2006-08-12 17:46:29 · 4 answers · asked by Jief 1 in Business & Finance ➔ Insurance
Insurance is just this.... piece of mind. You should consider all the risks that could possibly affect you and then consider the likelyhood of those risks. That is what the underwriter does for an insurance company. They use the law of large numbers (statistics) to determine how likely you are to have a loss. That is how they determine a rate for your policy. I suggest sitting down with your agent to address your concerns. Also, find out what is covered on your policies. Many people have homeowners insurance or renters insurance because they are worried about flooding only to find out flood is not covered in most policies. Insurance is a choice. If you want piece of mind, buy it. If you don't - don't.
2006-08-13 04:17:04 · answer #1 · answered by aerowrite 3 · 0⤊ 0⤋
My total medical bills for the last decade were less than 1 months medical insurance premiums. I could argue that I do not really need to pay for medical insurance. On the other hand, if I got hit by a truck and had no insurance, I'd be bankrupt. I have no dependent so the only reason for me to have life insurance is to cover funeral costs. It depends on what risks you are willing to take.
2006-08-13 22:21:44 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
It depends on the individual. For example, some lenders require you to have life cover in place to cover your mortgage. However, a single person, for example, may not be concerned passing their home onto somebody after they die, in which case, they need no life cover.
The idea behind insurance is to help with a shortfall of some kind, and it is not to leave somebody better off as a result.
2006-08-13 16:41:24 · answer #3 · answered by Linda 6 · 0⤊ 0⤋
Read some insurance tips and articles on this site to answer your question
2006-08-13 00:50:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