Health & Insurance

We get it. Insurance is not exactly an exciting topic, unless you’re an insurance salesperson. But boring reputation aside, insurance is something we can’t afford to ignore.

The purpose of insurance is to protect you against financial loss. Not like losing your keys, but big things like losing your home in a fire or losing your ability to work due to a bad car accident. These situations would be emotionally difficult enough, but even tougher if you couldn’t recover financially.

Maybe the guy with the Winnebago backs into your car in the parking lot and takes off. Thanks! But insurance can get your car fixed without you having to foot the entire bill yourself.

Same with health insurance. After your cliff diving vacation, you might be happy you have your health insurance to repair your limbs.

So, you get the picture. You need insurance.

Insurance can’t help us avoid losses—risk is a part of life—but it can protect us from taking big financial losses. So no, not a fun subject, but bad things can happen and insurance can be there to at least help us pick up the pieces.

A little bit of shopping around can yield amazing savings. You’d think that all homeowners insurance, for example, is priced similarly. This is often not the case. We’ve found instances where the same coverage by similarly strong companies can cost 50% or 60% more. Crazy!

This is the painless savings stuff we talk about in this program. So that’s where learning a bit about insurance and then shopping around can really pay off.

This will vary with your circumstances, but the key is to find the right balance.
Unfortunately, there’s an entire industry set up to sell us insurance directly, so some of us are talked into buying more insurance than we need, which is a waste of money.

On the other hand, you don’t want to skip insurance altogether, or you may face tough times when and if something bad happens.

So it’s vital to get educated before buying (or renewing) your insurance. You want to buy insurance that makes sense as part of your overall financial plan, not just buy it because some salesperson wants to sell it to you.   And there are a whole lot of complex insurance products out there, just to make it that more confusing.

This section will help you learn how to be a smarter buyer of insurance.