Scared by Statistics?

Article published on 5th June 2008

We are constantly bombarded with statistics telling us how likely we are to lose our jobs, contract critical illnesses or get hit by cars, even in these articles we've been guilty of doing that.

Is it a bad thing? Well, yes and no. Statistics are valuable tools because they give us a basic idea of what sorts of risks we face. The problem comes when we allow the statistics to scare us into making snap decisions about our finances or health and making hasty purchases that are not necessary.

Statistics about redundancy levels, the credit crunch or illnesses should be taken as advice concerning worst-case scenarios, not a promise of certain horrors waiting just around the corner. Taken the right way, statistics such as these can arm us with the information we need to ask the most salient questions of advisors we seek out to ask about insurance policies and the like.

If we have a general idea of the external risks facing us and a good knowledge of our own financial and health situation, then we should be able to cut through a lot of the guff that tends to come as part and parcel of shopping around for insurance. That HAS to be a good thing in my books.

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