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I Got You Covered

Updated on December 22, 2014

Insurance Fears

Insurance should be the least of anyones fears
Insurance should be the least of anyones fears | Source

Insurance Starts Now

Any person that has ever lost a substantial amount of money in their lifetime will tell you of the bitter pain of defeat that resonant in one’s mind. Substantial in this content does not only mean a lot of money, it refer to the magnitude of financial harm caused by the loss to one's total capital pool. Ages ago an institution emerged that sort to create a way back in time to when you still had the money that you tragically lost. This organization offered to compensate one for losses devised by economic uncertainties, protect you from human and environment errors. The deal was sweet, but the hook at the end was sharp and binding. They allowed themselves to shelter your burden if and only if you agreed to pay regular or wholesome amounts to them prior to the occurrence of a loss. The issue that scared most people about this institution was when this uncertain event of loss did not occur, the institution got to keep money paid to them. Therefore, this organization was founded on the firm prospect of “what if”. What if the event occurs and you are not covered by us who is to blame? This institution has grown to become the well-renowned Insurance Industry we all know.

Insurance firms are regarded suspiciously by many as schemes to extract money from workers through empty promises. An insurance company is capable of insuring millions of people all over the global. They all insured personnel claim to be joyful and secure from financial risks, all these people cannot be wrong? Insurance acts as a solution to any kind of financial risk that is imaginable to man that is not channeled with moral hazards. Millions of people globally still object to paying for insurance policies and pension covers. Even when insurance covers are issued for less than a dollar a day. The actual reason is inadequate protection communication, general insurance malpractice and mass fear. Insurance firms, and the nature of their activities are only theorized by many. Poor marketing of insurance products is as a result of little information on insurance dealings and their invaluable role when one looks to invest. Unlike a bank, most people sense that the insurance firm is not necessary for them. If these individuals took the time to view the history of banks; banks were also not welcomed with open arms, but they crawled their way to the top.

Forming the basis of economy stability and financial might is what the banking system has achieved over the centuries. In truth, insurance firms are here to stay and for the sake of all who call themselves businessmen, property owners, parents/guardians and investors. Insurance malpractice is the one factor that still causes thousands to curse the institution of insurance. These malpractices result in monumental losses to those parties that had insured with the firm. Every year there are cases of peoples deprived of insurance claims when insurance companies change the terms of the agreement at the eleventh hour. Some of these firms are sued, and they end up reimbursing more than they would have paid in the original claims. Most are not taken to court, and they get away with their crimes. Fear of insurance is no cause for one not to be insured for insurance is risky but so is banking, and we still do it. Insurance is the only road to low-risk capital-intensive investments and planning.

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    • David Rugu profile imageAUTHOR

      David Rugu Ngigi 

      4 years ago from Kitui, Kenya

      love to know what you think of insurance?

    working

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