Introduction of insurance
On the face of it, marriage and insurance as ideas are as different as chalk and cheese. One is a joyful partnership between two individuals, while the other is a strategy concerning managing risk. But if you scratch the surface, you’ll discover that marriage and insurance are as similar as night and day: both of them are long-term and require commitment and trust. Here are the ways by which marriage and insurance are more similar than it might seem.
Futurity of the Relationship
Marriage in its simplest form is the act of tying the knot and thus creating a bond that is expected to be for life. In essence, when two individuals plan to wed, they are planning to help each other in the course of life, come to consensus on important steps in life, and build a partnership. Likewise, insurance involves dedication; dedicating resources to a policy that guarantees you and your loved one the future security in case of perils.
In the same way that people plan for the future by talking about what they want to do and where they are going to live, insurance – whether it is health insurance, life insurance or home insurance – is about planning for future needs. One earns one what one expects life will deliver while the other prepares one to face whatever life has in stock.
Building Trust
As well understood, confidence is the foundation of every marriage. Husbands and wives must rely on each other and depend on the fact that none will cheat or lie to the other. To a similar effect in the world of insurance too, trust is also an important element. An insurance policy is a warranty when one pays for it and expects the insurance company to take care of their financial needs in the event of a risk realizing itself. In the same way, the insurer believes that you will honour your obligation to make the premium payments on time and abide by the policy conditions.
Marriage and insurance share an interesting concept that implies that people are willing to invest into the relationship but at the same time they expect that such investment shall be protected and the trust established is to be earned and developed further. Just like a marriage, this is a relationship that needs work, focus and discussion, intending that the bond with the provider remains good and healthy, by getting updated and reviewing policy.
Protection and Security
Marriage is a union that is formed in a bid to find company, shelter, care, and love at some point. In a marriage, it is common for two individuals to support and look after each other in the aspects of their wellbeing, as well as financially. Insurance has the same purpose in regards to offering financial protection against many kinds of risks resulting from accidents, illnesses, natural disasters and so on.
For instance, if you have dependents such as a spouse and children, then life insurance is a way through which you want to provide for them in the event that you die unexpectedly. Having a health insurance policy gives one a peace of mind in as much as it pays for your medical bills without you having to worry about their costs and similarly homeowners insurance protects your jointly owned home and your belongings in the same home in case of loss or damage. While marriage is the protection of both you and your family, insurance is about protection of you and your dear ones.
Shared Responsibilities
Marriage also comes with a number of responsibilities some of which include financial responsibility, responsibility of caring for children, and responsibility of maintaining a home. Insurance also has an element of cooperation—there are things that a policyholder and an insurer are expected to do to keep the coverage active. A policyholder is legally bound to know his policy, pay his premiums and also report all the claims as is required. An insurer is only supposed to evaluate claims in a rational manner and disburse the stipulated amount when required.
On the marriage front, harmony requires that each partner be responsible to the other, be open and willing to cooperate in achieving shared goals. Likewise, insurance relationship entails compliance with contractual agreement; policy documents’ comprehension, and performance of the stipulated duties.
Adapting to Life’s Changes
Life is an uncertain game and so is marriage and insurance, and these two must always be in line with the changes occurring in people’s lives. Some of these changes include; bearing children, acquiring a house, or change in workplace. All these are life changes that warrant changes in the ways that partners relate and care for each other. Also, the insurance policies may require changing or modification depending with the new events in your life such as; a birth of a child requiring an increase in the life insurance cover, the acquisition of a new car that requires addition to the auto insurance policy or a major health change that may require alteration in the health insurance policy.
What is important in both marriage and insurance is that one has to be ready for change and the further readiness to change one’s strategies as the main plan is being changed. Staying on the same page with your spouse and your insurance company mean being ready for whichever way life will turn.
Conclusion
Though marriage and insurance are in two different fields, still they resemble each other in many ways. They are both about commitment, trust, safeguard and safeguarding, partnering and coping with life events. As with relationships, one may say that only solid marriage would pave. The way to a joyful life, the same can be said with insurance: any insurance is the backbone for facing potential life’s challenges. If you would be wise, then, and feel inclined to take my advice, do not think it strange or odd that people marry and buy insurance. These are really much the same – the one an investment in a good future, the other an investment in a happy one.