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Reasons not to buy Insurance
- Mortgage Company Requirements
- Finance Company Requirements
- Motor Vehicle Dept Requirements
- For Burrial only
Buy for Selfishness
Yes! Buy Insurance because of selfishness.
We all work hard for what we have and what we want in the future. Selfishness in
trying to hold on to those things and enjoy their use. Insurance is a vehicle used to
protect those assets. Selfishness is the incentive to protect them properly and
adequately.
- Do not buy insurance “For the other guy” let him take care of himself.
- Do not buy insurance because “The Mortgage Company requires it”. Heck
that is only part of my house’s value. What about the remainder?
- Do not buy insurance because “My car finance company requires it” for the
same reason as above.
- Do not buy life insurance “for burial”. Everybody gets buried. If not out of
love, it’s out of necessity. The real concern is funds for the education of
your kids, the payment of the mortgage, payment of credit card bills and
income for the family if premature death takes you from the scene.
Basic Concepts of purchasing insurance
- If you can afford to lose it then do not insure it. Why pay for the insurance
companies expenses and profits for these items. The same concept can be
used for deductibles. Take a $1,000 instead of $500. Your insurance dollars
can be put to better use by increasing your liability limits or purchasing an
Umbrella policy.
- If you cannot afford to lose it then insure it properly under the guidance of an insurance broker.
- Purchasing insurance falls into two basic areas.
- Protecting the physical property you own for perils to which they are exposed.
- Protect all your assets both physical and monetary from the danger of stupid things you might do. We call those things accidents and the peril we face is being at fault or accused of being at fault
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