Insurance-Is it just a bet?

Is it just a bet against losing something?

Or to put it another way how many poor bookmakers are there?

So it sounds a bit cruel but how many times have you claimed on insurance and got back exactly what you lost?

All insurance is something to soften the blow of losing, and if you worked out how much you paid in premiums could you have saved the same amount of money?

At least you should still have your original stake and perhaps some interest.

When you actually have made a claim how many times have you been paid out less than you had expected and been shown the small print where you pay out has not met all of the conditions?

Life insurance premiums always go up as you age. Obviously, as you must be becoming more of a pay-out statistic.

Try getting some money back on a favourite and you have to risk a very big stake to get a small return. And there are quite a lot of expenses to be paid at the end and a lot of people just do not like leaving those financial arrangements to others.

So where do start and where do you finish?

You can insure against just about anything.

Now is it clear the similarity with bookmakers?

Suppose you have jewellery or an ornament which is valuable, insurance policies ask for high value items to be itemised, then check the premium to pay and then work out how long you intend to keep this item, add up the premiums and then see how long it is before you have bought the item again.

Try it out if you ever bought a high performance motor car and got quotes for insurance.

Young males would not even be considered for insurance for some cars.

Which is why you should check if you had someone else on you insurance policy as another driver when it turns out that they will be the prime driver.

You will find out your insurance will not be worth anything.

Medical insurance premiums are higher as you age, can you work that out? Just have a look at the people in the doctor’s surgery.

This is the age when you really need all the help you can get.