Reasons Why One Needs Insurance
There are many types of insurance, including automobile insurance, health insurance, traveler’s insurance, and life insurance, to name just a few. Due to the fact that obtaining insurance involves paying money up front to have some financial security in case an event ever happens, it is common for individuals to be hesitant to actually secure an insurance policy. The best way to resolve if you should obtain insurance is to weigh the relevant factors to determine whether it is reasonable to forego it and take the risk that one day you will be beset with a significant financial liability. The Relevant Factors in Deciding Whether to Obtain Insurance The best way to convey the relevant factors used in the weighing process are to provide hypothetical examples which shed light on them. Assume, for example, that Betty and George, who are next doo employment law advice for employers r neighbors, are each considering whether to obtain health insurance. Betty, who is 30 years old, has been healthy all her life, regularly works out, and stays away from junk food. Further, there is no hereditary illness in Betty’s family. Betty is single, and receives a five-figure income from her employer. George, who is also 30, is married to Sue, and they have five children, all of whom are minors living at home. Unlike Betty, George has no desire to exercise, and quite frankly, eats any food that is placed before him, regardless of its nutritional value. Consequently, George is obese. A skilled carpenter, George works for a company that pays him a $ 30,000 salary. His wife does not work, spending almost all of her time caring for the couple’s children. Though George has no known illnesses, there is a history of diabetes in his family.
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