Ever Feel Like Insurance Is Just A Waste of Your Time And Money? Please Stop Complaining!

It’s so easy to wonder what’s the point. I mean, I’ve been making all kinds of insurance payments for over 10 years now and to say that it’s been a losing proposition would be a major understatement. The most I’ve asked from my insurance company is to pay for a cavity repair as well as a few massages for both my wife and I. That’s it! No car repair, no problems at home, no earthquake or flooding issues. Basically, every month I’ve been throwing away money for all kinds of insurance products that I have not needed…

So How Is This A Bad Thing? Please Remind Me?

I mean honestly, while I’ve heard a few stories about people being happy their car was stolen (opportunity to change), I think it’s fair to say that for the vast majority of us, insurance will end up being a losing proposition. We’ll end up having paid thousands and thousands of dollars during our life without ever getting anywhere close to that amount. The thing is, that is exactly how it should be. Insurance is supposed to be a way for our society to share the risk of unfortunate events making it easier to avoid focusing on everything that can go wrong.

Change Your Mindset

I personally think that it’s great if I end up throwing out money every year. As long as I know that I have an optimal coverage and am paying fair prices (which I ensure I do through my annual insurance review), I’ll be more than happy to not be getting anything paid to me, which will mean that I have not suffered any unfortunate events.

If you have done your homework correctly, the amount you are paying for insurance will not be excessive as you will only be getting coverage from events that you feel unable or unwilling to risk happening to you either because the cost would be prohibitive or because you consider the cost vs. risk payoff to be too low.

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