Personal Insurance Is Unnecessary
Bad points about personal insurance:
  1. It drives up personal expenses.
  2. Insurance brokers are given the chance to be parasitic on the society. They use scare tactics to make us pay them. They are sneaky and cannot be trusted. The agreement is not written for win-win, but for win-loss. Also they lengthen the agreement clauses so that people are lazy to read it. They hire actuarists to do a lot of calculations so that chance of payment can be minimized. Some engage in cold calls to trick people.
  3. When something happens, insurance company will find loophole to avoid paying us. Even if we engage to the lawsuit to get the money, we may be put down by the huge cost and long time. Individuals do not have enough money to pay legal fee. Insurance companies on the other hand have a pipeline of lawyers at their disposal.
  4. It drives up medical cost.
  5. It is shallow to think that money can compensate for the loss, such as loss of life.
  6. Become pessimistic and have no faith in the personal and household ability to face the difficult time.
  7. It is a lazy way to get protection. The best protection is increase productivity to increase earning and live healthy.
Posted: 2016-10-15 by Ong Seng Aun.
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