Insurance? Not Yet.
To be honest I do not have any form of insurance policy, I mean I do not have car insurance, I do not have health insurance, I do not have life insurance nothing like that.. and the reason for this, is not that I think insurance is useless or that it is a scam or anything like that, no, the simple truth is that I just do not have the money or the resources for insurance policies at this time.
So it is like this, you see sometimes when people talk about insurance, they talk about insurance like insurance is something that every responsible adult should automatically have.. then the reality of this insurance is that not everyone is financially in a position to get insurance, this is because when you are still trying to figure life out, you are still trying to survive and handle your expenses.
In this situation insurance can feel like a burden instead of a safety net and that is the reality of insurance for some people, so that being said for some people insurance is not a priority when you are still struggling to make ends meet with your daily expenses and it feels like an extra cost.
So for me, my money goes to my immediate needs, things like food, transport, small personal expenses, and just normal basic living, an fit is not as if I have a big job that's pumping in money for me right now, no, not yeta at least, so when you are now managing the little you have, you start prioritizing what you can see and touch right at the moment , and insurance feels like paying for something that may never happen, and when every naira counts, maybe feels risky.
So I do understand why some people see insurance like a kind of money pit, because you might keep paying monthly or yearly, and sometimes nothing even happens, so will feel like you are just feeding a system and that you are not getting anything back in return, and especially if you have never experienced a major accident or emergency, it is easy to think, why am I paying for this ?
But then at the same time, I also understand the other side, life is really unpredictable, one accident, one hospital visit, one emergency can wipe out your savings in a second, and in that sense, insurance is not about expecting bad things to happen, it is about preparing just in case they do, It is more like protection than profit.
I think the real issue for many people like me is not whether insurance is good or bad, it is about capacity and sometimes it is not a kind of mindset problem, It is a financial situation problem, you can understand the importance of something and still not be able to afford it, and that doesn’t make you irresponsible, it just means you are working with what you have.
As I get older, i am starting to understand why insurance is so important, when you have a lot of things to take care of, like a car or a business or a family you have more to lose, this means you have to think about what could go and how you can protect yourself, at this point having insurance does not seem like something you can choose to do or not do it seems like something you really need to have, Insurance becomes a necessity when you have many assets and big responsibilities.
Right now, I will not lie o ,survival and stability come first for me, I would rather focus on building myself financially before adding extra monthly commitments, but that does not mean that i will never consider it in fact, I will consider it soonest, yes, In the future, when I am more financially stable, I would definitely look into getting at least health insurance, because hospital bills are not friendly at all in any way.
So no I do not have insurance and It is not because I think insurance is useless but because I am being realistic about my current situation, Insurance can Feel like a waste of money or a lifesaver depending on how you look at it and also most importantly your financial level, so for now I am choosing to focus on building something strong with what i have, and yes I will get insurance when the time is right for me and when my financial situation is stable.
That is honestly where I stand.
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Yes, same here, too. Insurance isn’t a bad thing, but when it comes to you trying to make ends meets to feed yourself and pay some bills, you won’t even think about getting insured at that moment. When the time comes, I might think of that, too but for now, let’s keep chasing the bag 😅
Omo.... My sister that's just it o. Not that we don't like good thing. Before we will think about insurance, we go first thinnk food.
Yes probably later. God will help us
I guess I'll have to get to writing on this topic. I'm in Indonesia so I'm one topic behind but insurance is something that is important to me so I read what you wrote and I'll throw in my comment :)
First: It is mostly true that if you have to choose between eating a meal and buying insurance you have to choose the meal. Health insurance is important but proper nutrition, a stable place to sleep, clean water and such will do more to protect your health than an insurance policy ever will.
Second: Where you live matters. Not all insurance policies are equally strong or equally available and quite honestly, equally important. Also affordability matters also. Some insurance is cheap enough that I think it should absolutely be considered.
Unfortunately I can only give Canadian examples but here they are.
One of the first things I got my son to do was get a credit card. In Nigeria credit cards are horrible things not to be touched or trusted. However, in Canada my son got a card with ZERO fees (as long as he pays it off every month). Here is the thing though with the credit card he gets 1% cashback on everything but more importantly he gets insurance on every purchase.... Free.
If his cellphone dies after the warranty (1 year) and before 2 years time he gets a new cellphone at no charge. If your cellphone on HIVE to make money how valuable is knowing you get 2 years of guaranteed income. Just last month I got a brand new laptop free using exactly the same credit card insurance.
Life insurance is also something that can be quite inexpensive. In Canada the price of life insurance from the day my son was born until the day he was 16 cost me about the same as one meal a month.
In return if I died before my son was old enough to look after himself he would receive a sum of money large enough to make sure he could go to University, live comfortably for at least until he was 21, and have a little money to get started in life. That was really important to me. As a father it was my absolute responsibility to make sure that my son got a chance in life. If I was alive and working I would do everything I could to make sure he had that chance. If I died? Well, that's why I had the insurance to make sure he still had that chance.
However, I see many types of insurance like whole life insurance which is a scam. I see expensive extended warranty programs which are just money grabs by the store. My wife was even offered life insurance before she was married and had any dependents which is totally crazy...
Ahh... but I'm getting long. Just wanted to say I totally agree when you are struggling to make sure every daily need is met insurance can be a "someday but not today" and I will totally agree with that. However, there are sometimes where if you look at the fine print of credit cards, or different programs come up... I would recommend reading about them and give it a thought. Sure you may have to say no many many times and that is fine....but if something comes up like my son's credit card program...at no cost...why not say yes :)
(Unless you are in Nigeria where every credit card I looked at was just terrible).
Thanks for writing and have a great day.
Well... I cannot say same for us here in Nigeria ,we have to pay for every damn thing we own.
Though I do get your point. Insurance is not bad to have. And also ones location really matters. Look at the benefits you guys are getting over there.
All I can say for us here is God will help us
:)
I say the same thing here.
So many things can go wrong in this world. I do what little I can to keep my family safe and prepare for what might happen but at the end of the day I pray every day for God to take care of my family in ways I simply cannot.
Yeah. I see what you mean. The little money we make should be used to solve our immediate needs and not to be kept with the insurance company and die of hunger.
Thanks for sharing