Except where the law requires one to take an insurance policy e.g for vehicles etc, why would anyone take an insurance policy when it is not mandatory? Insurance companies receive premiums, invest those premiums, and pay out the insurance claims using the returns from those investments retaining a huge profit. The process of getting paid is long and cumbersome. Isn’t it wiser to just invest the money the same way insurance companies do i.e buying shares and property instead of paying premiums? This way, you cut out the middle man (insurance companies), and make a decent return. I am not a financial expert, that is why I need a pro to explain to me why it makes more sense paying insurance premiums instead of investing that cash.
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This is how it works. You take a term life insurance for 10 or whatever years. Works best for young families especially where your disposable income will not cover eventualities such as death or serious illness which become a huge burden.
Once you’re older and have paid of loans, kids are done with school you can now rely on your assets to cover you.
I don’t understand people driving mercedes and living in Lavington asking for contributions for health and funeral mchango. Also Range rovers with 3rd party insurance.
Its for comfort incase of trouble against what you have insured
Wacha tuchukue mfano,Naivas kisum we all know in August it will either be stoned,looted or both what would you rather do. Take an insurance cover or invest in bonds/bills?
Wait till you have some risky property utajua importance ya insurance
Customer wangu wa kondele amelipwa na Insurance twice due to violence. She treasures receipts more than the stock you are selling to her
i have worked at aga khan kisumu… indians hawana this medical insurance stuff… when one gets sick, he stays in the hospital the day of discharge billing is done and he call a relative. 20 minutes laiter utaona ka hindi na side pocket, t shirt na hash puppies sandals akiingia. atalipa hio bill in cash ata kama ni 400k
Single mother expert is not Indian.
You only live once. Live life to the fullest.
Different school of thought.
That in itself is insurance. You know that getting sick your family has your back.
Peace of mind. Some occurrences cannot be adequately planned for. Indemnity (?) insurance for truckers/ hauliers for instance.
@M2Random where it is not mandatory,most opt to take it for the peace in mind that should you incure a loss of what you have insured then the company will compensate you accordingly. E.g,if you insure your business then God forbid an accidental fire ruins everything then the company compensates you and you land back on your feet. insurance policies are not meant to be investments,they are kind of a reset to track button when losses are incured
Insurance is just that. Insurance. Anybody buying or selling insurance as an INVESTMENT VEHICLE should be punished. Ati you will get 12% annual return blah blah if.you keep your.money with us for x years then we will throw in a ‘free life insurance’ policy blah blah…lol
I believe medical and car insurance are critical for an individual.
- Unalipa polepole. Hizi investments unasema require huge capital investment up front.
- tThe cover. Izo investments zako hazicover family in a guaranteed way ukikufa.
For education policy it’s a total waste of time
vile @kijanamrefu amesema, you don’t have the scale to invest what an insurance company invests. Meaning you cannot enjoy their returns, either. So you should opt to hedge against risk through insurance. It’s another sweet concept of the white man LOL
Africans were very communal during pre colonial times. Hence the reason why we didn’t need the modern form of insurance. Same goes for retirement, when Africans grew old, the expectes their children to take xare of them in their old age. So all this maneno ya pension and insurance is as a result of white man and his self centered nature.