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Personal Insurance: Society

What if I get in an accident, wreck my car, and become disabled? What if my house burns down? Or my business is burglarized? What if something were to happen to me, and my family was left to fend for themselves? The list goes on- and insurance seems to provide a safety net each time.

Insurance has become a necessary and valuable part of our lives. Personal insurance, including automobile, umbrella liability, and property insurance, fulfills vital social needs and, in many ways, promotes public safety. In helping people restore their property and belongings to their original condition, insurance serves a valuable social function.

Although you might not realize it, tax revenue from personal insurance premiums, which runs into billions of dollars, helps state governments provide the community with goods and services unrelated to insurance. Insurance helps to preserve the fruits of modern day society, so that society's progress may continue uninterrupted. It helps individuals to plan for the unexpected, and assume responsibility with a fair degree of certainty in an increasingly complex environment.

Health insurance cannot save human life, but it can help pay for timely medical attention and treatment that could eventually save lives. Insurance cannot create families, but it can help keep families together by providing much needed funds when a loved one suddenly departs. It helps a parent maintain the family's lifestyle following the death of a spouse. Insurance can help replace the income of a disabled breadwinner, send a son or daughter to college, or help pay for quality medical and legal attention when it's most needed.

Not a Cure-All

Insurance obviously cannot eliminate or prevent liability lawsuits, much less predict them, but it can protect the owners of homes, automobiles, businesses, and other property from the financially devastating effects of a lawsuit. Insurance cannot finance the purchase of a home, automobile, or business, but it can make facing the risks involved in owning a home, operating an auto, or running a business manageable. Insurance cannot prevent property from being damaged or destroyed, but it can provide the money to replace a dwelling or to find a suitable place to live. In short, it can and does protect individuals, families and businesses from potential financial ruin.

Lighten Your Burden

People buy insurance because the law or lenders require it, or because they want to rest assured knowing they will be indemnified for unpredictable losses. The decision may be based on the amount of risk they are willing to shoulder and the amount of security they desire. Simply stated, good insurance planning can only help to lighten your burden. Your insurance professional is an integral part of that process. Be sure to candidly discuss your financial goals and objectives with your agent. That way, you can better manage some of life's most pressing concerns.

Copyright © 2005 Liberty Publishing, Inc. All rights reserved.
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