Not many people think so. The insurance industry seems to disrespect its own product in the way they advertise it, sell it, and they way they too frequently treat their customers. The consumer seems to disrespect it in the way they buy it and in the way they fail to use it to help them in other areas of their life.
Even most people in the insurance industry can't think of anything better to say about their product than: it's a product everyone has to have, but nobody wants, that only shows its worth when you have a claim, for which you'll then pay more for.
I say those folks should get out of the business and find something else to do.
Insurance is a license for financial and behavioral freedom unique in every way from any other financial tool. Because I've planned my insurance well I can invest in my business. Because I've planned my insurance well I can save money for my daughters' education. Because I've planned my insurance well I can vacation with my family. Because I've planned my insurance well my bucket list looks totally attainable.
This view is missing from the way consumers view their insurance and it's missing from the agents who sell it and the insurance companies who underwrite it. Focusing on premiums and discounts and deductibles and 15-minute quotes and complaints about the claims process misses a tremendous opportunity to re-elevate the role insurance plays in our lives.
Imagine your life if you had no insurance whatsoever. How much less financially capable would you be? How differently would choose to live compared to how you live today? Whom do you know that would be worse off today because of something happening to them for which there would be no financial help?
The number of impassioned insurance people I've met (other than me) who go looking for ways to show how insurance can be used to better people's lives today is exactly...zero. But that's okay because if you begin demanding that your insurance planning, products, and relationships start helping you worry less and live happier there will be plenty of copycats down the road.
