Do You Believe in Insurance?

I asked this question because there are many insurance companies around us that offer life insurance, car insurance, travel insurance, etc.   Sometimes they are scams and sometimes they are genuine.  I have attempted to buy an insurance policy a couple of times when I was younger, however, I would stop paying my premium after a year or a few months.  Until now, I still do not know if I should regret not pursuing it.  Because it has been 25 years ago since I bought an insurance (which I did not continue to pay) and had I did, I am either enjoying my so-called 'savings' now or be bawling my eyes out because I got scammed.   The latter one is not an attractive option for me, though. 

The idea of insurance is actually like saving for a long period of time and after letting that money mature, we can withdraw that savings with interest.  Depending on the amount of time we let our money mature, we could get 100 percent of our total savings or premiums, which is not bad, considering we did not have any operational costs.   Insurance ain't really that bad because it is like putting our money into a business without spending any amount in operational costs such as manpower, machinery, rent and etc.  

However, before we buy an insurance policy, we should conduct a research first on the background of the insurance company.   We should choose an insurance company that has been operating for decades, if possible as well as a stable one.  Also, the insurance company should be transparent as to where they invest our money so we know that they are choosing or making the right investments and that the insurance company is not losing.   We don't want to be in the receiving end of bad investments later on.   

Also, be careful in putting down any personal information.  Accuracy is key, otherwise, the insurance company can use against you whatever false information you declare.  They can be very tricky when it comes to what you declare in your policy.  Don't give them any opportunity to withhold your money. Insurance companies conduct a thorough investigation of the nature of the death or accident and only release the money to the beneficiaries if the insurance company finds no anomaly in the death or accident of the insured.  This is just one of the things to consider if you want to buy an insurance as long-term investment. 

There are many stable insurance companies around us, and all we need to do is read about them, where they invest  and do they have a profit-sharing scheme as this is also an indication that they are careful in selecting their investments.