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The Goose that Lays Golden Eggs
By Vince Davis, State Farm
Insurance
Guest Column
I have talked to thousands
of people in my 32 years owning and operating my insurance
agency. I ask all of my clients after they purchase
automobile, home or business insurance this big question: If
you had a goose and the goose laid golden eggs; what would
you insure? Would you insure the goose? Or would you insure
the golden eggs.
To a person, I cannot
think of anyone, with good sense, if given the option would
insure the golden eggs and leave the goose uninsured. Yet
everyday people insure their things. The golden eggs are
what people insure. The producer of the golden eggs – the
unlucky goose – they often times do not insure.
It would be as if you had
a machine that produced money. Let’s say your money machine
could produce as many legal dollars as you wanted it to.
Then let’s say you could insure one item. You could insure
the money that the machine produced or you could insure the
machine that produces the money. Ninety nine percent of the
people that you’d talk to would insure the money making
machine. That is because as long as you had the money making
machine you could get all of the money that you want.
In life people insure all
of the golden eggs. People insure their vehicle. Even though
in 15 years or less that forty, fifty, hundred-thousand
dollar vehicle will be worthless and probably not even run.
People will insure their home when the statistical
probability of their home catching fire, blowing down or
burning down is almost irrelevant.
You have a 100 percent
probability of dying yet a vast number of people do not have
any life insurance on themselves. Most people do not have
insurance on their children, grandchildren, mother or
grandmother. Yet all of them will pass away, some day.
Chances are if you have
life insurance it is not enough. Often people unknowingly
buy life insurance that will expire before they die. Most
people do not have a will, durable power of attorney or
health power of attorney. People have an almost 75 percent
chance of being sick or hurt before they turn 65. Yet most
people do not have a policy in place to pay their bills when
they get sick or hurt. Most people do not have enough saved
up to stay financially alive if they were to lose their job.
Most people think that their work insurance is enough.
In fact, most people
today are not going to keep the same job until they retire.
Self-employed people think that their business will stay
alive, even though they are hurt and cannot run it. In fact
a single proprietorship, run by the principal owner, stops
running when the owner stops. Most preachers without plans
to the contrary think the church will continue to pay them
even if they cannot preach anymore. Some people that tithe
and go to church think the church will pay all of their
bills if they get laid off, sick, or hurt. In most cases it
cannot.
Let’s talk some time.
Vince Davis MBA, BA Vince Davis Insurance Inc.,
Vincedavisinsurance.com, vince.davis.bun1@statefarm.com 3344
Secor Rd Suite A102 Toledo, Ohio 43610 |
