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Peaktrader
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What is the main benefit of insurance?

Post by Peaktrader »

Financial security is the greatest advantage of insurance. It can lessen the burden of huge and unforeseen costs by shifting the risk to the insurance firm so that individuals can recover without significant financial loss.
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MarketMavin
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Re: What is the main benefit of insurance?

Post by MarketMavin »

Peaktrader wrote: Fri Aug 15, 2025 5:47 pm Financial security is the greatest advantage of insurance. It can lessen the burden of huge and unforeseen costs by shifting the risk to the insurance firm so that individuals can recover without significant financial loss.
In addition to the financial security you mentioned, I also believe that another advantage is the peace of mind insurance offers. Just knowing that you have some kind of cover help eliminate life pressure.
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Bola
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Re: What is the main benefit of insurance?

Post by Bola »

MarketMavin wrote: Sat Aug 16, 2025 8:11 am
In addition to the financial security you mentioned, I also believe that another advantage is the peace of mind insurance offers. Just knowing that you have some kind of cover help eliminate life pressure.
Yes, that's correct! I’ll also add that it also doesn't make people fall into debt over a single crisis.
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Olumide
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Re: What is the main benefit of insurance?

Post by Olumide »

The purpose is to take you back to your former position before the occurrence of a loss. It is as if no loss or damage had occurred.
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