Post by ck4829 on Jul 3, 2017 12:37:34 GMT
In my last column, I wrote about the spreading of risk and how it can play a valuable part in our retirement planning. I covered the benefits we find when we spread risk in other areas of our lives, like with fire, health, and other kinds of insurance. I also made mention of the (in my opinion) less than logical way we treat other kinds of insurance, like life insurance, long-term care, and disability insurance.
Why this is I never understood. Do we really want to be warehoused for years in an institution when we can no longer feed and dress ourselves? Do we want to leave our families destitute if we should die unexpectedly? Or do we want to be broke if we can no longer work because of sickness or injury? So why, when offered the ability to protect ourselves do we often resist? Why do people balk at the notion of these types of coverage?
I can assure you, I have never ever had anyone turn down a benefit check when a loved one died, or when they needed care, or a replacement of their income. I have also never had a single client who is getting regular income from a pension or annuity, or any other component of one of our very carefully crafted plans, tell me they regretted making the plan. In every single case, clients have been delighted by the results.
One of my favorite sayings is attributed to Mark Twain: "It ain't what we don't know that gets us in trouble, it's what we know for sure that just ain't so." This is so true.
We tend to lend credence to people who confirm our faulty beliefs. This is called confirmation bias and is a real thing. We see it in politics, religion, and in other places as well. We tend to gather in groups or "tribes" of people who share our beliefs. This can make us feel comfortable.
www.lowellsun.com/business/ci_31110102/things-we-know-sure-that-just-aint-so#ixzz4lltlbKDs
Why this is I never understood. Do we really want to be warehoused for years in an institution when we can no longer feed and dress ourselves? Do we want to leave our families destitute if we should die unexpectedly? Or do we want to be broke if we can no longer work because of sickness or injury? So why, when offered the ability to protect ourselves do we often resist? Why do people balk at the notion of these types of coverage?
I can assure you, I have never ever had anyone turn down a benefit check when a loved one died, or when they needed care, or a replacement of their income. I have also never had a single client who is getting regular income from a pension or annuity, or any other component of one of our very carefully crafted plans, tell me they regretted making the plan. In every single case, clients have been delighted by the results.
One of my favorite sayings is attributed to Mark Twain: "It ain't what we don't know that gets us in trouble, it's what we know for sure that just ain't so." This is so true.
We tend to lend credence to people who confirm our faulty beliefs. This is called confirmation bias and is a real thing. We see it in politics, religion, and in other places as well. We tend to gather in groups or "tribes" of people who share our beliefs. This can make us feel comfortable.
www.lowellsun.com/business/ci_31110102/things-we-know-sure-that-just-aint-so#ixzz4lltlbKDs