Insurance…A Necessary Inconvenience
I will never forget the first time I was responsible for insurance. It’s amazing to me now, but because I had some wonderful parents, I didn’t realize the need for insurance until I got married. Truth!
It’s amazing, like I said.
It was medical insurance that first came into my innocent life. Having been covered by my parents’ policies, when I was in college I didn’t even think about insurance for medical, but then I was married in my junior year, and guess what the first requirement was to protect myself and my bride…”What medical insurance do you plan to have?”
I wasn’t employed in any full time position, though I was holding down two part time jobs and working on the side.
Insurance became a necessary inconvenience. It’s never changed.
Along with the medical insurance came the question, how are you providing for your wife in the event of your death, and vice versa?
Along came life insurance to cover the expenses and to give her or me a cushion of time to absorb the loss and plan for the future as quickly as possible.
Of course, when the automobiles came into play, the next question was, “Do you have automobile insurance? You know it’s required in our state at a minimum of liability insurance.” And, another in convenience stepped into my life.
Then my lovely wife and I gained some furnishings and appliances and renter’s insurance came barging in the door of our budget. Yet again, another insurance lesser of the evil type of decision.
There they were. The four basic insurance invasions that have never gone away despite changes in family, changes in employment, changes in vehicles, and changes in life.
The same is going to happen to you, if you are a responsible spouse, parent, employee, driver, or citizen. Scratch any of the insurances mentioned and you’ll have to scratch one of the responsibilities as well.
Although you can certainly run into additional types of insurance and differing policies, thankfully these are really the basic forms of insurance you need to maintain.
Health Insurance is arguably the most important. Of course, you can say you’re just leaving that to the Higher Power, but among us lower mortals, sickness is assured. Even if you think you can dodge the bullet of ill health, can you really rely upon all of mankind not to bring accidents into your path, or the path of your family members?
I never have liked paying any of the insurance premiums I’ve ever paid, but I sure had a sense of peace of mind when I knew it was sitting there in case the “gotchas” got us.
I never feared financial catastrophe along with whatever personal setback we might experience when a loved one needed hospitalization or more.
Life Insurance is your way of saying you planned ahead even when you couldn’t be present to help. All I had to do is witness the devastating financial impact on a friend’s widow and family when he was suddenly taken from us. It sold me never to let my family fall into those depths of despair because I didn’t care enough to sacrifice a life insurance premium to assure they could make it in my absence.
If you don’t see how you can do anything, then at least check to see if your employer might already have a small insurance policy on you (usually a burial policy, really low cost and low benefit.) If the employer has one, just see what could happen if you contributed $5 a month to a term life policy added on to what the employer has on you. Hey, no body gets anything unless you die, and the employer doesn’t get it, your family does. Might be a way for you to take care of this thing really inexpensively for the time being.
You might be like us, only renters for a long time, but hey, it’s your stuff and it’s hard to replace. Just walk around the place with your cell phone on video. Go slow and even mention on the audio the things you’re pointing out with approximate prices and the dates of when you made the purchases. Open up the draws, the cabinets, the garage, the bedrooms, kitchen and living room. Get that video inventory made and save it in the cloud somewhere. Takes maybe 30 or less minutes to do..if it takes more time its just because you’ve got more to be thankful for, and to protect.
Get the renters insurance to cover replacement for the things that you must have and some small deductible for the things you’d like to have if you lost what you’ve got.
When you move from renters to owners, it’s the same process for the inventory. (By the way, when you move from a rental agreement to a mortgage payment, they’re going to stick you with mortgage insurance…that’s a down right shame. If you can put down 10% to 15% as a downpayment or get the property to appraise that much higher than the loan you’re taking out, then in most states you’re not require to pay that extra mortgage insurance payment every month.)
I have never lived where there was adequate public transit to the point I didn’t have to own a vehicle. Auto insurance have never been a choice, only the amount of coverage was in question. Keep in mind, it’s not just the potential for accident and repair, but also the possibility of replacement of your vehicle that keeps you in the auto insurance hunt. Believe it or not, my state requires me to pay insurance for the uninsured motorists…I have to have insurance against those who don’t have insurance.
Now, that’s the inconvenience of insurance that infuriates me.