A Personal Perspective On Insurance

While growing up, I always believed that insurance was something meant for wealthy people. In my mind, it was for those who owned many properties and needs what to fall back on in case of unanticipated loss. However, I’ve come to realize that the idea of insurance itself isn’t bad. Life is unpredictable, and having some form of coverage can really help during a crisis. I’ve seen people rely on insurance after sudden losses, and it made a significant difference for them. Moments like that can make anyone think about getting insured.

Another thing about insurance is understanding the coverage policies attached to it, there are always specific conditions about what is covered. That's another reason why I don't like it, trying to understand those conditions can be overwhelming. Sometimes insurance comes with many limitations, and in some circumstances, claims can be denied based on technical terms in the policy. Because of these, it can feel uncertain, like you’re paying for protection but you are not fully sure how much support you’ll actually receive when something happens. So, there are lots of "what ifs" when it comes to insurance.

I recently came across a post on Facebook where a woman was asking for financial help because her son was hospitalized. She explained that her insurance could no longer cover the hospital bills for one reason or another, and while trying to sort things out, she had no choice but to plead for support to save her son’s life. Perhaps the situation wasn’t included in her insurance policy, or maybe there were certain conditions that limited the coverage. Still, it was heartbreaking to see that even with insurance, she was left in such a difficult position. I couldn’t help but think that if she had saved that money personally, she might have had more direct access to it during the emergency. Moments like that raise many questions for me, with mixed feelings about how insurance sometimes works in real-life situations.

I prefer to keep my money in my personal account, where I can save at my own pace and withdraw it whenever necessary. It gives me a sense of control and flexibility, unlike insurance payments that require consistent premiums. I sometimes wonder, what happens if I’m unable to keep up with payments at some point? Would all the money I’ve already paid just go to waste? That uncertainty makes me uncomfortable. Although what that feels necessary for one person may feel the same to another. As the popular Nigerian saying goes, “One man’s meat is another man’s poison.” What works perfectly for some people may not work the same way for others, and that’s okay.

Even with all this understanding, I still don’t see insurance as something mandatory for me. I respect its purpose, and I completely understand why others choose to have it. But at this point in my life, it’s not something I’m prioritizing. Right now, I don’t have any form of insurance, and I’m not planning to get one anytime soon. Honestly, I don’t own any property that needs protection. It might sound funny, but that’s simply the reality. Insurance payments doesn’t feel practical for me at this point. For now, I’d rather manage my finances carefully and grow my savings gradually. Perhaps my perspective might change later on.

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