How Insurance Can Make Life Easier

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How Insurance Can Make Life Easier
By Ajeet Khurana

In financial terms, many unforeseen events can turn out to be major disasters for us. Similarly, insurance can be an absolute blessing that lets you get on with life smoothly during both the immediate and the long term time frames afterwards. One of the main problems with a large portion of the population is debating whether or not they need to take out insurance for something that they view as being unlikely to happen, is that they'll never really know if it would have been useful except by looking back in retrospect.

It is all very well to say in retrospect, "This would not have happened if only I had secured an insurance policy". Reasonably, you shouldn't have to take out an insurance policy to cover absolutely every event that's even vaguely possible, and it wouldn't make financial sense to do so. Covering yourself against key, high-cost causes for an insurance claim only makes itself worthwhile if they end up being used. If they do not get used up in the long run, you would only be spending an unnecessary amount on nothing. After all, this means that the compensation for a particular claim really doesn't have much of an impact on how well you can deal with the cost.

It may not be possible to avail of all the kinds of insurance that are available in the markets. But achieving that balance between a low level of cover against a broad range of risks and the sort of compensation that can really make a difference should it be needed is a hard task indeed. Bearing in mind that, reasonably, you neither plan nor hope for any of the risks that you cover against to actually happen, often people realize far too late that it would have been worthwhile to get insured against a certain liability.

But the moment that you find that your insurance has brought you back from the brink of financial ruin, you will be more predisposed to talking about its merits. As an example, let us say that the area that you live in is flooded one year, and you took out flood insurance to cover against damage to both your home and the property inside it while those around you didn't. Initially you would have to pay a lot more to actually keep up the premiums. However, if you do get hit by the flood, you would be thanking yourself for getting yourself that policy. Of course, you might not get full coverage. And it is clear that you will face considerable hardship in the aftermath of the flood, no matter how you look at it. But there is joy in being able to carry on with life almost as per normal shortly after the claim stops the crippling bill for whatever it was that you could have covered against.

If you ask me, the small amount that you pay as your insurance premium can go a long way in protecting you financially in case of a damaging situation in the future. Even if you have to pay more in total, it is a blessing. And for this blessing alone we should be thankful. Insurance does go a long way in giving us nights of good sleep. It takes off the financial pressure in the tough times.

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