At the start of every new year, you’ll see a lot of insurance companies and carriers post about the importance of reviewing your insurance coverage. But, why do you need to review it? Well, the short answer is that insurance can be complicated.

I was reflecting on my day yesterday about how many different types of insurance we deal with on a regular basis.  It is complicated even for an experienced agent.  Then I thought how complicated it is for anyone not involved in the insurance business.

Here is a list of the kind of insurance I helped my clients with, just yesterday: Homeowner’s, Auto, Personal Umbrella, Term Life, Universal Life, Long-Term Care, Medicare Supplement, Church Insurance, Policy and Procedure for Fleet Auto, Crane Insurance, Group Health Insurance, Business Package, Workers Compensation, and Foreign Travel Insurance.  A very eclectic day for sure.

You see insurance is pretty much intertwined in our lives. There are so many policies because we have so many things going on.  The real key is to make sure all these policies fit together properly so you don’t have gaps in coverage.

Last winter I was recovering from knee replacement surgery.  It was a tough winter.  As I was recovering from the surgery I got a bad case of sciatica.  Then I caught the flu, and later bronchitis.  I was doing stretching exercises for my back and while sliding into a stretch I impaled my hand with a toothpick.  Painful but what do you do except pull it out and move on right?  Long story short, I ignored this wound which eventually became a staph infection that led to surgery on my hand to remove part of the toothpick I left behind.  As I type this today my hand still hurts, probably a life-long thing.  Not bad, but enough to remind me of my stupidity.

I apologize for venting about my winter of 2018.  Things are much better this year.

My point is that a minor injury that I did not talk to my doctor about (despite numerous reminders from my wife), led to what could have been a very serious problem for me. Staph infections are not something to ignore. I see that a lot in my insurance practice.  People often do not realize how making a simple change in their circumstance can potentially have drastic outcomes.

Another quick example:  A client has an adult daughter who lives on her own, but is insured through his policy.  The car she drives is titled to him but over the holidays he gave the car to her and titled it in her name.  This generous gift creates a potentially serious gap for his daughter that he did not even know about. Easy to solve but not if we don’t know about it.

Kind of like what my doctor told me on my hand; “If you had come in early this would have been an easy fix.”

Insurance is very complicated and all the different policies you have should be designed to work together.  Make it a New Year’s resolution to do a thorough review of all your insurance.  While you are at it update your will and check the beneficiaries on all you accounts.  Sometimes the small things really make a difference.

Here’s to a healthy, successful 2019 for all of us.

 

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