Is your family protected by insurance? Is it really worth it?
By kbkbooks
@kbkbooks (7022)
Canada
March 2, 2008 6:19pm CST
It's for sure that if insurance covers the expense of whatever it is you need compensated, then it's worth it. For example I pay over $100 a week for my meds and get 80% back, which is a real help. However, insurance is costly. Often, you can end up paying way more in premiums for "protection" than you will ever even see in returns if you do have a claim.
Also, I worked in insurance adjusting for a while, transcribing reports from the adjusters. It always amazed me that the insurance companies worked as hard as they could to find reasons not to pay their claims. It seems to me the adjusters job is actually to find a way to invalidate the claim.
Since having worked there, I don't jump too quickly to buy insurance unless I am sure I can really afford it. Our medical insurance for prescriptions costs alot but it definitely helps when I consider the cost of my meds over the year. Right now, I cannot afford life insurance or house insurance or even car insurance. The amount that we would have to pay for these protections are not only way out of our affordable range, but I really don't think that anything would happen to our house or car or even our lives that would be paid back in claims enough to make our expenses in premiums worth it. I really think we are ahead by using the money for clothing and food and meds than we would be if we struggled to pay the premiums.
It's probably illegal not to have car insurance. If I ever have a really bad accident, I will probably be in lots of trouble, but can't imagine being in more trouble than being hungry and naked and cold. If one of us dies, I really have no idea how we will afford funerals which are a ridiculous price, but I can't imagine paying the premiums for insurance either. As for house insurance, our present home is in such bad repair that it costs way more than the worth of the house itself to buy insurance. We would be homeless if we paid for all the insurances we need anyway.
You will probably say I am really stupid to be without this "protection", and I know why it seems that way. Right now there is an ad on tv about families in poverty who can't afford both food and electricity, or both rent and clothing, or any such combination. When I see that ad, I feel like it's about me.
As the saying goes, "Nobody ever said life was fair." Well, I can tell you it's the truth.
1 person likes this
4 responses
@sedel1027 (17846)
• Cupertino, California
3 Mar 08
My husband and I both have life insurance, health insurance, dental insurance and car insurance. The most expensive out of that set is the car insurance because he has a new car. I believe it is definitely worth paying for insurance. Just the medical insurance saves up money. My life insurance is paid in full, we pay $7.95/month for his coverage of $1 Million.
1 person likes this
@sedel1027 (17846)
• Cupertino, California
3 Mar 08
My son also has coverage, not that much though. We pay $54/year for his. Our medical and dental is $160/month. I know there is cheaper coverage that isn't as good out there.
1 person likes this
@kbkbooks (7022)
• Canada
3 Mar 08
The problem for me is making the cost of the coverage at least come out equal to what the care it covers is worth. If I am only going to spend $50 on a cleaning every two years I for sure don't want to buy insurance at even $5 a month to cover it. Do the math...It's $60 per year or $120 in insurance for two years to cover only $50 in actual expense. I'm not ahead if I do that right? Life insurance and fire insurance, on the other hand, are beyond value if you happen to need them, providing the adjusters don't find a way to wiggle out of paying the loss.
@bluebutterfly1234 (92)
• United States
3 Mar 08
I was looking for a thread like this. ONLY my problem is house insurance. We had a wind storm at the end of JAN. and I am still fighting with them. They want to patchwork my siding. The adjuster had the nerve to tell me that my siding was faded and light in some spots and dark in others before and that I did not care about it before but now that it is the insurance companys problem I care. That really upsets me cause I do care about my house and can't afford to just go buy new siding for the whole thing but to just say here match it as close as you can and live with it really P***** me off. Insurance is to expensive to for them to just say here patch it up and live with it. Then raise the rates you pay for the next year cause they had to pay out a whole $460. And now here I am screwed cause I can't afford to feed my family and fix my siding. I do think that the insurance is important expecially for a car. My husband is the only one with life insurance and we do have insurance with his job for medical, dental, and eye. But it always comes at a cost it is about 100 out of each paycheck. I totally understand where you are comming from on do I feed my family or buy insurance. Ok I am going to stop ranting now.
@kbkbooks (7022)
• Canada
3 Mar 08
Thanks for being supportive of my emotional dilemma. I hate it some bureaucratic system has the RIGHT to take my money before I even make it. It's a ripoff as it is, and then the government adds to the burden by saying something like you can't drive your car without insurance. Life is nearly impossible without the ability to work...
1 person likes this
@bluebutterfly1234 (92)
• United States
4 Mar 08
I hope things get better for you. I am going to keep fighting with my insurnace and see what I can do (fingers crossed).
1 person likes this
@Bev1986 (1425)
• United States
3 Mar 08
We have insurance on everything... our health (through hubby's work), our cars (required in PA) and our house. As far as our health goes, we could not make it without the insurance. Yes, it's expensive, but hubby's work pays a portion of it.
My oldest daughter has been through some serious health problems in the past three years and has had several operations and hospital stays. Without the insurance, we never could have paid those bills. Because of the insurance, we pay $35 each time she's in the hospital. That's it. She had cancer, so it could definitely come back, so she has got to make sure when she gets older that she always has insurance.
1 person likes this
@Mamagee (392)
• Malaysia
4 Mar 08
Yes. I bought an insurance to my children and myself. An insurance is not only to protect our life. Insurance nowadays is something like our saving. I bought insurance for my children is for their future. I mean insurance can cover the cost when they further their study. So i don't need to spinned my head thinking of money to pay the cost of their study. i think you should study what the insurance offer you before you buy an insurance. If you buy life insurance, it only cover your life. You only get full amount when you lost your life and if you are hospitalized, they pay for your hospital bills only. So, be careful.
