Hello, everyone.
I welcome you to my blog and another wonderful edition of the Hive Learners featured post. Insurance is one of those things that can benefit you as an individual, and at the same time, it can cause you some level of inconvenience, and if you give it room, it will push you off financial balance for a very long time because insurance is paying a certain agreed amount of money either weekly, monthly, or yearly. The agreed amount of money must be paid whether you like it or not; you just have to find a way to make sure it is paid, and since we cannot always have it, sometimes paying this agreed amount can cause inconveniences.
Paying that insurance money monthly, weekly, or yearly can cause inconveniences; you might have plans for your income, whether monthly or yearly, but for the fact that you are paying for insurance, you might be forced to adjust. Some people say they don't do anything about insurance because they don't pray or hope for any disaster to befall them, but the truth is that nobody pays or hopes that a disaster befalls them, but it happens anyway. You pay for insurance so you have backup in case a disaster comes knocking, not because you are hoping or praying that it comes your way.
The reason many people indulge in insurance is because of how the insurance company steps in for you when a disaster befalls you or takes away whatever was insured; if it is a house, they can cover more than half to help rebuild or renovate it, and if it is a car, it is the same thing. That way, as an individual, you don't have to suffer the losses alone, and we all know that when you have someone to share your losses with, the burden is eased and the pressure is also reduced; that is one of the advantages or benefits of insurance.
Insurance can benefit you, and at the same time it can inconvenience you. One time insurance really benefitted me was when I was bitten by a snake. I spent almost a week in the hospital, and they charged for the bed used daily. The charge for the medication administered to me continued to increase as well. My bill was way more than I could even afford to pay before my mother made mention of my father enrolling us for health insurance when we were still very little. I did not see the importance until that day because of health insurance, my bill was split into 2 because health insurance covered the other half of it, and that was how I was able to pay my hospital bill and was discharged from the hospital.
Insurance can help you in times of need, but when not in need, it looks like an inconvenience, but overall I support the idea of insurance because of my experience with my hospital bill; if I did not have any health insurance, I doubt if I would have been able to afford my hospital bill comfortably without running helter-skelter.