Insurance is important

[bangjoe]

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.

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.

I think this happens in many countries and my family also experienced it, he did insurance but when he wanted to use the insurance, it could not be claimed and to this day it cannot be used, even though he has done it for more than three years.

That makes me also doubt about insurance, although in retrospect it can be said to be important, but seeing the fact that many insurance companies have gone bankrupt makes me increasingly hesitant to start insurance for both me and my family, especially since I am still young and do insurance, in my opinion it will only give alms to people who use it first.

Yes, I personally think it's better to use the money to invest rather than depositing it with an institution or company that we don't know what the future will be like.

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[Casdinyard]

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’ve had people in my circle of friends who underestimate, or completely distrust insurances either because they just don’t like the sound of it, or because of how insurance is portrayed in media and pop culture, especially in the US where they say it’s much more likely for you to get fucked in the bunghole than to have your insurance claim approved. In the Philippines even, we get insurance brokers who weaponize other people’s mishaps so they can entice more people which is just poor taste and leaves a massively bad impression on people’s minds.


Personally I want to trust insurances and start making sure that my family and I are prepared. But until the state of things change, I think I’d be okay leaving wads of cash and crypto to my loved-ones if ever things go south.

[harapan]

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.

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.

[bhadz]

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.

[icalical]

~

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.

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".

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.

[angrybirdy]

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.

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.

[Dave1]

~

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.

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".

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.

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.

[bestcoins1]

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.

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.

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.

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.

[Litzki1990]

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.

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.

[EarnOnVictor]

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.

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.

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.

[cozytrade]

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

[Hamphser]

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.

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.

[bhadz]

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.

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.

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.

[JoyMarsha]

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.

[TopT3ns]

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.

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.

[STT]

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.

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.

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.

[passwordnow]

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.

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.

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.

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.

[bitterguy28]

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 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.

[rodskee]

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

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.

[Manny@11111]

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