The start of a new year is a time of reflection, hope and planning for making the next year better than the last. Whether you are looking to be more fit, eat healthier, find a better job or spend more time with family part of your plans should be making sure you have the proper insurance offense and defense as part of your overall financial plan. It’s time for your annual insurance review.
Even if you have insurance through your employer, there are often limitations on the coverage, and you may not be getting the best prices. Employers offer once size fits all insurance coverage that may not be the best option for you. And if you are committed for the next year their may be affordable, sensible supplemental policies that can bridge the difference between what you need and what you have.
Why Do You Even Need Insurance?Before reviewing updating your insurance let’s just review why you might want insurance. Fundamentally there 2 reasons I like to talk about – an offense and a defense. Most people when they think about insurance think about the defense – protecting you against loss. But you can also use insurance as an offense – to produce a gain. Let’s start with the defense since that is what everyone is most familiar with. Fundamentally you are protecting yourself against a financial loss – a large medical bill, your house burning down or being flooded. In the case of life insurance most people are protecting their family financially from the loss of income from an income earner. With life insurance usually someone buys enough insurance to pay for expenses until children turn 18 or graduate from college. Of course, insurance protects against other losses too – long term care, disabilities, and more.
“What do you need to protect”
Less often discussed is using insurance as an offense, a way to generate income and lower expenses. These strategies are often overlooked due to the marketing banking products from checking accounts to IRAs. The issue should never be about choosing one over another but rather about what is the right mix of investment products for you.
Understand What An Annual Insurance Review Is All About
Both life and the world around your changes. Children. Divorce. Death. Job Loss. Promotion. Property Values Change. Political Change. Climate change. Even a Pandemic.
What do all of your current insurance policies cover? What are your deductibles? What would happen if you or a family member were hospitalized with Covid-19? What is your coverage for storm damage? What if you lose your job for health reasons? If your house burned down or was damaged by a storm or accident could you afford to replace it? Can you use your insurance to make money not just protect you against loss?
Besides making sure you have enough coverage, you want to make sure understand what is covered by your policies. All to often I hear people think they have coverage for a certain type of loss only to find out when they really need the coverage they don’t have the coverage. Another problem I often see is people increase the deductible to keep their premiums low but then can’t afford to pay the deductible when they actually need to insurance. The whole point of insurance is to keep your from financial ruin, not contribute to it.
With your insurance audit we look at your coverage, your deductibles, premiums and see how we can make sure your needs are met at the lowest cost. Often we can increase benefits and lower costs because we understand and teach you how to use insurance for your benefit with both an offense and a defense – still using top rated insurance companies.
Put Aside Your Fears of Being Sold
We are not here to sell you insurance products you don’t need. That doesn’t help us build a strong long-term relationship with you. At my company, GoInsurancePAL, we want you to see insurance as your PAL – a faithful companion by your side through thick and thin. If the insurance you have meets your needs, we’ll tell you that. Keep us in mind when your situation changes. If you need a little tweak, we’ll make some suggestions. In the end you decide what’s right or not right for you.
Keith Hatchett and the GoInsurancePAL Difference
At GoInsurancePAL we help you to secure your life, health, money and wealth. We do this by finding or creating unique insurance products to meet your personal goals.
“At GoInsurancePAL we don’t sell insurance, we help you build the lifestyle you want – and deserve.”~ Keith Hatchett
Rather than try to sell you a generic off-the-shelf policy we work with you to understand your goals. Then, we explain the options that can help you meet your goals. It’s your choice to make. Often, our clients are surprised to see us increase their total benefits while reducing their total out-of-pocket costs – all tax free.
Think of us as your coach. In life, like sports, to win you need to have both a strong offense and a strong defense. We explain how you can have strong offense and strong defense, not the cheapest defense that won’t meet your needs when you need it most. Like a good coach, we teach you, giving you the knowledge to make informed decisions.
GoInsurancePAL is independently owned and operated. This allows us the freedom to work with many insurance carriers to find the best recommendations for you.
In 2011 Keith Hatchett founded GoInsurancePAL after getting sick of seeing insurance agents take advantage of people and selling the wrong products for their needs. It’s motivated Keith to create new products, like his solution to the Affordable Care Act. Keith’s caring for his customers goes beyond insurance. Since then, Keith and GoInsurancePAL have continued to lead the way innovating insurance products to best serve the needs of his clients. Contact us today for a no pressure discussion and evaluation of your personal situation.