Most of the things you buy are probably because you need them; food, fuel (for the car or heating the home), electricity, clothing, shelter, etc.
They’re generally quite dull things, unless you have a penchant for clothes (especially shoes!) as does my significant other, or if you love baking, again like my significant other!
But we need them, we know we need them, so we buy them.
That which we want or desire is far more interesting and exciting, particularly when it comes to something big like… Oh I don’t know… A home?
We deliberate for a long time and rightly so as it’s a hugely important commitment for most of us. Will it fulfil all our requirements and will we be happy there?
All this deliberation, discussion and decision uses a lot of energy and can be quite tiring, so in a lot of cases once it’s done we’re quite literally “spent”.
Unfortunately in the aftermath of our big purchase (the family home) we can often be quite reserved whilst we wait for the ‘dust to settle’ and count up the foreseen and unforeseen costs. Sadly this is frequently at the cost of vital insurance and we adopt a “it won’t happen to me” attitude… Only, the me in that statement is really us. Think about that for a second – If you’re the decision maker in your family, you’re making decisions that will affect your whole family. This responsibility is compounded if you’re also the main or sole breadwinner. It’s a huge decision often taken lightly.
Relative to the cost of not having it when you need it, insurance is cheap. Ok you could argue that if you have an insurance policy for 15 years and make one claim for £2,000 in year 15, that the premiums you’ve paid over the 15 years have far exceeded the payout of your claim (assume a £30 per month premium – how much does your subscription [Sky/Virgin] TV package cost you per month by the way?). Now answer these two questions honestly; Prior to the claim arising, did you know how much the claim was going to be for and when it was going to happen? No. You didn’t. That’s EXACTLY why responsible people buy insurance.
Yes I know, I’m banging the insurance drum again, so I’ll leave you with a quotation from Winston Churchill about insurance… “If I had my way, I would write the word ‘Insure‘ upon the door of every cottage, and upon the blotting book of every man, because I am convinced, for sacrifices so small, families and estates can be protected against the catastrophes which would otherwise smash them up for ever. It is the duty to arrest the ghastly waste, not merely of human happiness, but national health and strength, which follows when, through the death of the breadwinner, the frail boat in which the family are embarked founders and they are left to struggle in the dark waters of a friendless world.” – I believe the ‘sacrifices so small’ that he refers to are insurance premiums.
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