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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



Copyright © 2019 by [The Sojourner's Truth]. All rights reserved.
Revised: 02/14/19 07:43:55 -0500.

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