What Would a World Without Insurance Look Like?

A world without insurance? Not sure I want that!

Anyone who has filed a claim knows just how important having insurance can be. However, the majority of people think that only those who file a claim benefit from having insurance. The truth is, every person out there benefits from the insurance industry — so much so that if you removed it completely, the world would look surprisingly different. Don’t believe us? Consider the following:

Home ownership would only be for the rich

Homes are by far the largest expense many people will have in their lifetime, which is why many people choose to purchase homeowners insurance and get a mortgage. 🏠 If insurance was taken away, and you had to pay out of pocket for anything that went wrong with your home — including natural disasters 🌪, it would bankrupt anyone without pots of money at their disposal.

More people would be ill or waiting for medical treatment

Although many people rely solely on the NHS for their healthcare needs, there are people out there that decide to go the private route. This benefits both sides because those with private insurance are able to get access to their medical procedures and checkups faster, and for every person that has private insurance, it’s one less person using the state funded system. If you took health insurance out of the picture, the already overrun hospital system would likely collapse under the strain of all the extra people. 🩺

There would be fewer cars on the road

Let’s be honest, if you knew there was a huge financial risk every time you got behind the wheel of a car, would you do it? Probably not. 🚗 For anyone out there that has filed a claim on their car insurance, you’re aware of just how quickly the numbers can add up.

Things might not be as safe

By having risk assessments done as a way to lower the insurance premiums, it incentivises people to do things more safely. ⚠️ Chaos could easily ensue if people weren’t financially motivated to play it safe.

Fewer doctors, solicitors and barristers, estate agents, and therapists

Bet you probably didn’t realise how many jobs out there rely on liability insurance. Without professional insurance, becoming things like doctors and therapists would be too risky. Considering all the jobs listed play a vital role in society, it would be a shame to lose them due to lack of insurance.

You could expect to pay more in taxes

Without insurance companies, there is a very real possibility that tax rates would be much higher. The entire population would rely on government assistance when things go wrong, and governments make money by taxing its residents. 💷

Mental health would be at an all time low

Life can be stressful enough without having to add anything else to it. In a world without insurance, having the knowledge that one simple thing could end up bankrupting you would weigh heavily on so many people. 🧠

Starting a business wouldn’t be easy

Did you know that starting any sort of business in the UK requires employers’ liability insurance? This covers you in case something were to happen to one of your employees at work. Paying out of pocket is something many established businesses can’t afford, let alone a new business.

Less money for charities

Many insurance companies donate millions of dollars each year to charity. This is done through both company-wide initiatives, or people directing their life insurance payouts to a charity of their choice. Charities rely solely on donations, and since they play a vital role in helping the most vulnerable among us it’s important to help as we can!

There would be a ton of debt

The concept of insurance is to pay a small premium to transfer the cost of a potential risk to a third-party. In a world without any insurance companies, every single risk would have to be taken on financially by each individual. The majority of people get insurance because they know they can’t afford the alternative. 💸


It’s hard to believe how different the world would be without insurance, but hopefully we’ve given you some food for thought. There are seemingly so many different types of insurance available, yet they all play a critical role in how society operates. We currently only offer life insurance at Bequest but are looking forward to more products and helping more loved ones in the future! 💛

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FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. “Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

0203 916 5433

FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. “Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

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