General insurance Is Insurance Saving or Investment

[Mika]

There are different kinds of insurance plans that you can buy for financial coverage for different kinds of situations. For example, health insurance will provide financial coverage when you have to spend money on medical bills. Auto insurance will provide coverage if you encounter accidents.

Is insurance saving or investment?

Insurance does not look like savings because if nothing happens to your house or car, you cannot claim insurance and the premium you paid will be lost. However, also does not look like an investment as there is no guaranteed return if you are not in a position to make claims.

Interestingly, if you buy term life insurance, it can be some sort of savings. That’s because even when don’t make claims, you will still receive your insurance amount after the period ends. Term life can also be called investment because the return is guaranteed either in terms of financial coverage or by claiming insurance amount.

 

[LucasWilliam]

Insurance is all about the investment. I have been availing insurance policies from San Angelo Insurance office i.e Pronto Insurance. You can call them on 325-777-3278

 

[Carpon]

In my region here we really don't give much attention to insurance. Because it is because we are underdeveloped or should I say we are still being categorised as a developing nation.

But I personally don't see insurance the same as saving even though my knowledge on insurance is pretty shallow and I may not know the whole and entirety of insurance and the various opportunities and benefits that it has.
But I think insurance is just something that becomes useful when you are in an unfavourable situation and it is not a must that you'll find yourself in such a situation. So my question usually is so I won't get to retrieve the funds I use for insurance if paradventure I die without encountering a situation which makes me benefit from my insurance cover?

Well nevertheless, insurance is a very vital tool in economics and business and infact in every other aspect of life.