Why do individuals buy social security? What are the benefits of paying social security?

First, social insurance can play the role of social stabilizer. The old, weak, sick, disabled, pregnant and disabled members of society are inevitable objective phenomena in any era and under any social system. Social insurance is to give appropriate compensation to members of society when they encounter this situation, to ensure their basic living standards and to prevent the emergence of unstable factors.

Second, social insurance is conducive to ensuring the smooth reproduction of social labor. Laborers will inevitably encounter all kinds of accidents in the process of labor, resulting in the pause of labor reproduction. Social insurance is to give necessary economic compensation and living security to workers when they encounter the above-mentioned risk accidents, so that the labor force can be restored.

Third, social insurance is conducive to achieving social equity. Due to the difference of people's education level and labor ability, the income gap will be caused. Social insurance can collect insurance funds through compulsory collection of insurance premiums, subsidize low-income workers or those who have lost their sources of income, improve their living standards, and achieve fair distribution of society to a certain extent.

Fourth, social insurance is conducive to promoting social progress. Insurance has the characteristics of mutual assistance, and social insurance can better reflect the spirit of mutual assistance and cooperation.

Because the income gap between individual workers is large, and social security needs to take into account the actual bearing capacity of many groups, it is impossible to expand the gap between them. On the premise of social security, some people with relatively high income levels can choose appropriate commercial insurance to supplement their own protection according to their own economic ability, so as to make their health, pension and accident protection more adequate.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.