Settling For A Poor Insurance Policy

“The minute you settle for less than you deserve, you get even less than you settled for.” – Maureen Dowd

As much as we’d like to think that we’ll never have to settle for less than we deserve or than what we can get, it’s not exactly true. Chances are that this has happened to you at some point in the past. Many different things could cause that but I personally think there are 2 main causes:

-Lack of time
-Bad circumstances

Why? Sometimes, things come up and you are in a hurry. Personally, when I purchased my first house, things happened rather quickly and I had the choice of getting the insurance offered by the bank on my mortgage or I could get life insurance that would cover that same amount.

Needless to say that the mortgage insurance that I was being offered did not offer very good conditions. Thus, I went after a life insurance, it was my first time shopping for the product and I did not exactly know what I was looking for. In the end, I ended up getting term life insurance which was fine but I clearly could have gotten a better deal if I had shopped a bit more, researched the different options, etc.

I’ve heard of many different instances where shopping insurance was not done as it should have which usually results in you:

-paying a bit more than you’d need to
-not getting the best fit

Don’t Panic!!!!

It’s not the end of the world by any means if you did not get great insurance coverage. I would recommend that you make sure there are not important cancellation fees when you are shopping for insurance policies in a hurry. If that’s the case, you will be able to sit down, study your needs and requirements in order to buy the best insurance.

Set Yourself A Plan

The big danger of course is that once you do have insurance, it becomes tempting to keep it even if you know it’s not the best policy for you. Why? It simply requires less effort and psychologically, the benefits seem so small. Paying an extra $1 per day for example on a life insurance can seem so little. But figure that a few months later, you will have wasted several hundred dollars just because you postponed over and over and over…

Have you ever settled for an average or even a bad insurance policy? If so why? How long did keep it?

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