I keep stats on the incidences of mistakes I uncover when reviewing a family’s insurance portfolio. I reported those last year in two earlier posts (Fixing Things and Annual list of insurance Red Flags). It’s frustrating because it’s been the same result year after year and the problem will continue for as long as three things continue to happen:
- Insurance companies investing in math and predictive modeling and divesting in manufacturing and delivery.
- Agents devolving away from being wise advisors and toward being transaction-collectors.
- Consumers accepting of 1 & 2 above.
I’m not calling for a massive revolution, but instead for small incremental changes in attitude about whether it’s important for consumers to have an insurance portfolio that actually works. That’s the point of this blog.
If the consequence of bad insurance is just some wasted premium, it wouldn’t be so critical. But the impact on a family for not having the right way to pay for an unfortunate event, a lawsuit, or a recovery after someone took something from you can be life-altering. I’ve seen it, unfortunately, and it’s heart breaking.
But we’re committed to doing it better, to evangelizing the reasons why it’s important, and to encouraging others to follow and speak up.
Photo: Rachael McGraw, Seattle