Why You Don’t Need Insurance
Written by: Leo, February 10, 2019
“We don’t need insurance. We need the assurance and that’s why we buy insurance.” – Leo
You don’t need insurance if you fulfill these 3 criteria:
- You will NEVER fall sick or meet an accident
- You have no dependents – no children, no spouse, no parents or siblings
- In the event that you do fall sick or meet an accident, it must be a minor one, without incurring any medical bills.
If you fulfill these three criteria, then it’s safe to say that you do not need insurance.
For the rest of us, we don’t really need insurance. However, we need the assurance and that is why we seek to buy insurance. We need to be assured that our hard earned money will not get wiped out by the hefty medical bills when Cancer or any serious accident strikes.
As parents, it’s your responsibility to ensure that you have zero outstanding home loan debts for future generations or your offspring to bear. Many unforeseen circumstances can happen and hinder your financial ability to pay off the loan. One way to buffer against the unknown is mortgage insurance, which will offer financial coverage in the event that you’re unable to pay off your loan.
As an adult who just enter the workforce, it’s your responsibility to assure your parents that they do not have to face the huge medical cost (on your behalf) that may be incurred, in the event of an accident or an illness. Practice social responsibility by getting yourself covered with a comprehensive health insurance that offers adequate sum assured and benefits. By insuring your health is to protect your wealth.
“The quality of a society is directly proportional to the quality of its families.”
Everyone of us has a role to play in society. If we all practice social responsibility by being self-reliant and self-sufficient, we do not have to depend on others to take care of our financial needs. We can be productive in our working life, to accumulate wealth that we can enjoy with our loved ones during our golden years.
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