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Originally Posted by Tennisnut
I have been paying for years on home owners insurance and auto insurance and haven't got a nickle back! Does anyone know how I get some return on that investment! I know I paid a lot more money than that measly 2% they use to pay for SS back in the 1930s and 40s. I bet a lot people got a great return on investment from those years!
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I think that you may have a misconception about what insurance actually it. Insurance is basically a wager. You put up money to bet the insurance company that your home will burn down or that you'll have an auto accident or whatever the terms of the insurance state. If none of these things happen, you lose the bet. The insurance company gets to keep your money. If you total your car, you win. The insurance company has to pay you.
At no time should insurance be considered an investment that you'll se a return on.
Unfortunately, what we now refer to as health insurance ceased being health insurance decades ago. What we now have is basically pooled health care coverage. We buy this so called health insurance and we expect it to pay for every medical expense that we have. I'm not defending health insurance companies, but I can't possibly see how they can make a profit from me. I have several prescription medication that they pay for and knew they were going to pay for when I signed the agreement. They know that I have several medical conditions that are going to need ongoing care from specialists. How am I risking anything? I'm just paying small amount to get my huge medical expenses paid.