Best Answer

Only one. Peace of mind. Insurance is a risk mitigation tool. You transfer your risk to an insurance company in exchange for a premium. So the benefit is if you incur a loss from an insured risk, the insurance company assumes all or part of that loss. You have a few options on how to handle risk as you decide if you want insurance or not. You can accept risk. If I wanted to sell insurance to protect everybody in California against being attacked by a Polar Bear I wound not sell very much. Most people would accept that risk. You can try to lessen your risk. I could choose to take a bus or train rather than drive my car. By reducing the miles I drive in my car I have reduced my risk of being in an accident. You can give all or part of that risk to someone else (insurance). I pay an insurance company to assume some of my risk for medical expenses should anyone in my family get sick. When my daughter was diagnosed with Type 1 Diabetes and we needed to get her a $5000 insulin pump, I wrote a check to the pump company for only $19 because I gave that risk to the insurance company for a monthly premium. I don

User Avatar

Wiki User

17y ago
This answer is:
User Avatar
Study guides


15 cards

If you were laid off and apply for insurance coverage on your wife's group policy do you have to answer a medical questionnaire

How many grams of cholesterol should you eat each day to maintain a healthy diet

Why is beef fat a solid at room temperature

What information is found in the Dietary Guidelines for Americans

See all cards
1058 Reviews

Add your answer:

Earn +20 pts
Q: What are the benefits of having insurance?
Write your answer...
Still have questions?
magnify glass
Related questions

What are the main benefits of having car recovery insurance?

There are many benefits of having car recovery insurance. The main benefits of having car recovery insurance include saving one's family money and insuring that one's car can always be repaired.

What are some benefits to having income insurance?

There are several benefits to having income insurance. If in any weird occasion you are not able to work the insurance would keep you alive for a relative time period.

What are the benefits of having insurance bonds?

There are a few potential benefits of having insurance bonds. Some of the main benefits include them not being a drain on cash resources, allowing for rate adjustment and they avoid double funding.

What are the benefits of having a combined life insurance policy?

The benefits that you would have of having a combined life insurance policy is that it would most likely be cheaper if you did it this way, where it's better for you.

What are some benefits of having a Fiat company insurance?

The benefits of Fiat company insurance are that the Fiat vehicles under the insurance are completely covered. This is true regardless of who the driver may be.

What are the benefits of having renters insurance?

Renter's insurance is a cover taken out by the owner of a property they are renting out. The benefits are to provide liability insurance and insurance for the tenant's personal property for damage from fire, theft and Vandalism.

What are some benefits of having a Health Net insurance?

There are several benefits of having Health Net Insurance. Some of these benefits include emergency health coverage, coverage of newborns, prescription drug coverage, and adult and child preventative care.

What are some benefits of having a Direct Line car insurance?

The following are some benefits of having a Direct Line car insurance; Uninsured driver promise benefits, which means if the beneficiary was hit by the uninsured driver he or she receive will be a comprehensive car cover also known as excess cover. No claim discount and vandalism protection are another benefits of having a Direct Line car insurance.

What are the benefits of having classic bike insurance?

"*Lower rate (usually) than regular bike insurance

What are some benefits of having temp car insurance?

There are a number of benefits of having temporary car insurance. If an individual will only be driving a vehicle for a limited time, then temporary car insurance will provide a low cost way to insure the vehicle. Other benefits include insurance coverage after an accident, rates which will not increase, and peace of mind.

What are some benefits of having a premier insurance?

The benefits of an insurance are: 1. The insurance covers accidents 2. The insurance covers medical needs. 3. The insurance covers thefts. 4. The insurance covers a lot of other things and it can save you money.

Is life insurance a scam?

Life insurance is not a scam. There are benefits and drawbacks to having life insurance, it simple depends on the person's needs.