Unsurance

My scepticism towards insurance is not entirely misplaced, in fact Urbandictionary has a word defined for it.

Unsurance:

Coverage by contract whereby the party which has undertaken to guarantee protection or coverage against loss by a specified peril reneges said coverage when protection or action becomes necessary.

E.g:

I had to take little Throckmorton to a specialist for his asthma, but the visit was not covered by our health unsurance policy.

Insurance Illusions

When you buy an insurance policy and pay your premiums regularly don’t think that the insurance companies will knock at your door to serve you at the hour of need. Though that’s the picture the executives paint when selling you a policy. Your insurance policy is really not the reassuring words that appear big bold and colourful on the first page of the broacher, your insurance is in the cryptic fine print. Remember, insurance is something you have to fight and claim. It is not a service delivered, though it is true that you are paying money for the big word assurances given to you.

My friend’s wife was injured in a road accident last year (she is yet to regain her normal walk), was admitted in a hospital and they had to deal with a serious fracture at the ankle, requiring a surgery. After the surgery was done and when my friend wanted to claim insurance, the company said she was eligible for claim only if the leg was completely broken and coming to hospital expenses, only the expenses incurred after 72 hours of hospitalization could be claimed.

My uncle had to be hospitalized for a week. They diagnosed him as suffering from a viral fever with acute arthritis and they also came to know he was diabetic, he dint have diabetes before. My uncle has a medical insurance policy and he wanted to claim, they said he is not eligible because he was diabetic.

My friend cancelled all the policies after the experience he had. I want to seriously review the policies that I am paying for, I’d rather give this money to charities than pay to these insurance companies.