Benjamin R

My parent’s always said to me: “insurance is important to have, but best when never used.” Insurance means providing protection in case any unfortunate eventuality occurs.  Since insurance can only be used during grave situations, my parent’s statement is generally agreeable. However, when someone is stuck in a critical situation, if they were to not have insurance they would have many more worries on their head. However, what does insurance mean to me personally?

I was riding along on my bike, when I realized that I needed to be home in ten minutes. I usually ride on the sidewalk, but I needed to cross the street, so when the pedestrian light turned green I turned onto the street. Splat! I got hit by a car, making a left turn. I was wearing a helmet, so my head did not get injured, however, I felt intense pain in my hands, feet, and legs. I was sent to the emergency room and spent a few hours there agonizing over the pain of having horrible bruises. Luckily the damages to myself were not horrible, however, they were enough to make sure I was only focused on that pain the next few weeks.

Yet, there was one thing I did not have to worry about in that entire situation. Paying. Because the person who drove the car and my parents both had insurance, the ordeal was not complicated by having to worry about paying for my treatment. We did not have to worry about where the money would come from, and whether I would have to use money to pay for my injury instead of college. Although this tribulation occurred, there was one trial that did not occur, the anxiety of paying the medical bills.

To me insurance means a freedom from worry. It means being able to pay a bit every month so that when something awful happens, at least monetarily, I will not have to worry about anything. I see insurance as a warranty on what I own and on my life, where if I pay into it, it leaves me and everybody around me worry free. If it weren’t for the insurance company, instead of today worrying how I will pay for college, I would have to worry how I could pay the medical bills. This would have resulted in me not applying to the top colleges out of fear of their affordability.

People, when considering insurance are very optimistic, especially when they are young. They think that they are invincible and that statistics is but another number. They think that the incident, whether automobile collision or a flood will never happen to themselves, only to another person. They think (and are sometimes right) that the statistics are on their side, but as my father always said when discussing insurances, “Let’s say that a fire only occurs in one percent of the populace, for ninety nine percent of the people they feel zero percent of the effects of the fire; however, the other one percent of people feel the entire hundred percent of the effects of having fire, and one does not want to be part of that one percent without a contingency plan.” It used to be when I was biking, I mistakenly thought that it was impossible to get hit by a car if I rode on the side walk and obeyed all traffic rules. I thought that it was only extremely careless people who get hit by cars. Boy was I wrong. When the car hit me, I realized that even when people do everything right, there is always room for error. However, having an insurance plan, meant having a backup plan. It meant when one gets hit by a car there would be one less stress, one less anxiety.

Insurance has many meanings to me, however, having a personal relationship with a licensed insurance broker gave me a look behind the veil of the insurance industry. My mom is that licensed insurance broker. She taught me about the economics of the US healthcare and insurance system and why having insurance is the only way to mitigate the risk of living in the modern world. She taught me that in order to be able to live a life unencumbered with the thoughts of risk one needed insurance. Through her teaching me about insurance, I have a much more amicable relationship with insurance as an industry and when I turn eighteen I will take what I learned about insurances throughout my life and make sure to make the investment.

Insurance helps society create financial security for their businesses and their families. Financial security is the assurance that in times of hardship one can still rely on funds they do not expressly own. This security that my mom sold, and that I had when I got hit by a car helps everybody create a stable consumer economy, that has less monetary worries.

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