Radhika G

Insurance plays a very important role in our daily lives, for it is the promise of safety and security if case anything goes wrong. Thankfully, insurance potentially covers several aspects of our lives: from general health insurance to the overarching life insurance, it provides much needed stability. Insurance is important to me because it represents a backbone and a hand to hold onto incase of an emergency or disaster. One never knows what can happen, so insurance can safeguard us and prevent loss and uncertainty by significantly reducing the risk of loss to property or even life in some cases.

I value insurance for its reliability to provide safety and security in times of need. Regardless of the number of precautions one takes, life can always throw unexpected twists and turns. Insurance thus helps us get back on our feet. As a student driver, auto insurance is a much-needed resource. For young adults across the nation, we have a sense of safety in case of a car accident. It’s comforting to know that a small cost per month can kick start life back together. Insurance is especially important when it is not your fault. If a drunk driver collides with you or a haphazard mistake leads to your car being totaled, it is reassuring to know that the insurance company will help you get the money you deserve back.

Another personal example would be the significance of health insurance. Anyone can fall prey to an illness, so it is useful to have financial backing. Medical bills and prices easily double and triple, and soon you seem to be drowning in debt. However, insurance acts as a guardian angel and is the promise to stability. In particular, medical insurance can allow you to recover by providing the money for medical expenses.

On a larger scale, insurance promotes economic growth by mobilizing domestic savings. This is because insurance turns accumulated capital or wealth into productive and fruitful investments. Importantly, insurance enables the mitigation of loss and instead offers financial stability. Its promotion of trade and commerce activities results in economic growth and development. Insurance is also a vital source to collect funds. Large funds are collected by the way of premium and are utilized national industrial development which results in accelerated economic growth. Employment opportunities are also increased by such big investments making insurance a source of capital formation. Clearly, insurance plays a critical part in the sustainable growth of the economy.

When looking at insurance, some critics argue that it is not worth the investment. After all, you seem to buying an intangible product, which you may not even use. However, insurance is a promise that if any catastrophe strikes, the insurance company will assist you. It is the confidence that you are not alone.

Another example involves looking into the future. I want to be an entrepreneur and combine my interest in medicine with business. I may create my own clinic where I practice. While it may seem simple, the process to acquire a building and start your business is quite complex. For example, before signing a contract with you, several lenders require proof of insurance as they want evidence of an already present safety net.  Before you buy or build a new building, you will most likely need the help of insurance in order to get the money your business needs to keep going. Thus, without insurance, you are not likely to get funding, even if you have the next billion-dollar idea. The benefits of insurance don’t stop there through. With insurance, you are better able to evolve and compete with opposing businesses, as you are likely to have a guaranteed peace of mind. As a business owner, I would be more likely to take risks and attempt novel business ventures if I can shift the risk; basically, insurance is the necessary safety net that lets entrepreneurs explore opportunity as they know they will be supported even if a calamity strikes.

Finally, insurance protects the common people like me. In a natural disaster or other problem, the super-rich will most likely already have the financial stability needed to move on. On the other hand, the “small guys” like us are prone to such risks and are easily knocked down depending on the severity of the issue. As mentioned earlier though, insurance is the helping hand which will allow the “small guys” to restart.

In conclusion, insurance is the right choice to invest in one’s future. There are several examples of individuals or companies who were traumatized by disasters and could never metaphorically get back up as they had insufficient or no insurance. If you don’t want to be one of those people, it is better to make the right choice now instead of regretting it in the future. After all, no amount of “I wish I had done this…” or “I should have done that…” are going to reverse fate. Thus, for peace of mind and a promise for support, I know that I will both invest in insurance for my future and encourage others to do the same.

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