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How big are you willing to gamble with your home, health, or life?

The biggest crisis most of us face these days is an insurance crisis -- whether we realize it or not. Indeed, the whole world of insurance, whether we're talking whole life insurance, term life insurance, health insurance, or homeowners insurance, is the world's biggest legalized gambling operation.

Maybe you've never thought of insurance as gambling, but that's exactly what it is: The insurance company is gambling that they'll make more money off your premiums than they'll pay out in claims. And, it involves personal gambling, too -- namely YOU make a gamble that 1) your insurance needs are covered by the money you're spending, 2) the company you have insurance with will be reliable, and, 3) you'll never or rarely ever need to use the insurance you're paying for.

I recently quit a job as a transcriptionist at a large auto and homeowners insurance company. I spent most of four years transcribing mostly insurance denial letters. I learned this lesson which I want to share with you regarding the gamble you're making with insurance. Think very carefully about your experiences and those of your family and friends and you'll realize this is true. Here it is:

Insurance companies exist to make money and they do that primarily by denying or "low balling" insurance claims while raising insurance premiums.

If you think the insurance claims people are working to help you with your insurance loss/claim, you just aren't paying attention. I cannot count the thousands of letters I sent out which denied claims or offered very minimal claims payouts.

Ah, well, what can you do? If you're rich enough, you can enjoy the luxury of being self-insured. But for the rest of us, we have to face paying for insurance. Just think it through carefully and buy the best you can. Then work hard and pray hard not to need it.
[tags]insurance, gambling on insurance, just a guy who reads the papers[/tags]