Our mission is to help educate people about the purpose of insurance & what to buy as well as how much you need to properly protect their assets, income & their dreams.
This might not sound like a big deal to most people because insurance is something intangible, invisible and not something we use everyday and so its value is often forgotten, under-estimated or perceived as “useless” or “wasteful” until something bad happens to us.
We all very often see fatal or serious auto accidents, but rarely think such terrible things could happen to us, and when we do think about it, most of us don’t even know if we have adequate insurance to cover the damages caused by these accidents. What is more, even in the event we are not at fault, we might still have to pay out of pockets because the other party is not carrying enough insurance!
Again, let go back to the principle of insurance: “the purpose of insurance is to transfer the risk of loss to the insurance company for a small cost.”
Do we all agree on that & do we all see see the importance of having insurance?
So, based on that purpose, we all should have insurance & a lot of it right? Because “for a small cost“, we can protect our assets from losses that are most often beyond our ability of paying or our wanting to pay out of our own pockets. So, do not try to save that “small cost” & pay for the loss on your own!
Let’s look at a scenario: somebody hit your car on the freeway that knocked you unconscious & your car completely totaled. You were brought to the emergency & being CAT-scanned for fractures & was released the next day because everything seemed to be intact. You were billed $34,000 for that one day in the hospital! At home, you started to feel pain all over, and your head is hurting all the time that it is hard for you to work at full speed for more than 3 hours a day. You started to take days off from work often & seek medical help 3 to 4 times a week.
As a result, your income is getting smaller while dealing with constant medical bills. While waiting for the claim to be settled, you have to pay out of your pocket for the annual medical deductible of $5000. Besides, your health insurance doesn’t pay for everything as you thought, such as outpatient treatments. Further, you had to pay cash to the doctors that are specialized in pain treatment especially resulting from accidents. because most of these do not accept your insurance, or any insurance for that matter.
You later learned that the other party carries the State minimum coverage ($15/$30) & as most people do, including you. So, all you got from the settlement was $15,000, less than half of the bill for that one night in the emergency room! You talked to lawyers, and they couldn’t do anything for you as the other driver has no money to go after!
On the other hand, your underinsured motorist coverage is also at 15/30, which doesn’t do you any good since it is the same coverage as the other driver has!
I could go on, but you see the picture right? Your life is now completely upside down just because you bought the cheapest insurance policy with very low uninsured & underinsured motorist coverage to save around $10 to 20 a month! You remember you denied Medical Payment coverage because you thought your health insurance is good enough, so you can save about $8 a month more. You didn’t know that Medical Payment is the most important thing that benefits the insured when they are at fault because that coverage quickly pays for your medical bills (including deductible).
Now you just realize that the saving of around $20 or $30 a month for the last 20 year is nothing compared to hundreds of thousands of dollars that you are paying for medical bills & for losing in terms of income now because of this one incident.
The sad truth is that it is not entirely your fault for buying cheap insurance. Most insurance agents just automatically sell the lowest coverage insurance because of price pressure and none of the previous agents have ever sit down with you and explained about the benefits of each type of insurance coverage, nor they ever done a need assessment of your insurance need based on your financial situation! With you being a long-time homeowner with about $300,000 in home equity & your income is around $120,000 being a senior computer engineer, you should have had a much higher insurance to protect these valuable assets & income!
That is why you need a knowledgeable, dedicated insurance professional who will watch your back at all times for you & make sure you are properly insured. If your current agent is not that person, change your insurance agent.
Though we cannot protect you from getting into an accident, we hope to be the protector, the gate keeper for your assets & income & ultimately your dreams & happiness. Call us at 949-241-1784 for a free review of your asset/liability & income & get your life in shape now before it is too late.