Do you believe in insurance?
By bloggeroo
@bloggeroo (2167)
Philippines
July 26, 2010 7:33pm CST
Are you insured for accidental death, health costs, etc.? Do you believe in insurance or covering risks? Or, what do you think or know about insurance?
I'm going to pursue a career in the insurance industry so it would be interesting to know what people generally think about insurance nowadays.
1 person likes this
9 responses
@Canellita (12029)
• United States
27 Jul 10
Insurance is one of those things you are often forced to pay for but never really use so you don't see any kind of return on the investment. For many people, when the time comes to make a claim, they have to do such battle with the insurance company to get paid it reinforces the idea that insurance is a racket.
@Canellita (12029)
• United States
29 Jul 10
If I put money into a savings account I can get it all back at any time, unlike insurance. Some insurance policies like life insurance have a cash value after a time and you can even cash them in. Health insurance only goes so far and does not cover all procedures, meaning no matter how much money you have put in, you still don't get to use it the way you would use your own money in your savings.
Likewise, car insurance is money you never see again. If you file a claim it doesn't matter how long you have been paying on the insurance, your deductible is what it is and there is always a chance the company won't pay a claim. People on the Gulf Coast in the US had that problem after Hurricane Katrina when they filed their homeowner's claims.
I find it interesting that someone could suggest insurance is forced savings.
@bloggeroo (2167)
• Philippines
28 Jul 10
Although insurance is sometimes called forced savings, it is more about getting the client to have the discipline to save money. As for kinds of insurance companies and their credibility, I'm not really familiar with the state of the industry in other countries. I just know that I'll be working for the biggest insurance company in the Philippines.
@edwardjoy2000 (2387)
• United Arab Emirates
27 Jul 10
Yes i do believe in insurace. I had been a finacial consultant selling insurance for some time. I know that an insurance company will never go bankrupt. Its is also a same saving. But if you want your money to grow then you will have to go for mutual fund.
@bloggeroo (2167)
• Philippines
28 Jul 10
Incidentally, insurance companies now have mutual funds. Right now, PhilAm has several products that they are ready to offer those who don't believe in insurance, but have money to invest.
@syankee525 (6261)
• United States
27 Jul 10
its good to have for sure, if you get sick or hurt and you dont have insurance you will get stuck paying the whole bill where most insurance cover 80%. and life insurance is good too, because if i die my wife will get money to help to pay for things
@bloggeroo (2167)
• Philippines
28 Jul 10
Yes, even if you have the money to pay for hospitalization, it will probably be cheaper if you have some insurance to pay for such expenses.
@ebuscat (5935)
• Philippines
27 Jul 10
For me not because in our crisis time i think no company would be success to gave money to there member one's you in in that insurance.
@bloggeroo (2167)
• Philippines
28 Jul 10
I'll really didn't get what you mean. It seems you think that during crisis insurance companies will be in crisis as well?
@grkelly (1206)
• Malta
27 Jul 10
In my opinion insurance is a waste of money to a certain extent. It does has some advantages but at the end of the day one can easily save money in a bank account and find it when in need. In my country we do not have much fuss on health insurance as most private hospitals are relatively affordable apart from the fact that the health system in public is good and free in most cases. However when it comes to life and property insurance it is more common, espcecially when home loans come into play.
@bloggeroo (2167)
• Philippines
28 Jul 10
Actually, it's a waste of money, if nothing happens to you. But the thing is, nobody can really say for sure if something will happen or not happen to you in the future. So, it's more about peace of mind that should any of this terrible things happen, you are protected or prepared.
@bloggeroo (2167)
• Philippines
27 Jul 10
Yup. I know what you mean. The high cost of living makes the family income very vulnerable to disruption. Usually, the added cost of dying or disability is really life-altering.
@georgegijo (241)
• India
27 Jul 10
Insurance is a subject matter of solicitation which means it is the choice of an individual whether to insure or not. Most of the people would like to cover their life,health and wealth to be insured. For a health and life insurance policy premium goes up as you are getting old.
@bloggeroo (2167)
• Philippines
27 Jul 10
Well, it's an intangible so it's understandable that people don't readily appreciate its value. An insurance agent is supposed to be the financial advisor in this case.
@diamania (7011)
• Netherlands
27 Jul 10
I have a 100 euro per month health insurance( free dental service, free cane or walking aids, free this free that... bla bla :P) and also a legal insurance. The former is mandatory the latter comes in handy when being sued or when suing. I am insured for accidents happening during and short after school time, also mandatory. Insurance against damage to property in my home, fire, water damage etc. and so on...
Holland is the country with the most insurances per capita, or similar world record... :)
@bloggeroo (2167)
• Philippines
27 Jul 10
Hmm. The Dutch are really good at money or personal finance. Maybe, the world's top insurers or insurance companies are owned and operated by your country.
@lacieice (2060)
• United States
27 Jul 10
Insuranace is good if you can afford it. We are older folks, and I do have health insurnace, but hubby doesn't, because it's too expensive. I am a diabetic, and he is pretty healthy, so we chose to just have it on me.
We also have car and home insurnace, but no life insurance. We have elected to be creamated, so the cost is minimal...about $700 in my area.
The kids are grown, they will inherit anything that is left, including the bills. We've been helping them out financially for years, even to the point of doing without ourselves, so they will just have to cope.
We buy the insurance we can afford. Some people buy so much that they become "insurance poor".
@bloggeroo (2167)
• Philippines
27 Jul 10
It's one of fears nowadays to be rejected because of my health should I wish to buy insurance. I don't have any insurance yet and I'm concerned that I don't have enough assets to leave my family.
Anyway, hopefully soon, I'll be able to buy insurance (that I can afford) to cover risks to my person and our properties.
Hmm. I haven't heard that term "insurance poor" just yet. That's something new.
