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Get Control of Your Insurance
We spend thousands of dollars a year on insurance coverage: life insurance, home insurance, health insurance, car insurance, travel insurance, and more. The insurance industry is raking in hundreds of millions of dollars in premiums annually. The question is whether you're getting good value for your money.
It's a question most people can't answer. We buy insurance largely on salesmanship and faith. Price comparisons are extremely difficult in many cases; indeed, the life insurance industry seems to have done everything in its power to make it difficult for clients to compare the cost advantages of Policy A with those of Policy B. Buying insurance is not like shopping for a new TV, where you can visit several stores and compare prices on the same make and model. Nor does the insurance business offer the same transparency as, say, the mutual fund business where comparative performance numbers are available in the media for all to see. Most people are flying blind when it comes to choosing the right policies for their needs.
Another problem is that people's eyes tend to glaze over when the talk turns to insurance. It's so incomprehensible to most of us that we don't want to hear about it, and the logic of the industry sometimes escapes us entirely. Yes, we understand that many companies took a big hit as a result of the terrorist attacks of September 11, 2001. But how can that be used as a rationale for raising a personal liability insurance rate by 28 percent, when the person has had a claims-free record for years? Undoubtedly some actuaries laboring away in the bowels of the company can produce a detailed explanation, but the ordinary person simply sees it as price-gouging.
Despite all this, if you really want to get control of your finances you need to make an effort to grasp the insurance nettle. I can't provide all the answers, but I'll offer a number of tips and guidelines that will help you to determine whether you have the insurance coverage you need, at the price you should be paying.