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  • Writer's pictureGregory Deer

My view on insurance changed

Updated: May 22

I’ve always had a laid back attitude to insurance.

‘It won’t happen to me’
‘Insurance is just a waste of money, the insurance companies always win’

Well, the last 12 months changed me:


A car spontaneously set fire while parked next to mine. Write off.

 

My dog ran into the woods and came back with a bloodied, closed eye. Vets are expensive.

 

A wedding caterer took a £2,000 deposit, didn’t reply to emails, and promptly went into liquidation. Shambles.


They say these things come in threes. I hope so!


Thankfully, in two of the above examples, insurance covered the costs.


There’s still a lot to learn.


1.   Cheapest isn’t always best.


The delays in processing and receiving my car insurance claim were stressful. I had no car of my own for two months and eventually had to buy a car before the insurance claim paid out.

 

2.    Life admin matters.


We’d been meaning to get pet insurance ever since we adopted our dog 9 months before the incident. We just never got round to it. We have good insurance now a bit too late!


3.   Take advice.


How can you prepare for the unknown unknowns? Speak to people who have experience. Married friends mentioned wedding insurance and we’d never heard of it before. Thankfully we took their advice as they had more knowledge than us.


It’s fair to say I’m taking more care on my personal insurances.


I also want to make sure I’m doing a good job for my clients.


I’ve recently joined the ‘Income Protection Task Force’ (IPTF) as one of their ‘7Advisers’ for 2024.


We’re on a mission to raise awareness of income protection - an insurance policy that will pay you an income if you’re unable to work and earn an income yourself.


Income protection is as important, if not more important than life insurance. It’s an essential.

I’ll be writing more about income protection in future blogs but if you want to find out more now, just hit reply.

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