Posts Tagged ‘cost efficient high quality insurance coverage’

It’s no coincidence — insurance carriers who have always invested heavily on advertising to attract new insurance buyers are spending even more to do so this year, and are attracting more buyers with what can best be described as a very compelling “save money now” message.  

Because the many differences between insurance policies are so difficult to evaluate, many consumers are too often enticed to prioritize lower premiums over the harder to discern quality of protection that is provided.  Informed consumers should seek assistance to closely examine HOW cost reductions are being achieved.  A reminder: although buying insurance coverage is not a lot different than other purchases, the axiom “you get what you pay for” usually only becomes apparent after a loss.  While the “save money now” pitch has short term appeal, the real question is at what cost down the road? 

My suggestion: rather than moving coverage to carriers whose central theme is “save money now”,  first explore the many opportunities to make high quality insurance coverage more cost efficient.  Professional risk advisors have a variety of strategies to help their clients structure quality insurance coverage that is also cost efficient.  One of the most overlooked strategies we offer our clients is described in this link to a one page summary

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No More Clutter !

No More Clutter !

 I am fortunate to have been asked to contribute an article by Private Asset Management, a publication of Institutional Investor that is focused exclusively on investment management, financial and advisory services to the high-net-worth arena, and especially on delivering breaking news before it appears anywhere else.   

While property and casualty related topics are not often covered by this fine publication, the editors have found that subscribers do have an interest in P&C topics that are both newsworthy and relevant to protecting the assets of high-net-worth clients. This brief article that I have authored explains how a simplified, effective and cost efficient coverage solution has been developed to replace the clutter, confusion and expense associated with the multiple insurance policies purchased by families who own valuable residences and personal possessions often located in several states.  Please contact me for more information about this innovative solution.

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From this month’s edition of the fine publication “Financial Planning”:

“Whether your client is high-net-worth or working to become so, it is incumbent upon financial planning professionals—often the most trusted advisors—to position insurance as a critical protection for the assets they have worked so hard to build. Working with an independent insurance broker is particularly important for high-net-worth clients who may have very sophisticated needs, but an independent broker can provide all of your clients with a broad choice of coverage and carriers. Many insurance carriers will be happy to give you a list of referenced brokers.

Your relationship with your clients is based on trust and good advice. Sound advice on protecting your clients’ assets is just as important as your advice on growing them.”  

Click here to read the article

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“Save Money Now” (and the many variations) has to be the first ever marketing pitch. Most consumers know to ask themselves “how is it that the savings are being achieved?”  Ask yourself: do you think an insurance carrier offering to lower your insurance costs has not first determined how they can reduce the protection provided by their low cost coverage?  If it looks to good to be true……

There are smart ways to reduce the long term cost of insurance coverage without also sacrificing valuable protection. Remarkably, these strategies are often under-utilized, as many consumers are instead lured by the never ending “bargain” advertsing hype. Check this one page primer for an overview on how to make quality insurance more cost efficient.

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