Exploring the Self-Insured Route

Despite all the information that’s constantly being shoved in your face telling you otherwise, if you were ever to break down your financial goals into just one clear objective, that would be self-sufficiency. What you ultimately want is to be able to provide for the various needs (and wants) you have in your life, thus contributing to the quality of your life, but without having to rely on anyone to do so or perhaps more realistically, without having to rely on too many other parties to do so.

Think about it a bit – who do you rely on to get your daily fill? That consideration of food alone makes me cringe personally when I think about the fact that I basically have to go and slave away to get some currency in order to pay someone else to effectively feed me. Whatever happened to growing one’s own produce and perhaps even farming livestock to have a direct source to all the different types of meat products consumed?

I know the monetary system is fundamentally in place for convenience and practicality, i.e. many people all over the world are happy to have their food prepared by someone else, let alone otherwise having to take care of their own livestock as part of their farming exploits to produce their own food. So it’s perfectly fine to essentially outsource various aspects of one’s life, but I reckon we’re doing it way too much in this day and age.

Some of us have our entire lives completely outsourced, one of which area is that of hedging against the financial burden which would arise out of some or other mishap. I’m talking about insurance here since insurance is such a lucrative market that the vast majority of people if not absolutely everybody believes that something like self-insurance is impossible.

Self insurance is not impossible and all it really requires is for one to look at every single aspect of their lives which they’ve taken out insurance on and try and find a way to make alternative contingency plans should things go wrong and they’d otherwise be hit with a financial burden.

Auto insurance comes to mind as a great example. What if something like 1,000 people who all pay the same premiums to the same insurer for auto insurance decided amongst themselves to open up their own insurance fund, into which they contributed all those funds they would have otherwise paid in premiums? This would be a great way to self-insure as part of a group in that should there be no need to for anyone to claim, something which happens quite often, then at least the funds are still available to the collective to perhaps redirect into investments that actually grow their money instead of just act as a safety net for a possible rainy day.

If you’re going to be self-insuring as more of solo rider, you could look towards areas such as enlisting the services of Salt Lake accident lawyers who offer free consultation on personal injury cases if you live in that part of the world, as opposed to something like paying insurance premiums on a policy which covers legal costs associated with personal injury cases.