Matt Hall
By Matt Hall
Merritt Hall Insurance
I was eating lunch with a police officer friend of mine. We were talking about the risks associated with police work, and the conversation turned to ballistic vests. He explained that there are light-weight “soft” vests for all-day wear that will stop the most common handgun rounds, but nothing over a .44 and definitely nothing fired from a rifle. There are heavier and bulkier “hard” vests for tactical situations that can stop armor-piercing handgun rounds and even some rifle-fired rounds. These, he explained, are not very comfortable to wear for long periods of time.
There are special (and expensive) add-on ceramic, metal and composite plates that can be inserted in these vests to offer further protection against heightened threats. Some are even capable of stopping a round from a sniper riffle. And without add-ons and upgrades, most vests are not stab-resistant, which means knives and stabbing weapons can still rip right through. It seems there is always a tradeoff between the level of protection a vest offers and its level of comfortable wearability and affordability. Those trade-offs come down to personal preference and the level of risk the wearer is willing to acceptable.
Turns out all bulletproof vests are not created equal. Who knew? While driving back to the office, I couldn’t stop thinking about how bulletproof vests are similar to insurance. The right insurance works a lot like a bulletproof vest.
Let’s imagine for a moment that you are in the market for a bulletproof vest. Would you want a vest that only stops 5 out of 10 bullets? I don’t know about you, but if I were looking to a vest for protection, I’d want it to protect me against all physical threats – bullets, knives, clubs, explosions, shrapnel – everything. And I’d want it to protect as much of my body as possible.
Even with the very best, most expensive vests, still your legs, arms and head are unprotected. You could call these gaps in your armor. And insurance is no different. There’s no such thing as an insurance policy that provides protection against every type of risk. They all have dollar limits, restrictions and exclusions. I used to think if someone was wearing a bulletproof vest, they were, for the most part, bulletproof. I mean, that’s the point isn’t it? I had no idea there were so many differences between vests and the level of protection they provide.
Most people mistakenly view insurance the same way. They think insurance is a one-size-fits-all deal. They believe if they have insurance, any insurance, then they are protected from virtually every type of risk. Nothing could be further from the truth.
You must carefully analyze your risks. Determine where threats are likely to come from and beef up your protection in those areas.
You’d go to enormous lengths to avoid the loss of your life. You’d spend any amount of money, and do just about anything, so if you felt the need to buy a bulletproof vest, for obvious reasons, you probably wouldn’t buy the cheapest one. You wouldn’t trust it to protect you. After all, you get what you pay for, and there are usually good reasons why one option is cheaper than another, even if they look surprisingly similar on the surface. All it takes is one bullet fired in your direction to make you wish you’d bought that bulletproof vest – or bought a better one – but it’s too late to buy one after the bullet has been fired.
What about your finances? It may have taken 10, 20, 30 or even 50 years to climb to your current financial heights. All it takes is one event, one financial bullet, to send you spiraling back down that ladder, right back to zero. One accident. One mistake. One lawsuit (even a frivolous one). You don’t have to be a millionaire to be sued like one. There are hordes of people just waiting for you to slip up, so they can swoop in and collect a big payday. And if you are a millionaire, watch out!
In many ways, insurance is your financial bulletproof vest. If you have the right coverage and its set up correctly, your insurance package will stop most financial “bullets.” It will protect you and your family against most financial losses that threaten to rob you of everything you’ve worked so hard for. Pay attention to your insurance. It’s an important piece in your financial arsenal. Don’t ignore it and don’t put it off. Call your agent and schedule a time to review your insurance packages. Make sure they’re up-to-date and provide a level of protection you’re comfortable with.
I asked my friend which vest he thought was best, and he said, “The best vest is the one you are wearing when someone shoots at you!” Point well taken. I’d say the same about insurance. The policy you don’t have won’t help. The coverage you pass up could be the one you’ll need most. The gap you didn’t fill might take a chuck out of your financial future. The money you saved by cutting your coverage could cost you everything you own.
You owe it to yourself and you family. Make sure your insurance is the bulletproof vest you’d want it to be. And don’t wait until you’re “under fire” to start thinking about it.
Matt Hall
Merritt Hall Insurance
2421 Production Drive, Suite 203
Indianapolis, IN 46242
317-247-7737
317.259.9201
info@wiseelephant.com
