Are you unSURE about InSUREance?

Are you unSURE about InSUREance? – Event and Presentation Context

Last week I was asked to present on the topic of “insurance for young adults” by the Butler University Student Government Association. I was given forty minutes for the presentation. As I began to prepare, I had no idea how I was going to “teach” young adults about “insurance” in forty minutes. What I decided to do was present the most basic insurance concepts, or the nuts and bolts, about the lines of insurance they will likely encounter in each of their lifetimes. These include: 1) Auto; 2) Home; 3) Life; 4) Disability.

7 Key Insurance Points

To really drive the key points of my presentation home, and ensure that the students who attended the presentation would leave the event having learned something about insurance, I emphasized seven key insurance points. While these are geared towards young(ish) adults, I think many of them are important for people of all ages. Here are my seven key insurance points (for young(ish) adults):

1. Insurance is meant for catastrophes (accidents that may significantly impact your lifestyle if you are forced to pay for damages out of pocket) and not for maintenance.
2. While not fun to think about, an insurance policy is the most important barrier between you and potential bankruptcy.
3. If you want to save money on insurance, do so through raising your deductibles (self-insuring) rather than lowering your limits!
4. A renter’s insurance policy is an inexpensive and effective way to cover your personal property and liability.
5. In addition to an appropriate personal liability limit (at least $500,000), the most important limit to get correct on a homeowner’s policy is the Coverage A – Dwelling limit.
6. Disability and life insurance are an important part of one’s holistic financial plan that are often neglected because they aren’t “required” (like state laws require auto insurance, and a mortgage company requires homeowner’s insurance). GoFundMe.com is not disability or life insurance.
7. Insurance is just one piece of the “life” puzzle. Build a team of trusted advisors around you to help figure out and put the whole puzzle together.

The Most Important Key Point

In my opinion, the last key point is the most important. “Life” can be difficult at times. It is almost impossible to be an expert about insurance, financial planning, real estate, faith, legal matters, your health and the list goes on…and on…and on. By building a team of experts around you who you can trust and rely upon. Then, rest easy knowing that group of people has your back when you need them the most.

Want to take a peak at the full presentation?

Check it out by CLICKING HERE!