….You’ll be better off Insured!
Someone once wisely said, “it’s the possibility that keeps me going, not the guarantee.”
This statement is so true because we don’t know what’s going to happen next. Life is an unpredictable journey and nothing is guaranteed. With some planning, however, we can be prepared for the unexpected and minimize the risks. This way of managing risks is called Insurance. With insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium.
For many people, insurance matters only when something bad happens. But being educated about insurance helps save time and money in the event of a crisis. Insurers paid out $15.2 billion in property losses related to catastrophes in 2015, compared with $15.5 billion in 2014 according to the Property Claims Services division of Verisk Analytics. There were 39 catastrophes in 2015, compared with 31 in 2014. Given these numbers, are we afforded the luxury to debate about having insurance?
Insurance needs vary greatly from person to person. It is very important to shop around and compare rates for plans offering similar coverage. It is also important to review your coverage periodically as your needs will change with time. Some general milestones in a typical person’s life can be buying a new car, buying a new home, becoming new parents, changing jobs, turning 50, starting a new business, etc. With the right type of coverage, you can handle these life-changing events and any unforeseen situations related to them with ease.
Some of the various insurance portfolios include:
- Home – you are protected and your mortgage lenders know your home is protected
- Vehicle – accidents could be very expensive to pay for damages, legal expenses, and health care costs without coverage
- Health – to pay for hospitals, surgery, prescription drugs and other health-related problems
- Life – to provide financial support for your family in the event of a death
- Business – to run a small business by managing risks of ownership
Once you have done your research you diligently purchase insurance for all your needs. Now, you are the proud owner of loads of information including policy numbers, due dates, ID cards, agent contact information and other important documents. Your life is now safe and secure, but the only problem is some of the information is sitting in the glove compartment of your car, some in your wallet, some in your office and others in your living room.
- Where is my health insurance ID card?
- When is my payment due on my new car?
- Did I pay my home insurance this year?
These questions are all too common for an individual from time to time. We have all been there and done that. That is why we came up with an intuitive solution to all your concerns – InsuredMine.
InsuredMine will help you manage all your data and documents, associated with all your policies in a simple and easy-to-use dashboard. Our secure and personalized digital closet contains all your encrypted data and will be readily available when you need it. You will also receive reminders of your upcoming payment due dates so you will not be late or miss a payment.
More details about InsuredMine with our next blog.
Until then, we hope you have a safe and secure time of your life!