Insurance Essay. Business & Marketing Assignment. (Essay Sample)

Insurance
Name of Student
Institution affiliation
Insurance
Q1
Charles J. Givens in his book Wealth without Risk offers advice that you should buy disability insurance only if you are in poor health or accident prone. My reaction to the strategy is both analytical and critical. What Charles suggests is that we should not pay insurance premiums that we are not highly likely to redeem in the short-term (Givens, 1995). To receive the benefits of disability insurance, a person must meet the definition of disability, inability to work due to a long-term severe medical condition that has lasted or is expected to last more than one year. Disability is unpredictable and can happen to any person at any age, accidents and diseases such as cancer can cause mental or physical disability. However, Charles advices that we should not take disability insurance unless we foresee ill health or the likelihood of a disabling accident. A recent survey shows that only a third of Americans have disability insurance, most of those who do not say they cannot afford coverage, others believe they are healthy and do not need it. Charles’ advice is both risky and economical, of course people prone to illness or accidents should take the insurance but so should those who are not.