Risks of not having insurance
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Chuks Udo Okonta and agency report
You not having insurance means that you will face risks such as; huge out-of-pocket costs for emergencies (medical, car accidents, disasters), risk bankruptcy, delay crucial care and potentially breaking the law (vehicle insurance), though some argue it avoids premiums if you self-insure and can afford risks, but this is highly risky for major events.
Insurance is a vital financial safety net, so avoiding it means shouldering all potential financial devastation from unexpected events yourself.
Consequences
Financial Ruin: A single major event (health crisis, house fire, car crash) can cost thousands or millions, wiping out savings and leading to debt.
Limited Healthcare Access: You might delay necessary treatments or avoid doctors altogether due to cost, worsening health issues.
Legal & Penalties: Driving without insurance can lead to fines, license suspension, or vehicle seizure.
Higher Future Costs: Waiting to buy insurance (especially life/health) makes premiums more expensive as you age.
Potential (but Risky) “Benefits” of Not Having Insurance
Saving on Premiums: You keep the money you’d otherwise pay in premiums.
Control Over Spending: You decide exactly where your money goes.
Self-Insuring: If you have significant assets, you might gamble on covering small losses yourself, but this fails with big disasters.
When it Might Seem “Not Needed” (But Still Risky)
Very Low-Risk Scenarios: A tiny vehicle you never drive might not need insurance, but legally, it’s often required.
Extreme Wealth: The ultra-rich might self-insure, but even they use insurance for catastrophic protection.
In essence, while you save on premiums, you trade that for immense financial vulnerability to life’s unavoidable uncertainties.
If you need insurance consult a registered insurance broker for proper guidance.
You can also carry out background checks with reputable insurance journalists.
