There has been a number of times in my multi-decade career in the Insurance Industry where I’m caused to experience the entire spectrum of conditions and emotions that are predicated by this often mis-understood business. This past month has been one of those times.
On one end of the spectrum I am assisting one gentleman, who is also a good friend, navigate what is probably the most difficult time in his and his family’s life. I assisted him in purchasing his Out-of-County Coverage, normally no big deal.
As it happened, he had a serious accident while in the U.S.A. and had to have 7 operations in 14 days. It took about 20 days to stabilize him enough to transport him home to Canada. Now he is fighting to save his leg and his lifestyle. By the way, he asked me to talk about this in hopes that other people could understand the importance of Insurance.
Before I come back to his story, let me share that I have had companies in my practice that feel they are overpaying for their benefit plan because they haven’t used every dime that they have put into their plan. I also experienced companies that have frequently used between 150 to over 200% of their premiums paid to their plan, and do not feel gratitude for what the Insurance Company has paid. Instead they are upset by a 30% increase at plan renewal time.
Have we created a sophisticated welfare mentality around our insurance needs, or a bloated sense of entitlement that we must spend every dime we invest in our coverage, and often much more?
If you were to talk to my friend in the hospital fighting for his leg and his lifestyle, he would loudly proclaim that every single dime he has ever paid for not only his Out-of-Country Coverage, but all of his policies, was worth it. He has allowed me to share with you the estimated bills for his surgeries, hospital stays, air ambulance back to Canada and treatments which will likely exceed $1,000,000. He is a business owner and now his family have to deal with him not being able to work as he now cannot return to his business. His wife is his advocate and never leaves his bedside, so she also isn’t working. He must take medications that help him live, they debilitate him from making the most basic cognitive decisions.
So, how about you? Do you function with an attitude of “it will never happen to me!” Why not you?
I sincerely hope that it will never be you. I hope that you are never put in the situation where you have to navigate all of the conditions that my client, and friend, and his family must navigate as they soon will be faced with paying for physiotherapy, massage, chiro, and the myriad of other treatments he will require when he leaves the hospital. If there weren’t any financial resources they would have to decide between treatments, prescriptions or just basic food?
Being disabled is expensive!
I am not an aggressive sales person, and I do not enjoy pushing people to do the right thing. However, occasionally I get weary when I have to tell seemingly intelligent people about the ramifications of injury and sickness I have to witness almost every day in my practice.
As I stated earlier, I hope it does not happen to you, I really do. In the meantime, be smart. Having insurance is not about subscribing to a sophisticated welfare plan and getting every dime out you have paid in. Because if you ever do need it, you will get more out of it than you ever paid in. You will also be grateful that you don’t have to make difficult decisions between keeping your home, eating, medications or your treatments.
Ask my friend.