Why pay insurance at all when.....?

Question

Companies find any loophole they can not to pay on claims and never hold a cash value. Not only that you could pay over $800 a month and not be able to cancle if you are forced to sign a contract. At the end of paying all that money if you loose your job you have nothing to fall back on so why have insurance at all ? It seems to me you would do better if you could put that $800 a month in your pocket. What are your thoughts on this?

Answer 1

I put $922.00 a month in my checking. I started doing this back in September of 2005. In December it will be two-years and three months a total savings of $24,894.00
I have one 10K life insurance policy for buirla expenses and one 100K for pyaments to beneficiary.

I am covered under VA and Medicare hospital insurance.

My wife works at AFLAC in Georgia and she also has her savings account, but she drains her out because I manage the household bills.

My debts are limited to needs and my House in Florida brings me extra income from renting totalling $9,600.00 annually.

My household income right now including my wifes pay yearly is $61,600.00 a year.

We live and survive on what we make and the only way to get where we are was to save our money and so if you want to save that $800.00 continuous..you will do good. The odds are you will live to be a 100 years old.

Answer 2

To me if you have good health, I would take that 800 a month and put it in an interest bearing account. I would then look for a catastrophic health care plan with a high deductible should you get a disease or major accident or something. Most hospitals and doctors are giving discounts to those without insurance anyway. You may actually save some money.

Answer 3

What you do if you need to pay a large bill that resulted from an accident or a major health problem.
I believe that everyone should have some form of insurance(and i am saying this even though i am not in the insurance biz)
The important thing is not to overinsure ie make sure that you can afford the premium especially in case you lose your job AND check the fine print.

Answer 4

You are onto something. Put $800 a month into an interest yielding fund, and if a medical emergency comes up down the road, you can pay for treatment. If nothing happens, you have mad money to invest or play with.

I love this place!

Answer 5

What seems like a good idea to make people have insurance.....it's like Vegas..it's made so they win the most.
I find it odd that they have billions in reserve and when a disaster hits and only a few million needs to be paid out..they scream that they are going broke and need to raise rates or stop insuring all together in the disaster area.
But being they are a for profit company and there are stock holders to please..there's nothing that can be done.

Answer 6

That's a good question. It sounds like a good idea to keep that money back, but what if you develop a long-term illness? That's the only problem with that. It sucks that insurance companies have us over a barrel.

Answer 7

What kind of insurance is $800 a month? Yeah, save that $!

Answer 8

We have bought the party line hook, line, and sinker, that we will inevitably require medical treatment. The insurance companies are cleaning up, right behind the medical and pharmaceutical conglomerates. How about expecting to be healthy and living in such a way that it is true? Imagine never visiting doctors, taking magic pills, or needing healing outside of your own ability to render yourself healthy. I do not have medical insurance (can't afford it), and am being my own guinea pig. When I feel a health adjustment needs to be made, I do it myself (diet, sleep/rest, activities/exercise, mental/emotional balancing). How have we given over our sovereignity to others? Of course, building a savings account for all kinds of "emergency" needs is wise. Most people can't put aside anything extra, and not always because of overspending; more likely because of being underpaid. Life on this planet is changing rapidly, and I sense that we are more and more going to have to rely on ourselves, rather than the giant corporations that have raped and abused us. We can all learn to improvise and adapt. Let's begin to take responsibility for ourselves. My health belongs to me, not to a doctor, pharmacist, hospital, or insurance company. I am Sirius

Answer 9

never heard of any kind of insurance costing $800 a month.

instead of putting it into insurance, put it into a mutual fund or IRA, if you're young play the stock market.

Answer 10

WTF are you insuring for $800/month??? If it's a car work on your driving record or get a cheaper car to insure. Be uninsured and cause an accident and that $800.00/month will seem like a deal. I have yet to see the insurance policy you cannot cancel...just what planet are you from?