Many people do not give much thought to insurance, which is a pity. They are under the firm conviction that bad things happen only to other people and they will go through life untouched by any problems. Some of them even regard the payment of insurance premiums as a waste of money. It is only when that one in a million event happens (such as an accident or a fire in the house) that they realize, too late and the hard way, the value of insurance. It is entirely possible that you may go through life without needing any form of insurance but are you prepared to take the one in a million chance that may wipe you out financially? Why should you take the risk on yourself when, for the payment of a small and affordable premium, you can transfer the risk to the insurer?
Any of the following could happen to you. You are driving along in your brand new car when another car collides with your car and injures you badly. Medical insurance can pay your hospital bills (which would otherwise be cripplingly expensive). Auto insurance can pay for the damage to your car or buy you a new car. If you are disabled partially or completely as a result of the accident, disability insurance can protect your income. Can you imagine your plight if you are carrying no insurance? Let us take the worst-case scenario and assume you are killed in the accident. You are the sole breadwinner and your wife and children are entirely dependent on you. Without insurance protection, how will they survive on a day-to-day basis and who will pay for the education of your children?
You could spend a lot of money and effort in putting together nice things for the house such as the giant plasma TV, computers and home entertainment equipment and attractive furniture and carpets. One day you come home to find that your house burned to the ground and all your precious belongings turned into ashes. Without insurance, would you be able to face the prospect of rebuilding the entire contents of your house and your house itself from scratch?
Should you take out insurance for yourself and your belongings and for the protection of your family? This is a real no-brainer and the answer is obviously yes. Is insurance expensive? It depends on how you view it but paying a reasonable sum of money for a reasonable amount of protection may be one of the best deals you will ever strike in your life. You should be comforted by the fact that the insurance is going to be there when you really need it. Start by considering insurance for yourself. Get life insurance to protect your family in case something happens to you as well as disability insurance to protect your income in case you are unable to work because of any disability. Get proper medical insurance to take care of those medical bills and expenses. Next consider insurance for all those beautiful things that you own such as your car and the contents of your house. If anything happens to them, the insurance payout will enable you to replace them. Finally, remember the old saying “better safe than sorry”.