Virgin money insurance extortion, coercion, or insurance? Internet

How on earth can insurance be legal? They start by taking your money... no questions asked, and when time comes to claim, they look for loopholes not to give you your money back!

They start by saying, in this day and age, anything can happen. You need to have yourself covered in times of an emergency, how will you replace anything if it were taken or damaged? you need cover to help in such times of crisis. 
When the emergency does happen, there are all the questions, they treat you like a criminal... look for any loophole or excuse not to pay you out. That is just not acceptable any longer. I am so tired of companies like this that take advantage of hard working people who can't afford to lose anything, and when they do need help, what do the insurance companies do? Simply take more. tell you, you're a higher risk, and need more money from you.

There is a thing called a protection racket. basically, it's thugs, taking money from others, "so you don't get hurt" Very similar to what insurance companies are doing. Threaten you with the current state of affairs, crime, etc, and take your money. only difference is, the insurance companies are opportunist leaches that just sit back and take your money and if the time comes to pay, sorry your claim has been rejected.