Insurance is important because it protects people from outrageous costs associated with various types of accidents. Health insurance normally pays eighty percent of the costs of medical care, once the deductible has been met. Medication is cheaper with insurance. Most people would not be able to afford adequate care if they were left to pay for the entire cost of health and medications. ‘The benefits of health insurance are important especially if the person covered has a long term disability, or an illness that will take a lot of care, or may be terminal as in the case of a cancer patient. Insurance premiums can be expensive no matter what type of insurance is needed. Health insurance through an employer may match costs, or pay for the employee, while the employee pays for dependents covered by the insurance. Auto insurance is expensive depending on the person’s age, or if the covered person has any tickets. Auto insurance does not pay what a vehicle costs to repair, or replace and in my opinion should be regulated more on what is allowed to be charged for premiums and how much the insurance should pay out if there is damage to the automobile. An example of this happened to a member of my family. They were financing a car valued at eighteen thousand dollars. The vehicle was wrecked, and the insurance company in writing deemed it a total loss at thirteen thousand dollars, which was reluctantly accepted. This did not pay for the amount of money my family member owed for the car. The insurance company then found a technicality in the policy and did not pay the claim, leaving my family member with a heavy financial burden as well as bad credit, as it took over six months for the insurance company to back out of paying the claim. It seems like the adjuster for auto insurance looks more for a way out of paying the claim, than remembering that the person has paid insurance premiums for years without an incident. If a person has continuous claims for their automobile, that individual should have to attend driver’s education classes. All people should not have to suffer higher premium costs, and less payments of claims because of the few individuals who have issues. Home insurance premiums can be expensive but is well worth the cost if there is damage or a natural disaster like a hurricane for example, that causes damage to the property. Life insurance is important to have because of the rising costs of burials. A person does not want to leave their family with the burden of paying for an expensive funeral or covering the costs of debts left by the person who passed away. While insurance of all types are important, most people consider insurance a necessary evil. No matter what type of insurance is being talked about, the consumer should take the time to read the policy to see what is actually covered so there are no surprises later. For example, if an air conditioning or heating unit breaks, the consumer may think this is covered in their policy, only to find out this situation has not been included in their coverage. Insurance carriers and agents should make better attempts to explain insurance policies. The average person does not fully understand everything that is involved with insurance policies, which could leave them unprotected when it matters the most. In conclusion all types of insurance is important to have in case something happens that will generate a financial burden on the average person. However, the consumer should educate themselves about their policies and the agent and insurance carrier should do a better job of explaining those policies and what is covered or not covered. The government should regulate various aspects of the insurance industry, but should also allow for competition among insurance companies encouraging free trade. Let the buyer beware is good advice when speaking about insurance. If a person doesn’t understand something they should ask questions and research the information until they do understand what they are buying. Finally, the insurance carrier should remember that a person is spending a lot of their hard earned money to buy their product, and should respect that when determining whether or not a claim is covered in the policy.
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