Think about the Disadvantages of Insurance before making decision

Saturday, 13 September 2014

insurance, insurance disadvantages
Why do people join some different kinds of insurance? This kind of question often tempts our mind. It is not only because of the fact that we do not join any kind of insurance, but also owing to the number of people use the service of insurance companies. Even, we are so amazed at the fast growing of insurance companies everywhere. What makes them get so many customers? The biggest answer for these two questions is that insurance can give us protection especially related to financial conditionso that we can be peaceful in mind of any sudden expenses in the future. This big benefit is so hard to ignore till we do not think about any disadvantages of insurance.

Let us remember about how an insurance company run its business in this insurance world. It is true that nothing is exactly free for us. Even what is so called insurance is done through monthly payment. It is just like saving money in a bank because when we join an insurance program, we have to pay some amount of money every month. Only by paying this kind of payment, we can be the member of the insurance company that has a right to claim for the insurance. However, the payment is not exactly the same as the amount of money that we save in a bank for sudden withdrawal if it is needed. On the other hand, the payment that we give to the insurance company every month can only be withdrawn by making an insurance claim. It means that we will never get our money back without having an accident or other kind of situation approved as possible claim compensation. This is the first thing to consider about the disadvantages of insurance for you.

Moreover, the money that we pay every month will ever be back to our belongings unless we have accident. When we are healthy and get no accident at all, the money that we pay is used to give claim compensation for other people. It means that we provide some amount of money for the use of other people not for the use of ourselves. This will lead us to spend too much money every month because we may be interested in various kinds of insurance. Other disadvantages of insurance are that people with low income cannot enjoy the insurance. They cannot pay the monthly payment for the insurance so that they will never enjoy the facilities that other people have. In brief, there are some disadvantages of insurance that we have to consider in making a decision about taking or not taking the insurance.