Bryant R

As a child, when I was ill my mother would take me to the doctor and issue an insurance card, sometimes I would overhear the doctors and my mom discussing whether certain things were covered by insurance, I didn’t r know what that meant, the importance of it, or how it really worked. I didn’t even realize that it was something my mother had to pay for.  I just figured as long as mom had that insurance card all would be fine. Now that I am older, I am aware that there are many types of insurance, life, medical, car, home, and rental insurance to name a few.  I also understand that it is an arrangement between you and an insurance agency. You pay them a premium and they compensate you for loss, damage or death, in the case of life insurance. In the case of medical insurance you also pay a premium, which allows you to be cared for by Doctors in their office or in the hospital without having to pay for the entire bill out of pocket. This understanding has shown me the importance of the different types of insurance; although my mother is still the one who pays for them. I recognize that medical insurance allows me to see doctors and get the medical treatment and vaccines needed for school and for my general health and well-being. I am sure that without medical coverage my mother would not be able to afford to pay for my medical services, including injuries acquired from being an athlete.  I have also witnessed my mother’s illnesses and I know she would not be able to afford the out of pocket expenses if she did not have medical insurance, there could have been tragic results if there was no medical coverage.

As a relatively new driver, I understand the importance of car insurance as a way to protect oneself and others in the case of an accident. Recently, I was able to listen in on the process of acquiring car insurance as my mother added me to her car insurance coverage. It was shocking to see the factors that they take into consideration when issuing car insurance, the premiums are higher because I am a black male and also a teenager but without car insurance, I would not have the opportunity to drive. Life insurance, I believe is one type of insurance that is not mandatory, so to speak and perhaps there is a misconception that it is not needed or there is always time to get it. However, I believe it is just as important as car and medical insurance. I have witnessed first-hand the difficulties and high cost of acquiring life insurance later in live or not at all. Currently, my mother has been trying to change her term life insurance policy to a whole life policy and now that she is older it has become very difficult and costly for her to do so. Additionally, I have witnessed the effects of losing loved-ones too soon, who did not have life insurance to help cover their burial cost and to maintain cost of living expenses for the ones they left behind, this usually produces devastating financial results.

Experiencing all of this from a young age has left me with a few expectations as I mature in life. First, my car insurance premiums should decrease as I get older and continue to do my best to avoid accidents and incidents. In the future, after leaving college and claiming my desired job, medical and dental insurance will probably be provided through my employer at a cost to me and I will definitely take advantage of this coverage. However, the one addition to these types of insurance that I will secure for myself earlier rather than later is life insurance just in case something untimely happens to me. I do not want to leave my family, whether it is my mother or my future spouse and children with financial burden.

Having the different types of insurance is important because without medical insurance there would be no medical care, treatment and vaccines required for school. Without car insurance I would not be able to drive and without life insurance I would leave my family with a financial burden upon my death.  I am sure that as I progress through life other types of insurance may be needed as well nonetheless evidence shows that with life there should and will be need for insurance.

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