Why Don't You Get Your Money Back if You Don't Use the Insurance?

Why Don't You Get Your Money Back if You Don't Use the Insurance?

This question forever begs the fundamental cause for its being asked. In fundamental nature the person with this apprehension is thinking, "It won't happen to me, so it's a waste of money". To fool around to this objection, many carriers plan policies with cash values, life insurance death reimbursement or return of premium at death. Nevertheless these features increase premium cost and from time to time make coverage high-priced. The same question might be asked of all insurance. Why don't we get a repayment with term life, health, disability, commercial lines, auto, or homeowners insurance? People seem to take it in stride, paying $80,000 for auto insurance or $20,000 for homeowners insurance over their lifetime. Then when they make a claim, if they ever do, they get their coverage canceled or more likely their rates are increased to cover the cost of the claim. Yet, out of denial or ignorance they can't see why they should pay $40,000 over their lifetime for long-term care insurance where the probability for a claim is higher and the risk of loss is 4 to 10 times higher than the risk of loss with a car or home.

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