Whoever conceived of insurance must have been a genius. Not only is the act of thinking ahead a most strategic one financially, it prepares one psychologically to be ready for whatever the future brings.
Truly, the future is not within anybody’s control. And yet, insurance brings into the equation a certain certainty not otherwise possible with other instruments. You can save your money in the bank for it to grow a pittance; investing in an insurance gets you double or triple your money’s worth.The Business of Minimising Risks
A world without insurance would surely be a world stunted. Aptly put, insurance exists because people need to be secure. Too much risk scares people, be it in construction or in travel. Without insurance, risk-taking nosedives, and with it the spirit of innovation.
Originally the idea of insurance can be traced to Babylonian merchants who wanted protection for their goods 4,000 years ago. However, it was in 1688 at a London coffee house, Edward Lloyd’s, that modern insurance got its first spark. Today, all sorts of insurance exists but they all speak of one thing: mitigating risks.
As car insurance protect you from the immense costs of an accident, an expatriate healthcare insurance protects people from other countries currently living in the UAE from the debilitating costs of an unscheduled hospitalisation.Everybody Needs One
As long as you value something you need insurance. For those who value their loved ones, life insurance is a godsend. People who don’t want their home damaged – be it by an unforeseen event or by the doings of men – a homeowners insurance is key.
Still, a word of caution: When shopping for an insurance, not only do you need to read the fine print before signing a contract, you need to know the entity insuring you really exists. This is why it is always a mighty fine idea to consult their website first, or talk to their agents, and explore their background and history.