I hear it all the time.
“Insurance is a waste of money…”
Sometimes people say it tongue in cheek, a sarcastic jest just to get a rise out of me. Then there are others where I can almost taste the venomous belief behind the words.
Regardless of whether the person truly believes what they are saying or not the TRUTH is that Insurance most definitely is a waste of money if you allow it to be.
The #1 Reason You Enjoy Wasting Money on Insurance is simple, you’re lazy. I could probably list about 30 reasons you enjoy wasting money on insurance but I’d say after selling personal and commercial insurance for last four years the number one reason is very simple, YOU the consumer ARE LAZY.
There is nothing more frustrating to me than a person that can’t be bothered to understand what they are purchasing. Honestly this applies to purchasing anything, but it’s especially frustrating when it comes to insurance because insurance is really important. Whether you believe it or not the decisions that you make about your insurance program (i.e. coverages, limits, polcies, etc) could have a life altering effect when your WORST DAY happens.
Let’s get serious for a minute. If you buy crap insurance coverage, say anything less than:
- $100,000 in at-fault auto insurance coverage
- $300,000 in personal liability from a renter, home, condo policy.
Or you are silly enough to purchase a property policy with a loss valuation at Actual Cash Value and not Replacement Cost you are legitimately wasting your money. In your head you rationalize the decision as being a smart cost benefit analysis, but really you are being lazy and naive.
Why have a policy?
If you not going to take the time to be properly informed on coverages, if you aren’t going to listen to your insurance professional or if you are so gosh-darn cheap that you won’t properly insure their self and/or family then you are wasting money on insurance.
There Is Hope
However, there is hope for you yet. You want to know how I know that? Because you’re reading this blog. If you read this blog then you know I’m very demanding of you as an insurance consumer. I expect you to educate yourself on insurance. And if you don’t want to educate yourself I expect you to partner with an insurance professional who values you and your family and your business and will always look out for you.
Insurance is NOT a waste of money if you take the time and you put in the effort to build a proper insurance program no matter if its for your personal life or your professional life (or health insurance we do that too!).
Like work, like life, like golf, like being a spouse, like being a parent, like reffing basketball, like blogging, like everything, insurance is not easy. You have to make tough decisions and you have to willing to sacrifice a small amount of cash flow today for the trust that you will be made financially whole in the future.
The Rub
I don’t want you to think that insurance is a waste of money, because it is not. I do insurance every day of my life and if you’ve read this blog for even a week you know I’m an honest guy. Insurance done correctly is NEVER a waste of money. Unless you let it become so…
Contact me here to discuss your insurance program and let me show you why insurance is not a waste of money.
Thank you.
Image: FreeDigitalPhotos.net
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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.