however once you get into your 30's and beyond there are lots of dangers out there like redundancy or health risks, which get more important to protect against financially.

[franky1]

insurance is important.. but the correct insurance is more important

a story of a business lady who never experienced flood in 50 years would not pay a higher premium that has a "flood protection" add-on.. but then the flood happens and oops, still not covered.

many people pay basic insurance for false security and find out they dont qualify for a claim when the worse happens

get the RIGHT INSURANCE not just the basic insurance
the other option is to look at the costs of repair/replacement. and then look at the premium amount to insure. and calculate if its worth paying a premium or setting aside that amount as a 'emergency savings' pot to cover repairs

EG
a. if you know you can buy new flock of chickens and it takes 4 months to full grow them to sell.. for 1k
   and renting a chicken coup for 4 months is 2k   (total 3k to get back to work)
b. if rebuilding a coop for yourself is 15k and will take 6 months and ontop you pay 1k to get a flock of chickens

3k  to be at a point of selling chickens in 4 months
vs
16k to be at a point of selling chickens in 10 months

work out is it better to pay premiums to insure the 16k cost. or put aside the premium amount into your own savings for emergency to cover 3k to get straight back to operating under rent

[freedomgo]

Insurance is crucial, no doubt, but it's also smart to stash some cash for those unpredictable times. Plus, spreading your business across different areas is key to cutting down on risks. You can't just stick to one thing forever; it's better to explore possibilities and have a backup plan in case things get tough.

Personally, I haven't gotten insurance for my business yet, but I'm thinking about it. Right now, my main goal is to save up so I can kickstart another business in a completely different field from what I'm doing now. Gotta keep those options open as we never know.

[franky1]

Personally, I haven't gotten insurance for my business yet, but I'm thinking about it. Right now, my main goal is to save up so I can kickstart another business in a completely different field from what I'm doing now. Gotta keep those options open as we never know.

there is different levels of insurance
as a minimum for running a business... liability
its the legal costs if you or your product causes harm or loss to an employee, customer or guest

then there is buildings/contents insurance. but these can be at different levels. whether its fully inclusive or only contains one or more of:
accidents, arson, no fault fire, flood, storm, lightning, damage, theft, etc

[BRINIRHA]

In fact, it is very difficult for this insurance to reach all levels of society. Maybe in developed countries, insurance is widely used by all people and yes, it is really very useful. Because the average income in developed countries is quite high. But in lower developing countries, people even find it difficult to just earn a daily income and eat. So there is not enough money for them to pay insurance contributions. Because they even have difficulty leaving money to save and invest. Because most jobs in developing countries only pay fairly minimal salaries to their workers. So in essence, insurance is necessary for people who have a middle to upper level of life. But for lower level people, they actually also need it, but most of them don't even know and can't afford to pay the insurance bill. But in my country the lower level of society has been given convenience with free health facilities and the like. So even though poor people don't have insurance, they still won't worry about getting treatment and health. Because the state has borne it. But for the middle and upper class, they really have to have insurance for this.

[michellee]

We really need insurance if at any time something bad happens to us and our family. But of the many insurance companies that exist, we really have to choose them carefully. We have to do research and compare one insurance company with another insurance company. That's so we can get an insurance company that suits us.

Often we are trapped with insurance companies that only make promises to their customers. Still, when we want to use their insurance because something happens to us, they put forward complicated conditions. We must avoid this and that is why we must do more research.

In developing countries, not everyone can have insurance because they have difficulty surviving and meeting their daily needs. They don't think about having insurance but how to survive. This requires attention from the government so that it can provide solutions for those who are still at the bottom of the line.

[cryptoknightt]

Maybe for some people it's hard, imagine it's already hard to meet their daily needs, let alone having to pay for insurance, and I see those who run the insurance business get a decent income from the customers they get.
for example, there are 100 thousand people who take insurance this month and they get a salary of a few percent of that, my question is, did those 100 thousand people experience a disaster during that month?
I said less than 1% of people experience disaster, so where does the money go, and how much money do they get after many years?

[RockBell]

...

