Imagine: A World Without Insurance (You Don’t Want To)

You may not know how lucky you are to have something until it’s gone. It’s hard for us to see the true value of insurance because we have never been forced to live without it–it has always been necessary for financial survival. Can you even imagine a world without insurance?

How would life in America be different without insurance?

1. Natural disasters and vehicle accidents would result in far greater losses–including loss of life and personal property. Following a hurricane or earthquake, how many homes are rebuilt using the money the insurance companies provide? How many lives are protected with health and life insurance to recover from injuries (or loss of life) due to an accident?
2. Losing a family member would be much more detrimental to survival as a family. Life insurance ensures (or insures) the quality of life for a family when a member passes away, especially a sole provider. Without life insurance, the process of losing a loved one would take more than just the stages of grief.
3. Owning a home would be for wealthy people. The majority of the hard-working citizens would not easily survive after losing an investment as large as a home. Insurance provides a way to rebuild and remain financially secure during a major loss. You have worked really hard to invest in your home–a significant loss would leave you at square one all over again.
4. Not only does the insurance industry provide financial support, but it also provides statistics and data to strengthen safety awareness. Insurers want you to take all necessary precautions to ensure safety; your safety is their number one priority. The insurance industry provides data analysis to raise community preparedness in the event of a natural catastrophe. Organizations such as the Insurance Institute for Highway Safety would no longer exist.
5. Workers compensation would not be available to provide coverage for injuries on the job. Without workers comp, you’d have to pay all your medical expenses. When injured, you may lose the ability to work, resulting in lost wages.
6. Imagine a life without next-day delivery. The risk of driving vehicles without auto insurance would increase dramatically. As a result, you may not have the convenience of ordering online anymore.

In a crisis, first-responders such as police and ambulance are required to help the recovery process. Insurance companies are also necessary in a crisis–they provide the necessary financial support to recover from a tragedy.

By: KayLynn P.