Do you see insurance as gamble?

sincerem

VIP Contributor
Since profit isn't assured via any given insurance premium policy presented to customers. And also, the percentage of gaining from the insurance policy you entered into is poised at 50/50. You taje 50% and 50% goes to the company you're buying insurance from.

That has made me come to think that insurance has become another modernised gamble for one's finance. When it comes to business, the entrepreneur success lies on his or her hand. Based on experience, passion, and hard work of the business owner. That's why business isn't seen as gamble cos the possibility of making it depends solely on the one operating it.

But that's not the case of insurance. You'll need to wait let unforeseen dreaded circumstance occur in your favour before you gain. For me I'll simply say, its a gamble for my funds. Any one who isn't prepared for it, shouldn't risk his or her funds.

Do you see it as a gamble for your hard earned funds?
 

btaliat

VIP Contributor
You are right with your opinion. But I believe this may depend on how it is practised in our country. I was reading someone's comment from Indian on insurance policy and he said the life insurance policy can still be benefitted from the person even while alive which makes it seeing as an investment that someone is sure of reaping.
 
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Sherman198

VIP Contributor
Probably, insurance may seem like a gamble, cos what you subscribed for or the kind of plan you bought from the insurance company, will not materialised if danger or problems do not occur. So, before you reap the benefits of any plan you bought, if you did not experience any accident then you are not getting anything....So I would rather assume it's a gamble.
 
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Bookwormlux

Valued Contributor
Insurance is not gambling like you may be thinking but it sure involves some kind of risk as you may not likely benefit anything from it if nothing happens to your health or a car that you may have insured. I think the risks involved is still worth it as you don't know what may happen in future.
 
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Sethbala11

VIP Contributor
Insurance might look like a gamble to some people because you might end up not benefiting or using from it but it is actually a risk that is worth it. You do not have a complete control over what is going to happen the next day and it is important that you should just dish out the small amount of money they are requesting.
 
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Augusta

VIP Contributor
To a large extend it can be seen as a gamble because it is only when you have been involved or fall in that risk policy you took that you can benefit from. So this means if nothing of such happen nothing to benefit. So it is a kind of gamble that way
 
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Mataracy

VIP Contributor
As for me I do not she insurance as gamble. Because any thing gamble means that is either the investors loss or the insurance company loss. Both the insurance and insured can not loss because the reason being that its not all the insured of that that company can have accident at the same time and remember the premium paid by all the insurer will be use for business that can generate more income to the insurance. From the money yhr insurance had use for business they pay any body who involved in any accident conveniently without any problem.
 
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sincerem

sincerem

VIP Contributor
Insurance is not gambling like you may be thinking but it sure involves some kind of risk as you may not likely benefit anything from it if nothing happens to your health or a car that you may have insured. I think the risks involved is still worth it as you don't know what may happen in future.
Yes, no one knows what the future might be, that's why we need to risk some amount of money we have to protect our lives and property for any unforeseen circumstances and be prepared that insurance covers the threat to our lives and property. But it looks like a gamble cos something must occur before you record success, if nothing happens you lose and insurance wins.
 
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sincerem

sincerem

VIP Contributor
To a large extend it can be seen as a gamble because it is only when you have been involved or fall in that risk policy you took that you can benefit from. So this means if nothing of such happen nothing to benefit. So it is a kind of gamble that way
Yes, it is somewhat of a gamble to one's finance, provided that the chances if success isn't more than 50%. The insurance company are looking up to customers policy never cost more than they've invested. When the unbeknownst occurs, it is expected to be less severe in our lives. When it occurs very severe insurance losses when it doesn't occur we lose funds as well.
 
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Mika

VIP Contributor
Insurance is not a gamble, it is a benefit that you secure by paying premiums regularly. gambling means you are extremely likely to lose your money, however, when you buy an insurance policy, it is very unlikely that you will actually lose money. The amount you pay as a premium is very small compared to the benefits.
 
