Insurance is important to me because, simply put, anything worth having is worth protecting; be it a car, boat, home, even one’s self, insurance is always a practical thing to have. Over the years, it seems people have grown increasingly distrustful of the insurance industry; and while this distrust may not be completely unwarranted, it has compelled many people to “save their money” when it comes to taking out certain policies on the pretense that most likely they will never need insurance anyway. Take, for example, home insurance; someone living in quiet, small town suburbia where natural disasters never occur may see no reason to take out a homeowner’s insurance policy. They may choose not to get a policy and may well go ten, twenty, perhaps over thirty years with not one disastrous incident which would require a call to the insurance company. However, the day could come when a pan of oil on the stove starts a grease fire, a leak in the roof leads to mold and dry rot, or faulty wiring causes the house to go up in flames, and the homeowner is then left to shoulder the financial burden of repairing the damages alone. I use this analogy to illustrate that, while ideally one would in fact never need their insurance policy, any day could be the day it becomes their saving grace.
Aside from policies that insure property are life and health insurance, which are immensely important as well, maybe more so than home and auto insurance. I’ve often heard that it is best to get life insurance when young, but few young people ever even consider it. No one likes to think about the inevitability of their own death, especially young people, so it’s understandable why many people choose not to get life insurance until they reach old age; some even refuse to get it then. Life insurance is important because it ensures that a person’s family will be taken care of after they pass. Typically, life insurance policies will pay for funerals, unpaid debts, and other expenses, leaving behind a sizeable amount for the deceased family and loved ones to spend as they see fit. It is easy to see the practicality and necessity of life insurance if one takes a second to consider how devastating the loss of a parent or family member could be to a family. Say for example, a man gets into a car accident and dies on the scene; if he was the sole breadwinner in a house of three children and a wife, that family has just lost its means of income. If the man took out a life insurance policy before his demise, his wife will be given a sizeable lump sum with which she can continue to run the house while looking for another means of income. On the other hand, if the man were die in the car crash uninsured, it’s quite possible his family could fall into financial ruin and have to rely heavily on family and friends to get by until his wife was able to find work herself. Again, no one likes to think of their own death, but dying is a part of reality we must face and it would behoove everyone to think seriously about taking out a life insurance policy. Not only should people with families to take care of take out a life insurance policy, but young adults should consider it as well. Though less likely to die of certain ailments than older people, young people unfortunately pass every day; a young person’s life insurance policy would cover funeral expenses as well as debts such as student loans or car notes, ensuring that these debts would not be passed on to co-signers.
Lastly, health insurance is an indispensable part of the lives of many Americans, as it is the sort of insurance that Americans use most regularly. Thanks to health insurance companies, millions of Americans have been able to afford life-saving operations and medications that they otherwise would not have been able to afford. Everyone hopes that they and their loved ones will live long, happy, healthy lives free of sickness and chronic ailments. Again, in an ideal world, health insurance would be rarely needed save for a routine checkup or visit to the dentist. Unfortunately, we do not live in an ideal world; Americans are diagnosed every day with cancer, brain tumors, and various diseases. It is because of this that health insurance is so important; no one can predict sickness and it’s best to always be prepared.
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