You Need Insurances, Don’t you!
Do you have any insurance? It is a simple question, but a very important one. Do you think you should have insurance? Why do you think you must have insurance? What kind of insurance should you purchase? I think these questions can be asked of anyone. It happened to me when I was a senior undergraduate student. I was fortunate to have the opportunity to join seminars about commercial insurance companies like AIA (American International Assurance), AACP (Ayutthaya Allianz C.P.), and ING. They talked about the truth of life. Truth is not dead. You cannot avoid birth, old age, pain, and death. It can happen to anyone, anytime. You do not know when you will become sick or when you will die. Certainty is uncertainty.
Who should have life insurance and health insurance? A life can be divided into four age ranges: baby, student, working age, and retirement. People can be sick at any age so whether you are in any of the ranges, you should have health insurance especially during working age and retirement age. How much do you have to spend for a critical illness or accident? Do you have enough money? If you don’t you should have insurance. If you are the source of the main family income, you cannot go to work forever. What will happen to your family? Whether you live or die, your family can still survive. In my country, life and health insurance must be purchased together. You can buy only life insurance without health insurance but you cannot buy health insurance without life insurance because life insurance is the core part. The premium for life insurance doesn’t change but the premium of health insurance will be changed by age. Younger people will pay less than older people. One more thing, you should buy insurance when you are healthy because you cannot buy insurance when you are sick and when you have a history of treatment. Under these last two situations health insurance premiums will increase or you cannot obtain insurance at all. Insurance does not help people only in death, but it helps those who have a long life too. Current life insurance policy is also similar to a savings account. With policy maturity, you will receive the insured sum that you can use to live.
The best way of investment is diversification. When you have 10 eggs, you shouldn’t put all of them in one basket because when the basket falls down you are going to lose all the eggs. Insurance is one of the baskets of investment. When something happen to owner, this basket is working to cover them.
In addition non life insurances are important, for example car insurance, house insurance, including insurance of household goods. You never know… an accident can happen to anyone; it is better to be protected. An accident occurs due to lack of proper care. You drive carefully but the other drivers might be not careful. Insurance coverage for repairs and medical expenses due to accidents vary from policy to policy. Some laws force a vehicle to have insurance. You have to spend money to fix your car so it is ‘penny wise and pound foolish’ for you to only buy liability car insurance.
You don’t need insurance if you know what is going to happen in the future. You don’t need insurance if you are immortal. No one wants bad things to happen to themselves and their families. Prevention is better than cure. Life insurance is a pledge of love and our responsibility to those we love. Life is not sports games, no half time, no request for time off, no request for time out, no injury time. It is never too late to mend. Joy and sorrow are as near as today and tomorrow.
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