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sincerem

sincerem

VIP Contributor
Insurance is not a gamble, it is a benefit that you secure by paying premiums regularly. gambling means you are extremely likely to lose your money, however, when you buy an insurance policy, it is very unlikely that you will actually lose money. The amount you pay as a premium is very small compared to the benefits.
That's same thing with gambling too. The amount you invest into gambling is small compare to the benefits you'll be getting when it comes out on top. But insurance risk of losing out isn't like betting type, it is somehow fair due to the unpleasant things of life. We are daunt on many life challenges, that's why it is feasible for a policy seeker to earn benefits.
 
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Bookwormlux

Valued Contributor
Yes, no one knows what the future might be, that's why we need to risk some amount of money we have to protect our lives and property for any unforeseen circumstances and be prepared that insurance covers the threat to our lives and property. But it looks like a gamble cos something must occur before you record success, if nothing happens you lose and insurance wins.
When you consider insurance as gambling, it then shows that you are only considering it in a a short-term view and not considering the long-term benefits that presents with it and this is why you hardly get to realise that it is not gambling as you may be thinking because it will surely benefit you or a member of your family as Time goes on.
 
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sincerem

sincerem

VIP Contributor
When you consider insurance as gambling, it then shows that you are only considering it in a a short-term view and not considering the long-term benefits that presents with it and this is why you hardly get to realise that it is not gambling as you may be thinking because it will surely benefit you or a member of your family as Time goes on.
Okay, nice words from you dear. You've revitalized my mind now to think more positive about insurance, knowing too well it isn't like gambling companies that is based on luck for one to become successful or benefit from their scheme. Insurance is an investment for the future and not the one we should be hoping to earn from very fast.
 
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Wisdom01

VIP Contributor
It's actually more of risk and not more of luck which is gambling , because in this case you are paying premium to the insurance company ,and the insurance company would not make the policy that they would make consistent loss ,they would also try to carry out the best policy to make profit
 
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sincerem

sincerem

VIP Contributor
It's actually more of risk and not more of luck which is gambling , because in this case you are paying premium to the insurance company ,and the insurance company would not make the policy that they would make consistent loss ,they would also try to carry out the best policy to make profit
Yes, everyone is simply in for the profit. But insurance isn't like the way gambling platform works. They are seeking for profit but not in a ridiculous way way like the way some gambling sites rip people off by displaying odds looking so hard to win. At least with some policy plans you'll simply be rest assured of earning future dividends especially on Term life insurance, health, property etc.
 
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Abigael

Valued Contributor
I don't see insurance as a gamble as such. Because it comes with many benefits during emergencies that are bound to happen from time to time. So I see insurance as a safety measure. That being said, you should take insurance for things that you know are applicable to you. For example, you cannot take auto insurance yet you don't have any vehicle. But life insurance is mandatory as we will all die someday.
 
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sincerem

sincerem

VIP Contributor
I don't see insurance as a gamble as such. Because it comes with many benefits during emergencies that are bound to happen from time to time. So I see insurance as a safety measure. That being said, you should take insurance for things that you know are applicable to you. For example, you cannot take auto insurance yet you don't have any vehicle. But life insurance is mandatory as we will all die someday.
Yes, I agree with your thoughts dearie. Insurance isn't considered gamble like the way real betting sites operate. Even if their is risk attached to it, because every investment comes with its own risk. Insurance have really served a purpose of safeguarding its customers during time of unheralded circumstances.
 
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Chibson

VIP Contributor
Insurance may seem like gamble because sometimes what you paid for may not actually happen. Someone who pays for auto insurance may not actually encounter any accident or any form of destruction to their vehicles. So it is safe to say that insurance can be seen as gambling but it is actually very important for coverage.
 
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Mandy96

Valued Contributor
If I am to be asked, I’ll say this life is all about gambling. Because everything we do technically is risk. You just have to give it a try. Well it is advisable to gamble when you have the odds by your side because that is some kind of assurance and that is what insurance gives you
 
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