You must have heard from people about insurance. And I think many people have some insurance policy now a day. The most common of those insurances are home insurance, vehicle insurance, and property insurance. There are insurances which you might not be aware of, such as expatriate insurance, pet insurance, and pollution insurance, driving instructor insurance and a few more are there.
Benefits of insurance:
The most important benefit of insurance as all of us know is that the insurance company or the agency pays for the loss of the property whether it is life, or vehicles, or any other. The cost is covered by these companies. So you don’t need to worry if it is regarding health problem or any damage done to your house or your vehicle. Let’s see an example. Let us take for example, what we call the driving instructor insurance. In this type of insurance, the instructor or person who has taken this insurance has not to worry regarding any types of vehicle damage or any kind of uncertainty occurring in his life. So in a sense one is secured by taking insurance.
Controversies regarding insurance:
Now let us see what the disadvantages of insurance are.
- The first and the main disadvantage of insurance is that it doesn’t reduce the risk involved. Going for insurance may cover the cost of the damage, but in no way it reduces the risk of occurrence of uncertainty.
- It requires premium. Different insurance policies need different amount to be paid as a premium. The insurance company does a risk assessment and decides accordingly the premium amount. So, accordingly the premium may be high or low.
- The insurance policies are somewhat confusing. Many people without understanding what they have to pay buy policies.
Now it’s up to you to decide whether insurance is a blessing or a curse for people.