Let me start off by saying I love Life Insurance. It can do what no other financial instrument can do … $1000 today can return $1 million tomorrow. Incredible!
The mathematical detail and complexity of an insurance product is a thing of pure beauty. Especially to someone like me who finds numerical structures as captivating as a Picasso.
And for those who can really understand the contract intricacies, the game is on! It’s like taking on the house in a gambling casino knowing the cards before they’re dealt. The exploration of those contract details, that can turn up the performance of a financial vehicle, is exhilarating.
Unfortunately, I also spend an extraordinary amount of energy being angry. My anger is directed at the salespeople, the industry, the insurance companies, the professional advisors, the system …
By the very nature of my work, I am called upon to find a ‘better’ answer and so in the exploration I find myself constantly frustrated by the mistakes, the bad advice, and the wrong information clients have been exposed to. Its shameful really.
I could write volumes on how the industry got to this point, but its enough here to say that your Life Insurance is one of the most important financial decisions you will ever make. Its almost certainly the most complicated financial contract you’ll ever enter into. And it is all too often sold by someone with very limited knowledge of the mechanisms of finance or the details of insurance contracts. Kudos to the salespeople out there that seek out unbiased collaboration in supporting the technical components.
Over the last few years, I’ve been engaged more and more to sort out truly catastrophic situations. Every ounce of experience I bring to these unfortunate situations is matched with a new level of frustration trying to represent these clients while I wade through the quagmire of excuses and the plethora of flat out wrong information.
And so back to the original question “why consumer advocacy” … because its sadly missing in the industry; because its very necessary for every client; because its the right thing to do.
You need an advocate when you are considering a purchase; you need an advocate when you are considering a change; you need an advocate when something has gone wrong.