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 did not value the importance of insurance until I saw a lot of occurrences and the whole thing changed my mindset about how important insurance is because if your life is insured then even your family will be financially secure that is the most important thing when you have family, and also insuring your assets is good because there should be any accident then you have the alternative to backup your business best advice insure anything that is insurable.

preparation for the future is a very important thing for everyone, I also realize that and will not be trivial about it. Even though insurance is important, in some areas, it will be very difficult for you to claim what is rightfully yours, so if you don't intend to have insurance then saving and investing is the wisest choice. every living human being needs preparation in order to be able to live his life in the future stably, in the past our ancestors understood the seasons, so they would prepare food in the summer in preparation for when winter came, problems would always come to humans, that cannot be rejected.

preparing for the future is just like preparing for rainy days when there are storms you have a cover and that cover is insurance, it might not be important to everybody but to me, it is very important because if you have a business for example and you did not secure it then if there is any disaster or any occurrence then were do you get money to start up but if your insured you have nothing to fear and I know you won't have access to the money paid to the insurance company but your investments are safe, and saving for a situation like this is not advisable because money is losing its value gradually. no matter the price of anything your insurance will cover you.

[pinggoki]

Maybe for some people it's hard, imagine it's already hard to meet their daily needs, let alone having to pay for insurance, and I see those who run the insurance business get a decent income from the customers they get.
for example, there are 100 thousand people who take insurance this month and they get a salary of a few percent of that, my question is, did those 100 thousand people experience a disaster during that month?
I said less than 1% of people experience disaster, so where does the money go, and how much money do they get after many years?

That's not how insurance works, you pay for it so you don't have to worry in case there's an emergency happening and you don't have the money to spend to help yourself at that time. It's not a waste of time but it definitely can look that way when you aren't experiencing bad things in your life, think of insurance as something that many disregard because they don't need it now but will regret not having it when the need comes to them. You have to be careful about picking the insurance though, you have to make sure that you aren't in one of those that will deny you in your time of need, most of the time, these kind of scummy insurance companies are private owned so be careful.

[DeathAngel]

It is so important to insure your home, car & valuables to protect yourself financially from unexpected events. Insurance provides coverage against damages, theft, accidents or as OP says natural disasters that can cause significant financial loss. Without insurance it’d be a disaster, you would have to bear the full cost of repairing or replacing your possessions. In case of an accident or injury, insurance also provides liability coverage, safeguarding you from potential lawsuits & legal expenses. By insuring your assets you get peace of mind knowing that you are financially protected & can recover from unforeseen circumstances effectively.

[Ayers]

Maybe for some people it's hard, imagine it's already hard to meet their daily needs, let alone having to pay for insurance, and I see those who run the insurance business get a decent income from the customers they get.
for example, there are 100 thousand people who take insurance this month and they get a salary of a few percent of that, my question is, did those 100 thousand people experience a disaster during that month?
I said less than 1% of people experience disaster, so where does the money go, and how much money do they get after many years?

That's not how insurance works, you pay for it so you don't have to worry in case there's an emergency happening and you don't have the money to spend to help yourself at that time. It's not a waste of time but it definitely can look that way when you aren't experiencing bad things in your life, think of insurance as something that many disregard because they don't need it now but will regret not having it when the need comes to them. You have to be careful about picking the insurance though, you have to make sure that you aren't in one of those that will deny you in your time of need, most of the time, these kind of scummy insurance companies are private owned so be careful.

Insurance is really necessary for most of us, it's like saving money for emergencies and unexpected situations. But I agree with part of cryptoknight's comment, not everyone can afford to participate in those insurance programs. For developed countries, this is normal, but for developing and poor countries, it is very difficult for many people. Many households in my country have bought insurance for their children but they have not been able to maintain a regular budget and pay insurance on time. They breached their contracts with insurance companies and their money was not reimbursed by the insurance company. It can be said that if a family has the means, buying insurance is a good thing to do, but for families with economic difficulties, that is not possible.

[southerngentuk]

In less developed countries, insurance is often not as highly valued. People there often do not trust insurance companies. They worry that insurance companies will refuse to pay compensation or it will take a long time to resolve claims. In addition, very few people understand insurance well. Even the story in my country, a woman living in an area that often floods every year. She bought home insurance but when the flood happened, she did not receive compensation. She had to repair the house herself, losing a lot of money. They really don't understand the nature of insurance and therefore think it is nothing more than a scam model

[angrybirdy]

Maybe for some people it's hard, imagine it's already hard to meet their daily needs, let alone having to pay for insurance, and I see those who run the insurance business get a decent income from the customers they get.
for example, there are 100 thousand people who take insurance this month and they get a salary of a few percent of that, my question is, did those 100 thousand people experience a disaster during that month?
I said less than 1% of people experience disaster, so where does the money go, and how much money do they get after many years?

That's not how insurance works, you pay for it so you don't have to worry in case there's an emergency happening and you don't have the money to spend to help yourself at that time. It's not a waste of time but it definitely can look that way when you aren't experiencing bad things in your life, think of insurance as something that many disregard because they don't need it now but will regret not having it when the need comes to them. You have to be careful about picking the insurance though, you have to make sure that you aren't in one of those that will deny you in your time of need, most of the time, these kind of scummy insurance companies are private owned so be careful.

