I often hear senior executives for leading insurance carriers lament the common public perception that insurance products are a “commodity”, to be differentiated only by price. I share the concern about this dangerous mis-perception, and work hard to help others realize the protection provided by policies as common as homeowners and automobile insurance can vary in many important ways.
Meanwhile, I believe the insurance industry contributes greatly to this problem, and often ask carrier executives why we in the industry — both carriers and brokers — are not doing more to fix it. Many in my industry are not pleased with this view, and often bristle at the question.
Carriers can help consumers better understand the protection they provide by revising the contract language used in their policies to be more easily understood, and sending the entire policy each year upon renewal. Agents and brokers can also be of greater assistance, as too many limit their client conversations to review only coverage limits and associated premiums. While coverage limits and cost are important, few agents expand their conversations to also explain how one carrier’s coverage may provide protection that is different from the next carrier.
If you or your clients are interested in learning what is NOT covered by your policy, call me to examine the “Fine Print Protection Audit” report I make available for my clients.
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This site is an excellent resource of invaluable information!
Years of knowledge and insight are shared, for your benefit right here.
Listen, we as a society and as individuals, are schooled and educated as we pursue our career trade or craft. Along our journey we begin to earn an income, accumulate assets and, for many, get married and raise a family.
For those not “schooled” in insurance (the majority of our country) too many of us rely on advertisements of saving money and time as the sensible approach to take in obtaining insurance in order to meet an obligation (mortgage, car loan). Why not? Who really has the time? The travesty with this attitude, approach and subsequent insurance purchasing process often comes to light when one least expects it. It often takes a storm or accident, events out of one’s control, to expose the sad truth and subsequent hardships.
Without proper counseling and guidance, post loss, individuals and families DO lose their earnings, assets, future earnings and assets.
Insurance is not a commodity. It is one of the most important purchases we make.
The good news is you do not need to become an expert in the industry to secure your current and future financial well-being. There are very good insurance advisors who have pursued a career in the insurance industry and who continue to keep educated in this field and, in turn, properly offer the counseling to allow for the appropriately coverage. Do yourself a great service and contact Tim to help you help yourself.
Much appreciated !