Faced with rising costs of living and doing business, we see insurance as an unnecessary financial burden. We quickly conclude that insurance is something we can’t afford, without first weighing the potential financial loss if something unexpected happens – fire, accidental injury, illness and natural disaster. We only buy insurance if it is mandatory. But can we actually afford not to have insurance?

The quick answer is NO ONE, because we can never predict the unexpected and how much will the actual financial loss be.

Without protection, it is like surrendering our income, lifestyle, wealth and business to fate. But we know fate can be very cruel sometimes – for example, we may also suffer physical disability when fire burns down our house or factory.

An annual insurance premium of several thousands Ringgit for a protection of well over a million actually translates to a pay-back period of 200 to 300 years. That is the equivalent of more than 3 lifetimes!

Still think that you can afford not to have insurance?