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Opinion: Insurance makes you feel wealthy

Insurance makes you feel wealthy – in ways that credit never could.

Wednesday, December 17th 2008, 7:33AM

by Russell Hutchinson

The most important discovery since William Gibbons first sucked in his paunch for the visit to the underwriters at Lloyds has to be made by every person that sells life insurance in every age since: it is why people buy insurance at all.

The answer needs to be felt more than read, and it might be a lifetime’s work developing the communication skills necessary to convey it properly to clients.

For me, it’s the recent boom and subsequent crunch which has made the reason why people buy cover plain to me.

Perhaps you know it by some other terms, but I describe it as: ‘making you feel wealthier’.

I have a friend that describes it with reverence as ‘insurance is like having faith’; other people say ‘peace of mind’.

You see, what scares people so much about life is that something might happen which would ruin everything – the catastrophic or unrecoverable mistake – the moment that they would utterly fail in life.

No chance of a come-back.

Insurance helps fix that – like great wealth. You might care less about some risks if you knew you had another million in the bank, available if it all went wrong. It is money at the worst of times – it’s like being much wealthier than you actually are.

There are other ways to feel wealthy. Early in 2007 you took out your credit card and bought something nice.

Or you took out a mortgage and you bought rental property.

This year, buy insurance.

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