Introduction
Many people risk their lives by not taking insurance. These may be any type of insurance be it health, motor or property insurance. In case something happens and you have no insurance, then the most obvious thing that you will get is a total loss as there will be no compensation from an insurance company.
History
In case you have no insurance cover for medical, disability and health insurance, then you will have to spend more money while seeking treatment. This means that you will have to take on the savings from your pockets in order to pay for the medication. In turn many of your plans will stop and even be forced to take loans that might be expensive to repay with huge interests. Insurance acts as an investment to many people. With no insurance, then all the property that you own will be at risk. If you have no insurance and your house is damaged as a result of earthquake you will be compensated fully by the insurance agent thus taking you back to the position that you were before it happened. Now from the insurance point of view you will have saved your house or any of your properties or even the earning as you will not have to use your savings to rebuild your home. One of the worst thing that might happen if you have no insurance is that you will have to be taken to court incase you miss a motor insurance. If your vehicle is involved in an accident, the laws have to be followed for you to compensate the other party. If you are found to have contravened the insurance laws then you will find your self being fined or even getting a jail term. Also it will be a very expensive affair being taken to court as a result of having no insurance. In addition having no insurance will make one to loose a lot of time and other resources. You can imagine being jailed because you have no insurance for your car. Not only will you loose your time and plans for work but it will mean using other resources that could have been put in extra places for your development purposes. Some states will only give people tax relief if they have taken insurance. When you have no insurance, then deduction will be made from your earnings and income. So the more you pay for insurance the lesser the amount will be deducted as the basic earnings. This mechanism will lower the burden of tax to only those who have taken insurance and are paying premiums.
In addition
More over if you have no insurance, it will be difficult to start saving for future projects like retirements and mortgages loan arrangements. This implies that any form of insurance will help in future financial plans that will save you a lot of troubles in case you are involved in anything.
Conclusion
To avoid unnecessary inconveniences brought about by having no insurance, it is better to start insurance arrangement for everything that needs to be insured. Failure to take on insurance will automatically lead to trouble.
