Insurance, just another 'Scam'?

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   Been doing my research, seemingly we have 'protection' by having Insurance on Farm, Autos, possessions, Life and Health but do we really?
Health care insurance started in the 1920s, prior the care was a lower value cost even as to Hospitals or doctors services, so with Insuring so too costs Increases to cover extended time repay or adjusted down levels of payment, so is any benefit there?  Can remember Mom paying for our Doc Visits in the early 60s at under $20 a Visit included our shots/physical for school and was not on a insurance program.  Dad's employer insurance paid to have my hand surgery when got caught in the Jointer, Dad remembered was close to $7,000 in 1971 and had added us kids/Mom on his company policy in 1965 as a New benefit value, his Pontiac in 1970 was only $5780 NEW.

Auto Insurance, we had a major jump last premium due to Un and Under Insured Motorists, where we are STILL paying for our own repairs IF we get hit or damage by an Un or Under insured motorist as that premium charge, as well MO adopted a 20% rule where REGARDLESS who is at fault the least at fault STILL has to pay 20% in repairs, Fair?  Not certain if other states did that 20% rule, seems none of our relatives had bothered to inspect their own policy rises until I mentioned.

Home Owners, which truly began as Minimal coverage in the 17 and 1800s did not come to a real coverage policy until the 1950s, so we had some weather damage to a structure, spoke to agent where yes could make the claim yet if the weather damage reoccurred that type or section of structure future repair would no longer be covered on that structure, also would be hit with a premium rise based on Insurance payout, did I miss something as to how Insurance works, are they not accepting responsibility of payout risk?  I made the repairs myself and ate the costs.

Life insurance, nearly EVERY policy regardless Whole or depreciating Term has Age reduction points, so why did we pay all those premiums in thousands of accrued dollars we possibly could have just invested if the value at end of life is not any larger?

Are we just being scammed?

Edited by DMiller - 15 Sep 2024 at 6:14am

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DMiller Members Profile Send Private Message Find Members Posts Add to Buddy List Orange Level Access Joined: 14 Sep 2009 Location: Hermann, Mo Points: 30715	Post Options Post Reply Quote DMiller Report Post Thanks(1) Quote Reply Topic: Insurance, just another 'Scam'? Posted: 15 Sep 2024 at 6:13am
	Been doing my research, seemingly we have 'protection' by having Insurance on Farm, Autos, possessions, Life and Health but do we really? Health care insurance started in the 1920s, prior the care was a lower value cost even as to Hospitals or doctors services, so with Insuring so too costs Increases to cover extended time repay or adjusted down levels of payment, so is any benefit there? Can remember Mom paying for our Doc Visits in the early 60s at under $20 a Visit included our shots/physical for school and was not on a insurance program. Dad's employer insurance paid to have my hand surgery when got caught in the Jointer, Dad remembered was close to $7,000 in 1971 and had added us kids/Mom on his company policy in 1965 as a New benefit value, his Pontiac in 1970 was only $5780 NEW. Auto Insurance, we had a major jump last premium due to Un and Under Insured Motorists, where we are STILL paying for our own repairs IF we get hit or damage by an Un or Under insured motorist as that premium charge, as well MO adopted a 20% rule where REGARDLESS who is at fault the least at fault STILL has to pay 20% in repairs, Fair? Not certain if other states did that 20% rule, seems none of our relatives had bothered to inspect their own policy rises until I mentioned. Home Owners, which truly began as Minimal coverage in the 17 and 1800s did not come to a real coverage policy until the 1950s, so we had some weather damage to a structure, spoke to agent where yes could make the claim yet if the weather damage reoccurred that type or section of structure future repair would no longer be covered on that structure, also would be hit with a premium rise based on Insurance payout, did I miss something as to how Insurance works, are they not accepting responsibility of payout risk? I made the repairs myself and ate the costs. Life insurance, nearly EVERY policy regardless Whole or depreciating Term has Age reduction points, so why did we pay all those premiums in thousands of accrued dollars we possibly could have just invested if the value at end of life is not any larger? Are we just being scammed? Edited by DMiller - 15 Sep 2024 at 6:14am

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desertjoe Members Profile Send Private Message Find Members Posts Add to Buddy List Orange Level Access Joined: 23 Sep 2013 Location: New mexico Points: 13528	Post Options Post Reply Quote desertjoe Report Post Thanks(0) Quote Reply Posted: 15 Sep 2024 at 8:46am
	Well, Dave,,I'm sure,, as are many more here,,GLAD that you are doing this investigation on Health, Auto and Home insurance coverages as I don't really understand enough to be satisfied,,! I just spent over an hour with my agent at State Farm trying to understand "UN and Under insured motorist coverages,,,and I STILL don't know why we have to provide coverages for those that don't and won't provide thier own coverages,,,?? I think there needs to be a national movement of talking to our representatives to draft legislation to put the frigging ONUS Back on those that can't and/Or won't,,,! My auto policy just went UP because of this Bull Chit,,,!!Don't know if true but my neighbor told me that State Farm turned a profit on the Billions,,,as in a big "B",,,!!

steve(ill) Members Profile Send Private Message Find Members Posts Add to Buddy List Orange Level Access Joined: 11 Sep 2009 Location: illinois Points: 80223	Post Options Post Reply Quote steve(ill) Report Post Thanks(0) Quote Reply Posted: 15 Sep 2024 at 9:09am
	The ONLY GOAL of a Business is to MAKE MONEY... If you think they are trying to DO YOU A FAVOR, you are mistaken... Again.. THE ONLY GOAL IS TO MAKE MONEY.... Your GOAL is to limit your exposure and buy what YOU think is necessary... You can get $1000. deductable on some and YOU pay for the minor stuff and only call them when ITS MAJOR.. I do that..... also, i have a minimal life insurance policy thru previous employer.. I do NOT have additional... Wife wanted to know what life insurance SHE HAS ? I said WHY ? You die and i pay the bills and its done... WHY would i need to pay THEM for 40 years of premiums ???... put $100. in the bank when your young and let the interest grow.. $8000. when you die and YOU can pay for it. Edited by steve(ill) - 15 Sep 2024 at 9:12am
	Like them all, but love the "B"s.

Dennis J OPKs Members Profile Send Private Message Find Members Posts Add to Buddy List Silver Level Joined: 12 Sep 2009 Location: Overland Park, Points: 419	Post Options Post Reply Quote Dennis J OPKs Report Post Thanks(0) Quote Reply Posted: 15 Sep 2024 at 1:22pm
	Whoa, talk about throwing a whole concept/industry under the bus? You can self-insure just about everything except where you owe money, or the state required auto insurance. As the Liberty Mutual commercial says only pay for what you need. Granted, there are always a few bad apples whether it's people or insurance companies. Try telling someone who was in the path of a tornado or a hurricane they should have self-insured. The whole concept is based on the Law of Large Numbers-study it sometime. If you have leanings away from capitalism/free market system, that's your choice. Don't blame the industry for all of the increased costs, their losses are paid in retail $ not wholesale, they get no discounts.