Insurance is really necessary for most of us, it's like saving money for emergencies and unexpected situations. But I agree with part of cryptoknight's comment, not everyone can afford to participate in those insurance programs. For developed countries, this is normal, but for developing and poor countries, it is very difficult for many people. Many households in my country have bought insurance for their children but they have not been able to maintain a regular budget and pay insurance on time. They breached their contracts with insurance companies and their money was not reimbursed by the insurance company. It can be said that if a family has the means, buying insurance is a good thing to do, but for families with economic difficulties, that is not possible.

We all know that we have a different level of financial stability in life especially now that some countries are experiencing inflation wherein rising prices of goods and services  affects people on their financial budget and the cost of living is continuously spiking up while the salaries of the employees are not increased that's why having an insurance or budget for that is quite difficult to sustain nowadays, unless you have other source of income. Insurance is very crucial nowadays and who doesn't want to have insurance or investment? If there's enough money, people will definitely put it in their priorities.

[slapper]

If the economy is unstable and market prices change all the time, how useful is insurance? When countries change quickly, the data used to calculate risk can no longer be trusted by insurance companies. Furthermore, insurance coverage is usually low in developing countries. This isn't because people don't know about it, but because they don't trust organisations and can't afford it. If we oversimplify a complicated problem, does insurance really solve everything?

Regarding life and health insurance, there is another side. Although insurance can protect you from financial risks, it usually means higher costs because insurance companies have to pay for operating costs and make a profit. In countries with bad healthcare systems, insurance can make healthcare more expensive and harder to get. If this is the case, is asking for insurance really helpful in these kinds of economies without dealing with systemic problems? Or are we unintentionally supporting a system that could make unequal situations worse?

[tabas]

I have heard a lot of horror stories that's connected to insurance and as well as success stories on how insurance helped them to recover from the loss of their breadwinners. And before talking about insurances, I had made sure that I have already one and I have to fill it up again since it's about to expire, the coverage that I have got. I won't pay for monthly dues, I lumpsum it for covering the whole year and next year will be renewed. We have our houses, cars and other things insured and people tend to say that they don't need life insurances. So, if you're trying to protect your possessions, why not protect yourself as well and don't regret that money that you'll use for buying a policy.

[ndutndut]

Having insurance can only waste money in the long run, and our money will only be wasted paying for insurance every month.

Actually, it's important to have insurance, it's not always a waste of time because this is important in the long term if unexpected things happen. It's just that you choose really good insurance. If you choose a bad insurance company, as you said, paying for insurance every month will be useless.

Because in fact when I take health insurance and I pay every month. When I fell ill and went straight to the hospital to be treated, it turned out that the treatment given to patients who used insurance was not optimal and excellent, it was different from when I paid directly to the hospital, the service was so fast and excellent, I didn't even have to queue too long to get it. can get care and treatment at the hospital.

This kind of reality happens a lot in my country too, where if we go into insurance the service should be good and appropriate, but in reality there are still many whose service is not good, maybe this is what I said from the start, you have to choose a credible insurance company.

I have an example from my neighbor who has life insurance, when the offer is sweet and sweet, but when the heir makes a claim, there are many reasons why the insurance company thwarts the claim by bringing up and looking for the history of the deceased's illness. If you are concerned about the history of the illness, why not do a suitability test from the start? The principle of "know your customer" is not implemented by the insurance company, so it is used as a reason that claims cannot be disbursed. This is very painful for customers and heirs, this is all the result of choosing the wrong insurance company so there is a lot that is not clear.

we can have insurance but not health. So the most important thing is, take care of your health and make as much money as possible.

This is the important point, take care of your health and earn as much income as possible for a better future.

[bayu7adi]

Other than health insurance is not essential for me because, as long as I'm healthy, I can do many things. Besides, the regulations in insurance are usually unfair, possibly due to the type of insurance we choose or even the monthly bill we pay. And health insurance cannot guarantee someone's perfect health 100%, like in the case of a body part being amputated due to an accident... the insurance cannot provide a natural human limb that functions like the original. Instead, they compensate with cash, which in this context might sound like "selling our body parts for money."

I see all insurance as still imperfect. So, rather than paying bills for many type of insurance, I prefer to prepare a backup plan in case something suddenly goes wrong, like a business collapsing or losing a job. These situations should be handled with a healthy body. As long as someone is healthy, there are still many possibilities to strive for.