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Insurance - Why do people hate it?

Kerri Day

When I landed my first insurance job 15 years ago I was so excited but, I have to be honest, I was a little embarrassed to tell people. After further investigation of why I was feeling like that, I realised – people hate insurance.

Most people I talk to think it’s too expensive, don’t like it, don’t really understand it and don’t see any benefit unless they suffer a financial loss.

I felt this deserved a bit more thought and I came up with my top 3 reasons.

Why people hate insurance – my 3 reasons

It is intangible and invisible

So when you purchase insurance cover you get your policy documents. You also get things like financial security and peace of mind but you cant see that. When you buy a new car, iphone, furniture or any other tangible item you get to be excited about your purchase. Driving around in your new car, sitting on your new couch and checking your new apps on your phone. How can an insurance policy compete with that level of excitement?

Insurance is complicated

Definitions, exclusions, endorsements, conditions – Why is there so much information to go through? What puts you to sleep more than reading through policy documents? Welcome to snoozeville. Then after navigating all of these documents you are still not confident you entirely understand.

Lack of trust in the insurance industry

People seem to believe that the insurance industry would do anything to get out of paying a claim. This view could be just paranoia or based on past bad experiences they may have had. Stemming from lack of service from an insurer or maybe from having a bad experience at claim time and feeling unfairly treated.

Lets turn this around – the positive news

In contrast to these points, I see the critical importance in having the correct insurance products in place and have seen many lives and businesses being able to bounce back from catastrophic events, large and small, because they have had the right insurances in place.

Also, out of the many insurance professionals I have met over the years I have found the majority to be hard working and honest, always doing what is in the best interest of their clients. Leaving the small minority to ruin the credibility of the industry.

You don’t buy insurance for fun or for self-actualisation. Insurance is purchased for financial protection and survival. The secret is to make sure you get the right help to make sure you know what to expect at the time of a claim. You can do this by consulting an insurance broker to work on your behalf so you can be sure you are being treated fairly.