12. Swabeng Dilemma: To be or NOT To be Insured

When I was young (around 20's), I have a different perception when it comes to Insurance. To me (back then), insurance is a bit complicated that my thinking was you need to have a lawyer to get insured (sounds weird right).

Also, my belief before that insurance was for the rich and wealthy people. Why pay premiums when you can use your money on the things that you may need right? Am I also alone on this?

I'm not alone!

There are also thousands (if not millions) who are also working yet uninsured. If my hunch is correct, most of the working class think that their SSS (or GSIS for Government Employees) would be enough for them. They would also think that Insurance issued by their respective companies (via tie-ups). This in fact would be one of the reasons why Filipinos don't have an insurance to protect themselves.

Here are some interesting reasons why most still doesn't have any insurance. Technical aspects not yet included.


1. The Habit of Ignorance.

Majority of the working class would rather not discuss about it as they would thing it is always been related to dying. They would just shrug it off and probably say they don't need it yet since they are still young and healthy.

Let's face it, they will most likely be contented on SSS (or GSIS for Government Employees) as far as they're thinking. Another factor is the list of definitions insurance term that seem to complicate them leading to simply ignoring it altogether.


2. Impressions of the Past.

Probably for some reason, they may have been misinformed by past insurance agents, and probably misleading them at some point. These are people who may have been scammed in the past with their former insurance agent.

Trauma from past experiences prevent some people from accepting the fact that they need insurance to protect their future as well as their loved ones.


3. The lack of funds.

Now this would be the most common reason (This was also my reason back in the past) why most people is not into having themselves insured. They would probably use the money on something they can be of use today than tomorrow. While there is nothing wrong with saving and investing, have you ever thought what happens when you are unable to save and invest?


As time passes by and I was getting a bit older (and more wiser), it is very important for us to get insured. I feel that this would be the best time (actually 2nd best time) to have ourselves insured.

But the next question would be, What kind of Insurance will work for me.

That would be on my next post.