Insuring the Future

I find myself cash-strapped every first quarter of the year. Most of money I earn get siphoned off to pay various insurance bills - from my life insurance, car insurance, medical insurance, and other investments for the future.

I often get annoyed because I find myself paying for these things rather than use the money to buy something tangible or see the numbers increase in my savings account. I try to convince myself, thinking that insurance is another form of investment. And that the money I shell out is actually something that is beneficial for me in the future.

But with all the uncertainties in the economy, I'm not even assured that my insurance plans would cover everything I need in the future. The money might just cover the bare essentials. But with inflation and the fickle market rates, I'm not even sure if I'd get what I invested.

I recently asked one of the insurance agents about the status of my plan. She informed me that I would have to pay an extra three to five years, since the market is not doing that well and that the company would need more time to recover from their losses.

At that moment, I thought of canceling my insurance plan and withdraw my investments. It is difficult for me to shell out a substantial amount of money for something that would benefit me in the far future. But I realize that these insurance plans are there as a safety net for me. I might not benefit from it, but at least my family would.

So I've decided that I'd continue paying the insurance companies, trying to convince myself that I am investing in something good for the future. And I don't plan to get any additional insurance plans in the future.