Insurance: a personal evaluation
The fundamental idea behind buying insurance (or forsikring dk as we call it here in Denmark) is to avoid the uncertainty in one’s life. We all have the fear of the future. Blessed are those, who are carefree. Financial stability is one the most desired things for any person. Financial stability is not something that can be gained overnight. It needs a lot of hard work and determination. One way to set your mind at ease is to get insurance. It might give you the peace of mind. This monetary security is given by the financial organizations.
Such packages are given in return of the premium that is paid earlier. This payment is done in advance by the person who is buying the insurance. There is nothing more valuable than a human life. So such packages give a sort of a safeguard and security to the buyer. It is an accepted fact that when you have a sense of uncertainty inherent inside you, then you will not be able to execute the task at hand with confidence and poise. For this reason, companies give insurances to their employees. They make them feel safe and secure. They give them the peace of mind by securing their medical needs. Companies also provide the health care facilities to the family members of their employees. So when the employees face any significant loss, they have a fall back plan in place. In case of any unfortunate loss, they are able to come out fighting. The ability to have faith and believe is also gained by financial backup.
Prior to selecting any company that provides insurance, one should figure out the requirements of his or her own. The first and foremost thing to ask is whether you really feel the need of any such package. You should do some soul searching. Are you the kind of person who will be willing to give a share of your money to the company? Do you believe in long term planning? The most important thing is to be honest to yourself. You can make a fool of any person but you cannot fool yourself. Deep down you are aware of your personal preferences. If you are single then insurance might not look very attractive. Once you have a family, insurance becomes very pivotal and important. The first thought in your mind is to safeguard the future of your family.
The amount you earn is also a key factor. If you are earning a small amount then you would already be living hand to mouth. In such a case, you decision can be tricky. On one hand, you would think how you will take out the premium amount. While another angle of it can be in case of emergency. What will happen if you need money urgently? Will you be able to ask for money from family and friends? So the decision to buy the insurance remains in your hands only. Only you can make the best decision for yourself. When you have limited resources you should make wise decisions.
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