Friday, July 12, 2013

Navigating the Choppy Financial Waters of Insurance

As I thought about this post, all I could think of was the beginning of Monty Python's The Meaning of Life:

*B*'s parents bought him a used car when he graduated from college.  They've been making payments on it as well as paying the insurance since then.  They just paid it off, so now it is our responsibility to start paying insurance, which is more than reasonable.  I got a quote from the insurance agent that my parents have used since I was a very young child.

But something told me to shop around.  I learned that another insurance company cost less than half what I pay for the exact same coverage.  I'd actually save money after having added his car.

Which got me thinking about life insurance.  This same agent had talked me into buying whole life insurance when I was 20 years old.  Everything I've read has said this is the worst type of insurance to have.  It's very profit heavy for the agents while very light on benefits for the consumer.

So now I'm stuck between loyalty to a company that I've done business with for over ten years and saving money.  I was really conflicted until I realized this:  the money I save was roughly equivalent to two months salary for me.  TWO months.  Do I really want to work at night, missing my husband and daughter, out of loyalty to a guy that I see no more than once a year?  I feel guilty that I'm going to sever that relationship, but sometimes you put your big girl pants on and do what needs to be done for your family.

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