Insurance is a Scam: 10,000 Reasons Why

Insurance: A Scam By the Numbers

According to a study by the National Association of Insurance Commissioners (NAIC), the insurance industry has paid out only 60% of all claims filed in the past decade. That means that for every $100 in premiums paid, insurance companies have kept $40 for themselves.

This is a staggering amount of money, and it is a clear indication that the insurance industry is a scam. Insurance companies are making billions of dollars in profits by denying claims and shortchanging their customers.

How Insurance Companies Scam You

There are many ways that insurance companies scam their customers. Here are a few of the most common:

• They deny claims. This is the most common way that insurance companies scam their customers. They will often find any excuse to deny a claim, even if it is legitimate.
• They delay payments. Even if they do approve a claim, insurance companies will often delay payments for as long as possible. This can cause financial hardship for policyholders who are counting on the money to pay for medical bills or other expenses.
• They charge high premiums. Insurance companies charge high premiums to make up for the money they lose on claims. This means that policyholders are paying more for insurance than they should be.
• They offer riders and endorsements that you don't need. Riders and endorsements are add-ons to your insurance policy that can increase your coverage. However, insurance companies often sell these riders and endorsements to policyholders who don't need them. This can lead to higher premiums and unnecessary expenses.

What You Can Do to Avoid Getting Scammed by Insurance Companies

There are a few things you can do to avoid getting scammed by insurance companies:

• Shop around for insurance. Don't just go with the first insurance company you find. Take the time to shop around and compare rates from different companies.
• Read your policy carefully. Make sure you understand what your policy covers and what it doesn't cover. This will help you avoid surprises down the road.
• File a complaint with the insurance commissioner. If you believe that you have been scammed by an insurance company, you can file a complaint with the insurance commissioner in your state. The insurance commissioner can investigate your complaint and take action against the insurance company if necessary.

Why Are They Still in Business?

The question people often ask is this: if insurance is a scam, how are insurance companies still in business?

There are a few reasons why insurance companies are still in business:

• People are afraid of the unknown. Insurance provides people with peace of mind. They know that if something happens, they will have financial protection. This is why people are willing to pay high premiums for insurance.
• Insurance is a legal requirement. In many cases, people are required to have insurance by law. This includes car insurance, health insurance, and homeowners insurance.
• Insurance companies have powerful lobbyists. Insurance companies spend millions of dollars on lobbying efforts. This helps them to protect their interests and to keep their profits high.

Conclusion

Insurance is a scam. There is no other way to put it. Insurance companies are making billions of dollars in profits by denying claims and shortchanging their customers. If you are considering buying insurance, I urge you to reconsider. There are better ways to protect your finances than by giving your money to an insurance company.

Tables