Insurance companies, love ’em or hate ’em, they’re a necessary system in our modern world. But why do so many people have a negative perception of insurance companies? Is it because they’re constantly bombarding us with ads? Is it because they seem to speak in a language only decipherable by actuaries with pages and pages of fine print? Or is it because they seem to be constantly raising insurance premiums year after year?
Well, it could be any of those things (or all of them). But let’s face it, the main reason people have a negative perception of insurance companies is because many people think that they are in the business of taking money and not paying it back. It’s like paying for a rainy day fund that they hope you’ll never have to use. It’s a necessary expense, but not exactly the most exciting way to spend your hard-earned cash.
But let’s not forget the other side of the coin.
Insurance companies are there to protect us and provide peace of mind in case of unexpected events. Without insurance, we’d be left to fend for ourselves in the face of accidents, natural disasters, and other unforeseen circumstances. So while it may be frustrating to pay premiums, it’s ultimately a small price to pay for the protection and security it provides in the event you have a loss. This a great reason why you should always work with a licensed insurance broker who can understand you unique needs and relate the policy coverages back to your situation, to proactively set expectations on what insurance is intended to cover and what it is not intended to cover.
So the next time you have a negative thought about insurance companies, try to remember the bigger picture. It may not be the most glamorous purchase, but it serves an important purpose in our lives. And hey, at least you have something to complain about at the water cooler.
