I have been skeptical of insurance companies for a long time now. Many of them just don't seem to be worth it to me. Unless it is required by law (such as car insurance) I probably would not be getting it. I hear too many stories of people paying into their insurance policy for years only to be very disappointed if or when they need to collect. I am quite certain that there are many legit and quality insurance providers out there; however, the process of choosing the right insurance can be so tricky that I don't even bother with it unless I have to.
Insurance is a bit like gambling but with the odds heavily stacked against you, at least with the horses you get a fair chance. I think a lot of insurances are a waste of time so you end up throwing away a lot of money. There are the core insurances that you need to have like car and buildings/contents insurance for your house but with other types of insurance the chances of you reaping the benefit from them are very low. When you do have cause to make a claim, the companies will try anything to wriggle out of paying up and it can become a long drawn out process. Some insurance is a necessary evil but i keep my policies to a minimum or i would never have any money at all.
My experience with insurance fits in those horror stories you have heard. When my father passed away, being myself one of his two beneficiaries, had to spend long, long months getting the insurance company paying after claiming the insurance benefits. As insurance policy-holder, my experience wasn't good either, getting term insurance in a monthly payment schema that supposedly allowed me to cancel at any time and get back my money to date. I had a financial slap at some time that made impossible keep paying for insurance, hence cancelled my policy but the bank took part of my money for anticipate cancellation, a clause that was never in the contract and I couldn't refute really needing the few money they gave me back.
Well, my mother used to be an insurance agent so I know all too well the importance of having insurance. Decades ago, when I was still in high school, both my dad and older brother got hospitalized just weeks apart. The family income would have been drained had we not had any insurance. But as it is, my dad's policy covered accident and health so we managed to pay a great chunk of his hospital bills. When it was my brother's turn to be hospitalized, my mother was able to loan half of what she paid for my brother's life insurance (no health rider). That loaned amount was used to pay for his hospital bills. I think you should do your research first. It's good not to just trust anyone but don't get too caught up in this distrust or you might not be able to find an insurance plan that's really worth it.
