What Insurance Do You Really Need?

One of the most effective uses of instilling fear into people so that they can buy your product or service is witnessed in the insurance industry, with a rather disturbing TV ad I saw while I was visiting a mate abroad, in South Africa. Basically the ad which aired on prime time television depicted an uncensored car accident taking place, with an entire family getting hit by another car while backing out of the drive way in their family car!

I don’t know if that particular ad still runs, but I’m willing to bet a good pile of money that a lot of insurance policies were sold on the back of that ad, with auto insurance perhaps hitching a ride on the effect of an ad which was aimed at life insurance.

Now there’s no doubting that insurance can come in handy to play a crucial role in helping one with what can otherwise be some colossal bills associated with some of life’s more unfortunate events, but it’s not simply a matter of just having to take out every kind of insurance which is shoved in your face. Different people who find themselves in different situations naturally need different types of insurance and there is no one-size-fits-all umbrella of insurance coverage policies which suit everybody equally. However, it can be very difficult to have this very necessary internal discussion when things are flowing along smoothly and you have nothing to worry about at all, but the introspection needs to be had nevertheless.

Take it from someone who knows – insurance companies aren’t in it to provide you coverage in the event that you suffer some sort of mishap which requires them to pay out as per the agreement in the policy, although they are legally bound to do so, as far as is within the parameters which come with that offered coverage. They’re in it for the money and they use the money you pay as your premiums to make themselves wealthy beyond measure. So if you can avoid having to take out unnecessary insurance coverage, by all means do so.

Think about what the insurance you want to take out covers, for example are your kids all grown up and financially independent, in which case do you really need life insurance?

Do you really need legal insurance if you live in a place like Boise, where the likes of the Hansen Injury Law Firm offer free consultations for car accident cases?

If you look hard and long enough, chances are you will find some or other bespoke service which effectively renders a specific type of insurance you’re made to believe you really need unnecessary, however I must state that this isn’t true for all types of insurance. There are indeed some forms of insurance coverage which you simply cannot do without, even if it’s only for a short and crucial period of your life. You’ll seldom need a specific type of insurance for life and unfortunately it will be up to you and you alone to re-evaluate your insurance consistently, making the necessary adjustments as required.

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