Let's not forget that everything that has merits also comes with demerits, no matter how beneficial it might be to the people of the world.
WHAT ARE THE PROS AND CONS IN INSURANCE?
Here we'll be listing the pros and coins involved in insurance so everyone will be wary about it, especially for those who never invested into insurance.
PROS OF INSURANCE
* Insurance provides economic and financial protection to the insurance premium policy seeker or insurer.
* Insurance shares the risk with the insurer; with the way uncertainty occurs in our daily life, insurance covers some of the risk, by sharing our risk when we are contracted to them, by providing stimulus packages to the affected insurer base on the policy plan he or she opted for.
* keeps the standard of living balanced; with insurance you can get financial assistance when you're suffering financial loss, due to unfortunate financial loss in your business, and xD.
* Insurance relieves the pressure of unbearable loss; This is one of the benefits of life insurance. When you lose a love one, you'll get supported by insurance company provided the person you lost is included in the premium policy.
* Provides grants for loans; Those who are insured by insurance company are entitled to loan grants provided the loan they're requesting falls in line with the policy agreement.
* Serve as a means of employment; with insurance, people have started owning their own insurance company, knowing too well about the benefits of owning an insurance company enterprise.
THE CONS OF INSURANCE
* Terms and conditions apply: remember not all losses are covered by insurance. They only attend to losses that falls inline within the policy agreement, and nothing more. That's why you need to read first the terms before continuing.
* long legal proceedings; it takes a legal process and time, before the insurer can get his or hands with the benefits stated in the premium policy.
* Red flag; remember that not all insurance agency are legit, their are many that are fraudulent in nature. They just want your money and run away without doing the needful, those ones are red flagged, always seek an expert review before seeking any insurance policy premium.
* It is expensive; Some premium policy prices with lots of benefits are simply beyond what the poor can afford, even if you're paying in installment, you might not get to the finishing point of your required payment. That's one of the demerits of insurance, it isn't for the poor to go into.
* Insurance not for everyone; Insurance premium policy like ' Life and ' health insurance isn't for the old or unhealthy people, cos they are prone to risk of untimely death, before the policy even mature. And insurance company view it as risk to their company, which might lead to their own financial crisis.
* It raises crime: We understand that insurance shares our risk with us, and provide coverage for the losses we incurred when it is within the contract terms. Some persons takes advantage to benefit from this policies before the contract matures by causing accidents to themselves, and other crimes to themselves in order to claim the reward stated in the premium policy they opted for. We know its a major demerit to the insurance company, which makes them lose financially as well.