When I try to get life insurance quotes it is usually a difficult task because I have a wife with Lupus which means my search is that more difficult. As it turns out now, I generally have three policies. My wife has a high risk policy. My daughter and me have a catastrophic policy. And my daughter has a school health insurance policy at her university. It’s super important we all have life insurance and it took us a while to find the perfect policy! My friend has a policy with aorinsurances.ie life insurances broker and says it’s amazing but it’s all about finding the perfect insurer for you!
While these policies combined are rather expensive, it is the current state of our healthcare insurance regime that dictates this. An incident occurred that put this completely into context. My daughter saw first hand the value of insurance.
Many really do not understand why insurance advice is needed in the first place. The reality is most do not understand what insurance is. It is interesting because if you check all the different types of insurance we purchase, one sees that quite a big chunk of our income goes to purchasing insurance. As such it is something that we fail to understand at our own risk. Giving the importance of this product one wonders why it is not a required subject not only in high school but college or any institution where our youth learns. It sure would like increase usage and thus reduce total cost.
I had an interesting discussion with my daughter that put people’s ignorance on insurance into perspective. My daughter had an experience in going to the emergency room. She forgot to purchase the insurance at school and was under the false belief that we had no insurance at all. At the end of the appointment she told the accounting department at the hospital she had no insurance. They charged her two thousand four hundred dollars for the service and claim had she been in a life insurance group pricing would have been different.
When she got home she called me and we started discussing insurance. I informed her that we had insurance but it was catastrophic which meant I am responsible for the first ten thousand dollars of charges for that year. She thought it was robbery. She said I paid several hundred thousand in insurance over the years and that I had to pay the first ten thousand dollars was wrong.
I had to explain to her that insurance is a bet. You bet that you will need them to pay you. They bet that they will never have to pay you. The equilibrium is that neither side loses.