When making the decision to purchase an insurance cover, a person should put into consideration some factors. Insurance is seen as a gamble when considering some of these factors. This aspect of insurance presents a winning scenario and a losing scenario.
For instance, if you are playing in a casino, you have the option of betting into the pot or put your money close. If you bet and the cards are a winner, you keep your money, and you get some more. On the off chance that you don’t wager and you lose, you lose all you have.
Unfortunately, if you win the game of life insurance, you become disabled or critically ill and in the extreme cases, you die prematurely. In spite of this being a terrible winning hand, your assets is secured for you and your family. On the other hand, if you lose, you still get sick, but there is no protection for your life savings. Therefore your savings may disappear and leaving you and your family without anything. This scenario is recurrent every year, and you have to decide if you have to repeat it every year.
Purchasing a medical cover presents four possible results. To begin with you, you may purchase the protection, and something happens. On account of purchasing a cover and something happens, you are ensured. You and your family will receive a huge amount of money regarding compensation for the few bucks you used in paying the premiums.
The the second circumstance is the time when you buy the cover, and nothing happens. In this case, you should consider yourself one of the luckiest ones. In this case, you have lost the premiums you paid for your cover. Overall, these premiums are just a little measure of your annual pay. The sum is irrelevant and does not annihilate you monetarily. This loss is manageable since you lose a small sum of money.
In like manner, you may disregard to buy the security cover, and nothing happens. In this case, you did not spend any money to purchase the insurance covers. In that limit, you can contribute dynamically or spend to some degree more towards your family’s lifestyle. As such you end up winning a small amount.
The last probability is you do not buy insurance, and something happens. If you bet on nothing happens in your life, and you turn out to be sick, all your saving could be depleted very fast. Also, your family can’t deal with different costs like home loans consequently, you lose everything.