Insurance: A Safety Net or a Waste?

I have often heard about insurance policies, and I feel it is a good thing to engage in because it has saved many people from debt and misfortune.

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Sometime last year, a fire broke out in a large market in Lagos, and many shops were burnt. It was posted on TikTok, and people were dropping messages of comfort for the victims. That was when one comment piqued my interest: the commentator said most shop owners had their goods and businesses insured, so the insurance company would take care of it.

I have never tried it, so I don’t know exactly how it works. But I have read about it, and I know it involves paying a certain amount of money to an insurance company periodically, like weekly, monthly, or however the person chooses. Things like health, cars, houses, and businesses can be insured, so if the person runs into any disaster, the company will step in to help.

It can feel frustrating to keep paying an amount periodically, and nothing happens. But for those who end up facing a disaster, they will be glad they did it. This was the case in the market: those who had their businesses insured still have hope of rebuilding, while those who didn’t may have fallen into debts they might never recover from, especially if they had invested their life savings into the business.

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I knew nothing about HMO patients until last year, when I read one of the banners in the hospital my wife and son use. Not long after, a patient came in claiming she was on an HMO plan.

This patient didn’t pay a dime until she left, even though she did some lab tests and saw the doctor. So I was surprised when I read Vickoly’s post about how patients are treated under their HMO plans. I guess it depends on the organization and the hospital. Some can be tricky. I think it mostly rests on the organization.

So, insurance is not really a bad thing, but personally, I wouldn’t opt for it. Either for my health or my properties, because I feel it is a waste of money, and I don’t expect any disaster to befall me.

I don’t do things that would endanger my life, nor would I misuse my properties in a way that they would get damaged and require insurance companies to fix them. In case of a natural disaster, all I can do is pray and hope I never experience one. For me, insurance is a no.

This decision is for now. I can’t say I will never change my mind in the future cos the more we live, the wiser we become, so maybe something will change my perspective later. But for now, it is a no.

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