why do i need insurance?

Answer 1

For protection. In case something happens to you, you or your family won't have to dig deep into their pockets or sell off their home to cover the losses.

Answer 2

Insurance, generally speaking, provides dollars needed when something bad happens. You need insurance if you cannot afford to replace something.

Car insurance in case of an accident - dollars for repair, replace and pay medical bills. Auto insurance - much the same.

Health insurance - to pay for medical care.

Life insurance to replace your future earnings that a dependent may need when you are not around including paying your debts.

Disability Insurance - to replace your paycheck if you cannot work due to injury or illness.

Talk to a licensed insurance professional. Find one that listens to your goals and needs. Heed that professional advice.

Answer 3

Firstly... I am not a insurance agent...

There are many types of insurance... some are Life Insurance.. some comes with investment.. some for savings (endownment)
You need insurance for many reasons:-

1) You wan to provide for your family (e.g parents if u r single; or husband & kids if u r married) in the event if you died suddenly due to accident or illness
2) Build your retirement nest
3) Helps pay expensive hospital bills
4) Save for your kids's education $ when they reached 18 (university is very costly in future)

Find a good insurance agent who is able to advise u more on what you need.

Answer 4

Look at insurance like this: Insurance transfers the RISK (risk of getting in a auto accident, risk of dying, risk of your house burning down) from you to the insurance company.

If something bad happens, and you have insurance, then the insurance company pays, no you!!

as a Life Agent, this is the simpliest way to explain what Insurance is, and why it is important to have it.

Answer 5

Generally, Insurance classify into a few categories.

1. General Insurance policies – to provide payments in the event of losses from a particular event usually asset; including car, houses etc.

2a. Life Insurance policies – to offer income to oneself or family members in the event of death or total & permanent disability and in some case upon contract of critical illness, example; cancer, kidney failure etc.

2b. Life Insurance w/ Investment policies – depending on the owner objectives and needs, this type of policies includes investment elements that the insurance companies seek in assisting insured fulfilling their goals & objectives by means of investment.

3. Health policies – to provide payment for medical expenses.

As the word insurance, all the above seeks to offer monetary compensation in the event loses occurs. It is one of the methods to transfer unwanted risk to the third party by contracts with an insurance company.

Answer 6

Depends on the insurance you are needing. The idea with insurance is that it provides protection, risk management, against having to pay out of pocket and perhaps increases your standard of living.

Answer 7

This is a litiginous nation. You need to "cover" yourself for your home, your car, and your health. The insurance industry is out of control, in my opinion, and we pay, on an annual basis, more for insurance (in particular, health insurance) than we need to, or often, than we can afford. But, at this time in our history, there are little or no options. We need to be covered.

Answer 8

Depends... What type of insurance you are talking about...
If you are talking about a personal insurance plan like anthem bc/bs that helps with medical bills....
The best answer is.... Do you really want to pay for your stay at a hospital all out of your own pocket?
If you have medical insurance coverage and they are willing to pay why not let them... granted they may charge you a monthly fee to be enrolled but look @ it this way:

What if you had to have surgury that was going to cost you $5 thousand dollars... would you want to have to make payments on that to the hospital bill out of your own pocket?

Some insurances have low deductibles and out of pocket maximums. for example: say you have anthem, say your deductible with them is $250 & your out of pocket max that you would have to pay per year out of your own pocket was $1000. would you rather have paid the full $5000 when your insurance is willing to pay $3750 of the total bill?

-Next is car insurance-

Here is your answer....

If you get into a wreck and there is a lot of damage made to your vehicle and possibly to another... would you rather go to jail or have your insurance help pay for damages?

Answer 9

Insurance is a method of transferring risk of catastrophic loss due to an unexpected event from one party to another. Without insurance you are "self insured". Meaning you are responsible for all risk of catastrophic loss. If you want to hold on to that risk you do not need insurance. If you want to transfer that risk to another party you do that through insurance premiums.

Answer 10

What kind of insurance? Auto? Auto....one because it it probably required. If it isn't, it's smart to have. If you were in an accident and it was your fault, the liability protection would be beneficial. Otherwise, the person who was injured is coming after everything you own. If you don't own much, they'll have it taken right out of your pay check.

Answer 11

you will need insurance for various reasons. you will need health insurance to cover any sickness or health issue. hospital and doctor visits can be very expensive. the insurance will help you financially. if you have a car, you must have auto insurance for the same reasons . it will also cover unisured motorists.