“Mi insurance Collapse?”

Within our paradise of thought, we would love to build a foundation for our wealth then press that magic button and wazzzzah, everything is in auto-pilot. But in reality, your insurance is an asset that, like all your other assets, needs to be managed. You need a good manager for your asset. But let’s address the wickedness of the insurance companies that did not think to return a dime from my years of payment because they claimed “mi insurance collapse!”.

Your car is an asset, if you forgo 1 payment the bank begins to call. If you don’t clear the bill within another few months, if you still neglect to pay, then they come for the whole thing and how much of the deposits will you get back? NONE! Consider a house, if your mortgage remains unpaid and that mansion is put up for foreclosure, how much of your investment did you get back? NONE! Yet if we appreciate the value of these assets, come hell or high water, we will try to buy again. Your life insurance IS AN ASSET. You might not be able to drive it or rent it so you treat it differently. But like other assets, you must pay to maintain it. I know what you are thinking.

“Atleast the house and the car is will be paid off at some point and it will be fully mine.”

So too is the insurance.

Picture yourself paying 60,000 for a vehicle valued 3million and by the time the title is in your hand the value is 1.5million. Compare this to an insurance that costs $8000 and the value is the same at payout as when you bought it or even more. Appreciate the wealth you have and you will guard it with your life. First:

1. Seek a good agent to manage it for you
2. Call and ask if your policy is up-to-date
3. Double check, did my HR or bank honour my request to pay my insurance monthly (payslip/ bank statement)
4. Did my agent find a new job opportunity and left the business?
5. How can I get a new agent?

It hurts when our insurance plan ‘collapses’. But, would you leave your 20million dollar asset outside to the mercy of the elements? Never check on it, never put an agent to watch it, never bother to maintain it. Well, like any other asset you can lose it. Every investment can be lost but YOU know how to ensure it does not Collapse.