Profitable Fear
I really dislike insurance. The idea of paying money, just in case something might happen is ludicrous. Granted, some insurance is necessary, but wouldn't it be nice if every year, we didn't need to use the benefit, we would be reimbursed? Or, perhaps it would just stay in an account, building interest until we actually needed it. In a perfect world.
We have all been so caught up in life insurance, mortgage insurance, auto and house insurance, but let's not forget we can take out insurance in case you need insurance. We have become a society, full of insurance poor citizens.
It makes me angry when I see commercials for insurance on television. That is where part of our hard earned payments go, for their advertising, so they can build their company, gain more clients, and continue to get rich. After 75-80 years of age, life insurance no longer pays to your family. Why? Are they less likely to need it? No, insurance companies know that by that age, the majority of its clients will be dead, so rather than pay out their premiums to their beneficiary, they stop the benefits, therefore insuring they never lose money. That is the garbage of insurance, they never lose.
My husband and I have the minimum amount of insurance we can get away with. The thought of benefiting financially after a loved ones death is morose. I don't agree with it, but if someone does decide to have life insurance, it should be paid out, no matter what age, no questions asked.
Over the years, we have used our insurance benefits twice. Once for our car that caught on fire, due to a electrical short. The last time was when our living room window was broken, thanks to a Devils night prank and a rock. What we have paid in premiums over 26 years, have far outweighed what we have received in return.
When my husband and I bought our first home, we were young and naive. We were suckered into buying disability insurance, just in case either of us were incapacitated, our mortgage payment would be paid or in some cases, paid out entirely. I was 28, when we bought our first house, we had this disability insurance for 4 years, when I had my first heart problem and ended up in ICU for a few days. Our policy stated that any heart problems rendering the bearer incapacitated and unable to work, would automatically pay the mortgage off in full. When we tried to claim that, we were denied. I had to fill out forms, and send in documents from my cardiologist to the insurance company. I was denied because my heart problem didn't fall into their acceptable category...dead. They breached their contractual obligation to us, but we were young, and had no money to fight them in court. Insurance companies never lose.
After that, when our mortgage renewal came up, we dropped the insurance, saving us an extra $80.00 per month.
Now, we have the basics, only because it's the law. We are not fans of insurance, they are poor investments for sure. I am writing this as my yearly house insurance notification sits beside me. It needs to be paid, understandably, the thoughts of replacement value for a fire is understandable, but the thoughts of liability insurance in case someone falls on my property really irritates me.
I need to go to the bank, withdraw the money and pay this off. No point in putting it off. I do it because of necessity, not want.
Let's face it, insurance companies profit on selling fear. They sell it and we buy it.
We have all been so caught up in life insurance, mortgage insurance, auto and house insurance, but let's not forget we can take out insurance in case you need insurance. We have become a society, full of insurance poor citizens.
It makes me angry when I see commercials for insurance on television. That is where part of our hard earned payments go, for their advertising, so they can build their company, gain more clients, and continue to get rich. After 75-80 years of age, life insurance no longer pays to your family. Why? Are they less likely to need it? No, insurance companies know that by that age, the majority of its clients will be dead, so rather than pay out their premiums to their beneficiary, they stop the benefits, therefore insuring they never lose money. That is the garbage of insurance, they never lose.
My husband and I have the minimum amount of insurance we can get away with. The thought of benefiting financially after a loved ones death is morose. I don't agree with it, but if someone does decide to have life insurance, it should be paid out, no matter what age, no questions asked.
Over the years, we have used our insurance benefits twice. Once for our car that caught on fire, due to a electrical short. The last time was when our living room window was broken, thanks to a Devils night prank and a rock. What we have paid in premiums over 26 years, have far outweighed what we have received in return.
When my husband and I bought our first home, we were young and naive. We were suckered into buying disability insurance, just in case either of us were incapacitated, our mortgage payment would be paid or in some cases, paid out entirely. I was 28, when we bought our first house, we had this disability insurance for 4 years, when I had my first heart problem and ended up in ICU for a few days. Our policy stated that any heart problems rendering the bearer incapacitated and unable to work, would automatically pay the mortgage off in full. When we tried to claim that, we were denied. I had to fill out forms, and send in documents from my cardiologist to the insurance company. I was denied because my heart problem didn't fall into their acceptable category...dead. They breached their contractual obligation to us, but we were young, and had no money to fight them in court. Insurance companies never lose.
After that, when our mortgage renewal came up, we dropped the insurance, saving us an extra $80.00 per month.
Now, we have the basics, only because it's the law. We are not fans of insurance, they are poor investments for sure. I am writing this as my yearly house insurance notification sits beside me. It needs to be paid, understandably, the thoughts of replacement value for a fire is understandable, but the thoughts of liability insurance in case someone falls on my property really irritates me.
I need to go to the bank, withdraw the money and pay this off. No point in putting it off. I do it because of necessity, not want.
Let's face it, insurance companies profit on selling fear. They sell it and we buy it.
I'm definitely with you girl on that one
ReplyDeleteThank you.
ReplyDelete